US Single-Family Homebuilding Accelerates
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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.
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! |
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