Market Minute
Tanned and Healthy Looking… Why Thank You!
It is September, and where did the summer go? For many in the real estate industry, the pace has been torrid. For every story I hear of a price reduction, there are two opportunities to have a wrestling match in a multiple offer situation. Oh Joy!
A broad overview of a few of the lead indicators suggests that it has been a good Summer in the Comox Valley and in Campbell River. Average single-family house prices are up 18% and 16% respectively. Apartment condos prices are up 19% and 27%.
We have highlighted concerns about low inventory levels and, partly as a result, the Days to Sell for the Comox Valley stands at 26 days, and 28 days for Campbell River. If you list your property, you better be ready to start packing.
In my view, The Village of Cumberland is poised to do an ‘end run’. The sale of the ‘Trilogy Lands’ (+/- 750 acres at or close to the highway interchange) has closed. The Village has another ace up its sleeve, with hundreds of acres within the municipality for ongoing residential development. The main drag is vibrant, and I hear the pizza at Riders is awesome.
