By Gordon McKinlay
PropertyGuys.com Comox Valley & North Vancouver Island
PropertyGuys.com Comox Valley & North Vancouver Island
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Campbell River Real Estate Market Update for August 2020
The monthly Campbell River Real Estate Market Update for August 2020, compared to August 2019, shows an increase in sales for the entire local area. Overall residential sales from last August in the Campbell River were up 27% and up while the average days to sell increased overall by 39% from last August. The sales over the last 12 months are down currently, but now on by 13%, the market is strong.
The Single Family statistics for this month point to rising average prices in both the Campbell River and Campbell River. The market is quite active, even aggressive at times.
In spite of low inventory, pricing is still important.
- Single Family homes sales show rising average prices, the market is active and strong.
- In Campbell River, the benchmark price reached $455,600, up by two percent from one year ago. 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.
“Our housing market rebounded from the COVID-19 downturn far more quickly than expected. Pent-up demand, low-interest rates, and persistent supply shortages are
fueling the recovery.” VIREB president Kevin Reid.
“The outlook for the B.C. housing market is much brighter following a surprisingly strong recovery. We expect home sales will sustain this momentum into 2021, aided by record-low mortgage rates and a recovering economy.” Brendon Ogmundson, BCREA Chief Economist.
BCREA expects unit sales on Vancouver Island to hit 8,300 in 2021, a 15 percent increase over the 7,200 sales projected this year.
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 6.96% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $511,198. There are 2.16 Months of Inventory of Single Family in Campbell River. It is currently a Avg. Sellers Market. This month’s Inventory increased to 121 Active Listings. There were 62 units listed and 56 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 0.66% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $272,452. There are 8 Months of Inventory of Lots in Campbell River. It is currently a Strong Buyers Market. This month’s Inventory decreased to 16 Active Listings. There were 1 units listed and 2 units sold. |
| Apartment Condos | |
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The Average 12 Month to Date Sale Price ↑ increased by 9.32% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $283,443. There are 4.25 Months of Inventory of Condos (Apt) in Campbell River. It is currently a Balanced Market. This month’s Inventory decreased to 34 Active Listings. There were 5 units listed and 8 units sold. |
| Townhouse & Patio Condos | |
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The Average 12 Month to Date Sale Price ↑ increased by 2.17% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $346,310. There are 2.56 Months of Inventory of Condos (Twnhse & Patio) in Campbell River. It is currently a Avg. Sellers Market. This month’s Inventory remained the same to Active Listings. There were 9 units listed and 9 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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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.