By Gordon McKinlay
PropertyGuys.com Comox Valley & North Vancouver Island
PropertyGuys.com Comox Valley & North Vancouver Island
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Campbell River Market Update for June 2020
The monthly Campbell River Market Update for June 2020 shows compared to a year ago, June 2019, a slight decrease in sales for the entire local area. The overall number of sales from last June in Campbell River was down 5.2%, while the overall inventory was down by 1%. The market is returning to normal.
- June Single Family home sales were up 240% compared to the previous month (May 2020) but sales were still lower by 2% than June 2019.
- The benchmark price of a single-family home in the Campbell River area in June was $434,900, an increase of four percent over last year. Benchmark pricing tracks the value of “middle-of-the-range” or “typical” homes and excludes the extreme high-end and low-end properties in Campbell River. It is normally a more stable price indicator than average prices.
“We’re cautiously optimistic that the housing market is bouncing back more quickly than expected,” says VIREB president Kevin Reid. “Pent-up demand and low-interest rates undoubtedly account for part of the surge, so we’ll have to wait and see whether the recovery continues.”
Source: Vancouver Island Real Estate Board – MLS® Statistics
| Single Family Homes | |
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The Average 12 Month to Date Sale Price ↑ increased by 6% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $495,217. There are 2.84 Months of Inventory of Single Family in Campbell River. It is currently an Avg. Sellers Market. This month’s Inventory increased to 142 Active Listings. There were 67 units listed and 50 units sold. PLEASE NOTE: SINGLE FAMILY property does NOT INCLUDE acreage with a house, condominiums, duplex/triplex, mobile homes/on a pad, single-family waterfront or single-family strata. LOTS do NOT INCLUDE acreage or waterfront acreage. |
| Lots | |
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The Average 12 Month to Date Sale Price ↑ increased by 1% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $223,106. There are 7.5 Months of Inventory of Lots in Campbell River. It is currently an Avg. Buyers Market. This month’s Inventory remained the same to 15 Active Listings. There were 2 units listed and 2 units sold. |
| Apartment Condos | |
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The Average 12 Month to Date Sale Price ↑ increased by 3% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $269,936. There are 7.8 Months of Inventory of Condos (Apt) in Campbell River. It is currently a Avg. Buyers Market. This month’s Inventory increased to 39 Active Listings. There were 20 units listed and 5 units sold. |
| Patio Condos | |
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The Average 12 Month to Date Sale Price ↑ increased by 1% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $389,914. There are 1.64 Months of Inventory of Condos (Patio) in Campbell River. It is currently an Avg. Sellers Market. This month’s Inventory increased to Active Listings. There were 11 units listed and 4 units sold. |
| Townhouse Condos | |
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The Average 12 Month to Date Sale Price ↑ increased by 14% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $294,736. There are 0.73 Months of Inventory of Condos (Twnhse) in Campbell River. It is currently a Strong Sellers Market. This month’s Inventory decreased to Active Listings. There were 11 units listed and 11 units sold. |
Market Legend
- Seller’s Market – In a seller’s market, conditions are favorable for sellers to get higher prices for their homes. The number of buyers who want homes exceeds the number of homes available. In this type of market, the homes sell quickly, prices will increase, and a large number of buyers are available for a minimal inventory of homes. These characteristics have implications for the buyer who has to make decisions quickly, must pay more, and frequently has their conditional offers rejected.
- Balanced Market – In a balanced market, the number of homes on the market is equal to the demand or number of buyers. Houses sell within a reasonable period, the demand equals supply, sellers accept reasonable offers, and prices are generally stable. The implications for the buyer in this type of market are that the atmosphere is more relaxed. There is a reasonable number of homes from which to choose.
- Buyer’s Market – A buyer’s market allows buyers to come in at lower prices. The supply of homes on the market exceeds the demand or the number of buyers. Homes will be on the market longer, fewer buyers will be available compared to the higher inventory of homes, and house prices are reduced. The implications for the buyers in this type of market are more favorable, negotiating leverage, more time to search for a home, and better prices.
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