Kutyn property appraisals

Market Minute

Good News… for some

by Christopher Kutyn

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.

Comox Valley

Single Family Houses Sold

430 16% YTD
685 19% 12MTD
$ 564,454 7% 12MTD

Campbell River

Single Family Houses Sold

285 7% YTD
466 19% 12MTD
$ 473,814 8% 12MTD
“ You are better off eating Twinkies with friends, than you are eating broccoli alone.” From: 'Everybody’s Normal Till You Get to Know Them' by John Ortberg

Christopher Kutyn

Chris has been appraising Real Estate for over 30 years and has served on the board for the local chapter of the Appraisal Institute of Canada.

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