Market Minute

Similar Trends Prevail

September 3rd, 2019


Once again this month the trends in the Single Family market are similar in the Comox Valley and in Campbell River. Sales volumes are down, but the average price continues to creep up. Again this month there are modest increases in the number of active listings: 284 in the Comox Valley and 130 in Campbell River.

In the condominium sectors, with the exception of apartment condos in the Comox Valley, inventory levels for apartments, patio homes and town houses remain very low. There is a plus side to these low inventory levels in that a number of multi-family developments are currently under way, in Campbell River, Comox and Courtenay.

Comox Valley

August 2019 VIREB stats

Single Family Dwelling Sales

504, down 14% YTD Jan 1 – Aug 31

686, down 19% 12 MTD In the past 12 months

Average Price

$565,351, up 6% average sale price based on 686 sales

Campbell River

August 2019 VIREB stats

Single Family Dwelling Sales

326, down 8% YTD Jan 1 – Aug 31

459, down 17% 12 MTD In the past 12 months

Average Price

$478,202, up 8% average sale price based on 459 sales

 

“Idealism is fine, but as it approaches reality, the costs become prohibitive.”

William F. Buckley Jr. Author and commentator.


Good News… for some

July 1st, 2019


Over the past five years, one of the major factors  playing havoc with the market was the supply side:  that is to say restricted supply or low inventory. This continues to be an issue in most of the Condominium sectors  in the Comox Valley, but especially in Campbell River.

The 12 month stats for single family markets point to an increase in the average price, but a fall in the dollar volume in sales.  We feel this is due, at least in part, to low inventory.

This month in the Comox Valley market, there is good news for buyers, as the inventory has increased from 234 at this time last year to 302 this year; an increase of 29%. The response from the market for the month of July was a 49% increase in the dollar volume of sales: $51 million in sales this July compared to $34 million in July 2018. There was a 34% increase in the inventory of Single Family houses in Campbell River to 138.  This is a move in the right direction, but in July 2015 there were 283 active listings.


Steady As She Goes

May 9th, 2019


In the single family house sector, both the Comox and Campbell River markets continue to point to reduced sales volumes, combined with some upward pressure on price. Both markets have more active listings than at this time last year; Comox shows a 40% increase to 258, and Campbell River shows a 21% increase to 132.  This is good news, but more listings are needed to meet the pent up demand.

Similar trends apply in the Condo sector – apartments, patio homes and townhouses. Inventory level s are low in Comox, and almost non-existent in Campbell River.


Is The Sap Rising?

April 1st, 2019


Spring can often trigger real estate market activity, weather we like it or not.

The statistics for the Comox Valley and the Campbell River markets seem to tell slightly different stories this month. March single family sales in Comox were down 41% in dollar volume, compared to last year. The Sell / List Ratio is down last month from 66% to 39%. There are more listings this March; up 31.5% to 225 from 171 last March. It is reported that there is pent up demand. So, maybe, just maybe, pricing is the issue.

The Campbell River March stats reflect a healthy Sell / List Ratio of 74%, and a 10% increase in the dollar volume of sales.  The average price was up 4% to $470,108, compared to the month of March last year.

Overall, both markets continue to offer good liquidity; 48 days (and rising) in the Comox Valley, 32 days (and falling) in Campbell River.


Similar Trends Prevail

March 1st, 2019


For the Comox Valley and Campbell River markets, the trends this month are remarkably similar. In the Single Family sector, the sales volumes are down, but average prices are up. In the Apartment Condo sector, despite falling sales volumes, averages prices are also up. In the Comox Valley the average price is up 21% to $286,463 on 254 sales in the past 12 months. In Campbell River the average price is up 14% to $252,123 on 110 sales. In the Townhouse sector, the average price in the Comox Valley is up 15% to $355,229 on 184 sales. In Campbell River the average price is up 18% to $238,465 based on 40 sales. These statistics seem to point to a glorious townhouse development opportunity in Campbell River with virtually no inventory and scope for higher prices.


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