Kutyn property appraisals

The monthly stats for April 2020 compared to April 2019 reflect the expected slump in sales. In the Single Family sector, sales dropped 60% in the Comox Valley and 52% in Campbell River. Average prices were off 9% and 7% respectively.

The Apartment/Condo market was especially hard hit with sales off 97% in the Comox Valley and 96% in Campbell River.

The zone totals (all property types) show a 65% decrease in the volume of sales for the Comox Valley with an 11% increase in the average price. In Campbell River the total volume of sales was down 61% with the average price showing a 2% increase.

So… while the COVID pandemic has resulted in lower sales volumes, the possibility of sharp downward pressure on price, at least until now, has not materialized. Part of the reason for this is the pent up demand in many sectors which existed from the beginning of the year. Lifestyle considerations have resulted in a strong surge of inquiries for the Northern Gulf Islands. This bodes well for Vancouver Island generally, and specifically for the Comox Valley and Campbell River markets.

The single-family house markets in the Comox Valley and Campbell River showed double digit increases in sales for November and December. The statistics for January, however, point to a 31% decrease in the Comox Valley and a 43% decrease in Campbell River. So….go figure!

Inventory levels remain low. Next month we will highlight some development projects which may ease up the supply side.

We note that there is a downward trend in consumer confidence from a peak in July of 2019. In our view there is pent up demand. Perhaps fatigue from mixed economic signals , with little to choose from is making buyers wary, and very particular.