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Campbell River Real Estate Market Update for April 2021
The Average 12 Month to Date Sale Price increased by 17.79% from the previous 12 month period. The 12 Month to Date Average Sale Price was $583,197. There are 1.36 Months of Inventory of Single Family in Campbell River. It is currently a Avg. Sellers Market. This month's Inventory increased to 64 Active Listings. There were 72 units listed and 47 units sold.
Swift sales in the latter half of the year is causing upward price pressure. We have seen significant gains but as we head into the Spring, the numbers have tempered but not as much as is typical for a April.
The Single Family statistics for this month point to rising average prices in both the Comox Valley and Campbell River. The market is still quite active.
- Single Family homes sales show rising average prices, the market is active and strong.
- In Campbell River, the benchmark price of a single-family home hit $588,800 in April, an increase of 25 per cent over last year
“We have seen that demand-side policies like taxes and higher mortgage rates are just not working,” notes Mackay. “The best route to making housing more affordable, particularly for first-time buyers, is to increase supply. It’s not a quick solution, but it’s the only one that makes sense long-term.” Says 2021 VIREB president Ian Mackay
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 17.79% from the previous 12 month period. The 12 Month to Date Average Sale Price was $583,197. There are 1.36 Months of Inventory of Single Family in Campbell River. It is currently a Avg. Sellers Market. This month's Inventory increased to 64 Active Listings. There were 72 units listed and 47 units sold.
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| Lots | |
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The Average 12 Month to Date Sale Price increased by 32.13% from the previous 12 month period. The 12 Month to Date Average Sale Price was $343,367. There are 6.33 Months of Inventory of Lots in Campbell River. It is currently a Soft Buyers Market. This month's Inventory increased to 19 Active Listings. There were 9 units listed and 3 units sold. |
| Apartment Condos | |
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The Average 12 Month to Date Sale Price increased by 16.95% from the previous 12 month period. The 12 Month to Date Average Sale Price was $318,751. There are 1 Months of Inventory of Condos (Apt) in Campbell River. It is currently a Avg. Sellers Market. This month's Inventory increased to 15 Active Listings. There were 19 units listed and 15 units sold. |
| Townhouse & Patio Condos | |
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The Average 12 Month to Date Sale Price increased by 24.42% from the previous 12 month period. The 12 Month to Date Average Sale Price was $426,857. There are 0.29 Months of Inventory of Condos (Twnhse & Patio) in Campbell River. It is currently a Strong Sellers Market. This month's Inventory decreased to Active Listings. There were 21 units listed and 21 units sold. In a seller’s market, conditions are favourable 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 favourable, negotiating leverage, more time to search for a home, and better prices.
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