Over the past three and a half years, we have witnessed some of the most aggressive market conditions, which many of us in the real estate business have ever experienced. Are there now signs that the market is at last, taking a breather? Or to put it another way, “If I have waited this long to get into the market, should I wait a little longer?”
There may be no simple answer to this question, but this is what we are seeing…
– There are two markets at play; below half a million dollars, and above half a million dollars. The market below half a million dollars remains much more aggressive.
– While we still see properties sell above the list price, there is some buyer push back. This is especially true on acreage properties ($723,240 – Average price in Comox Valley), but we are seeing this in other sectors, as well. So, if you were waiting for a price reduction it may be interesting to note that in the Comox Valley, there were 74 price reductions in the last month. In Campbell River, there were 36 price reductions.
– The Vancouver market has slowed for a number of reasons, so it may take a few months for the change to manifest itself on the Vancouver Island markets.
– If there is a correction, it is our view that the Comox Valley and Campbell River should experience a soft landing.