It’s not just Vancouver – Vancouver Island homes are selling fast with prices up too!

More homes are selling in Nanaimo, and at a higher price than this time a year ago.

A total of 62 units sold in the city last month, a 13% increase from a year ago, with the average selling price up 6% to $360,799, according to the latest sales summary from Vancouver Island Real Estate Board.

As the largest city in the region, which spans Vancouver Island north of the Malahat, Nanaimo outperformed the regional average in January, based on VIREB sales data.

On average, properties sold for 3% more region-wide in January than in the same period in 2010, while unit sales rose 5%.

The average prices paid for homes that sold last month was 93% of list price, down 1% from a year ago.

“There’s activity in the market,” said VIREB past-president Jim Stewart.

“There’s not urgency. People seem to really want to look at things.”

All but one of six VIREB zones saw year-over-year selling price increases last month.

The increase ranged from 2% in Campbell River to 9% in Cowichan Valley.

Comox Valley and Port-Alberni both saw 4% changes from 2011.

The single price drop happened in Parksville-Qualicum Beach, down 12% to $341,696.

The supply of single-family homes rose 6% from a year ago, to 640 units in the VIREB region last month.

Days to sell increased 2%, with the average home staying on the market 89 days.

Condominiums are taking longer to sell, especially apartment condos.

Townhouse condos are fetching 96% of list price after an average listing period of 102 days, while patio condos are taking 151 days to sell, also at 96% of list price.

On average, apartment condos sitting on the market 191 days before closing, with the average unit fetching just 89% of list price.

More of the same is in store for the year ahead.

“While the market is not going to be sexy this year, it’s performance looks pretty average,” said Cameron Muir, the B.C. Real Estate Association’s chief economist.

Source: Darrell Bellaart, Nanaimo Daily News

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