Last Place To Warm Up And…
the first place to catch a cold.
This old adage is sometimes used to describe the rural acreage market. The volume of sales for improved Comox Valley acreages is up 119%, with a 36% increase in the average price to $680,087. In simple terms, this means that the average price for a house on an acreage is up over $180,000 from last year at this time. The average price for raw land is up 28% to $303,308. The volume of sales is up 71%.
In Campbell River, there are fewer acreage sales but a similar trend exists. The volume of sales for improved properties is up 73%, with the average price up 12% to $543,635.
If these indicators are a barometer, then the market appears set for continued upward sales and price pressure in 2017 across all sectors.