Kutyn property appraisals

Market Minute

Low Inventory puts Upward Pressure on Price

November 3rd, 2020


Low Inventory puts Upward Pressure on Price
Hello Readers

The Market Minute returns this month reflecting the changes to the VIREB statistics/Matrix system which we rely on each month.

The Single Family Detached market sector now captures additional property types such as ‘Detached Waterfront’ houses, so the sample size is larger. Looking back, some of the market indicators have been skewed, but overall we continue to provide some insight into the market trends.

The story during this ongoing pandemic is low inventory putting upward pressure on price. There is strong competing interest on some properties. The demand for Hornby Island and Denman Island properties is driven by lifestyle considerations. The actions of this buyer group, often leaving the Big City behind to take up the Island lifestyle, seem to be saying “Stick a fork in me I am done”. The demand for waterfront properties is also very strong.

One other issue driving higher prices is the rapidly rising cost of construction materials.

Go Figure..!

January 2nd, 2020


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.

Positive stats for November house sales.

December 3rd, 2019


In the single family market sector for the Comox Valley and Campbell River the statistics for the month are remarkably similar. Both show increased sales volumes and upward pressure on price. In the Comox Valley, November sales were up 14% to $30 million with a 12% increase in the average price to $619,559 on 49 sales.

In Campbell River, November sales were up 24% compared to last year. The average price was up 13% to $494,320 on 33 sales.

It is noteworthy that the number of active listings/inventory is up in both markets. Coupled with this are modest increases in the days-to-sell for the month of November: 48 days in the Comox Valley and 51 days in Campbell River.

From Kutyn Property Services we wish you all a very merry Christmas!

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.

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