Frenzy Pushes Condo Sales
The strength of the single family market is unprecedented in the 23 years I have lived and worked in the Comox Valley and Campbell River. The Sell/List ratios for both communities are over 100%. As we have pointed to in the past, low inventory levels are, in part, providing great liquidity and driving prices.
Our focus this month is on apartment condos where the dollar volume of sales in Comox is up 82% over last year with a 24% increase in the average price to $213,357 on 207 sales. In the Campbell River market the dollar volume of sales is up 49% over last year, but the average price is static at $166,941 on 121 sales. Some of this activity may reflect the actions of those anxious to get on the property ladder as the single family market pulls away.
Politics aside, the US election appears to be good news for the economy, and the US Dollar. Interest from American buyers in Denman and Hornby Islands is reported strong. I, for one, do not think this is a flash in the pan.
We would like to wish all of our readers a very Merry Christmas and a Happy New Year