Campbell River Real Estate Market

Campbell River Market Update Oct/19

By Gordon McKinlay
PropertyGuys.com Comox Valley & North Vancouver Island

 

Campbell River Real Estate Market – October 2019

“This is a more comfortable market for people on both sides of the real estate transaction,” says VIREB president Kaye Broens. “But correctly pricing your home is the key to a quick sale and may even result in multiple offers. Overpriced properties tend to linger, and that risk increases in a balanced market.”

“What’s happening for buyers is they have to save more money for their down payment, and they’re having to qualify for mortgages at higher rates, even though they don’t have to pay the higher rates, so that’s part of the B20 mortgage rules, commonly known as the stress test.”

Source: Vancouver Island Real Estate Board – MLS® Statistics 

Single-Family-Campbell River Real Estate Market-Oct-19 The Average Sale Price this year increased by 8% from last year. This year’s Average Sale Price was $486,029. There are 3.91 Months of Inventory of Single Family Homes in Campbell River. It is currently a Soft Sellers Market. This month’s Inventory increased to 137 Active Listings. There were 51 units listed and 35 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.
Lot - Campbell River Real Estate Market-Oct-19 The Average Sale Price this year decreased by 7% from last year. This year’s Average Sale Price was $225,115. There are 3.75 Months of Inventory of Lots in Campbell River. It is currently a Soft Sellers Market. This month’s Inventory decreased to 15 Active Listings. There were 0 units listed and 4 units sold.
  Apartment Condo - Campbell River Real Estate Market-Oct-19 The Average Sale Price this year increased by 6% from last year. This year’s Average Sale Price was $261,117. There are 2.38 Months of Inventory of Condos (Apt) in Campbell River. It is currently an Avg. Sellers Market. This month’s Inventory decreased to 19 Active Listings. There were 7 units listed and 8 units sold.
Patio Condo - Campbell River Real Estate Market-Oct-19 The Average Sale Price this year increased by 6% from last year. This year’s Average Sale Price was $391,917. There are 1.5 Months of Inventory of Condos (Patio) in Campbell River. It is currently an Avg. Sellers Market. This month’s Inventory increased to 6 Active Listings. There were 5 units listed and 4 units sold.
Townhouse Condo - Campbell River Real Estate Market-Oct-19 The Average Sale Price this year increased by 25% from last year. This year’s Average Sale Price was $280,508. There are 3 Months of Inventory of Condos (Twnhse) in Campbell River. It is currently a Soft Sellers Market. This month’s Inventory remained the same to 9 Active Listings. There were 3 units listed and 3 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.

 

Meet Gord

Gord is the owner of PropertyGuys.com in the Comox Valley & North Vancouver Island. Gordon is a private sales expert who loves helping people sell their own homes and save tens of thousands of dollars. He has created this website to help others sell their homes privately. For more information, download his free Guide to Selling Without an Agent.

PropertyGuys.com has developed a system that has helped over 90,000 private home sellers in Canada to sell their homes successfully. PropertyGuys.com is the largest private home sales network in Canada.

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