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Campbell River Real Estate Market Update for January 2021
The monthly Campbell River Real Estate Market Update for January 2021 shows compared to a year ago, a large increase in sales for the entire local area. Overall residential sales from last January in Campbell River were up 61.9% and up while the average days to sell decreased overall by 36.52% from last January. The sales over the last 12 months are up by 17.6%, the market is strong.
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 Winter, the numbers have tempered but not as much as is typical for a January.
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.
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In Campbell River, the benchmark price of a single-family home hit $528,000 in January, an increase of 14 per cent 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.
“…In a competitive housing market, using a REALTOR® can help streamline the buying and selling process to ensure the best possible outcome while mitigating associated risks.” says 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 9.91% from the previous 12 month period. The 12 Month to Date Average Sale Price was $539,213. There are 1.13 Months of Inventory of Single Family in Campbell River. It is currently an Avg. Sellers Market. This month’s Inventory decreased to 36 Active Listings. There were 29 units listed and 32 units sold.
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| Lots | |
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The Average 12 Month to Date Sale Price increased by 23.33% from the previous 12 month period. The 12 Month to Date Average Sale Price was $324,635. There are 13 Months of Inventory of Lots in Campbell River. It is currently a Strong Buyers Market. This month’s Inventory increased to 13 Active Listings. There were 3 units listed and 1 units sold. |
| Apartment Condos | |
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The Average 12 Month to Date Sale Price increased by 5.4% from the previous 12 month period. The 12 Month to Date Average Sale Price was $290,003. There are 2.25 Months of Inventory of Condos (Apt) in Campbell River. It is currently a Avg. Sellers Market. This month’s Inventory remained the same to 9 Active Listings. There were 4 units listed and 4 units sold. |
| Townhouse & Patio Condos | |
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The Average 12 Month to Date Sale Price increased by 10.66% from the previous 12 month period. The 12 Month to Date Average Sale Price was $377,452. There are 1.6 Months of Inventory of Condos (Twnhse & Patio) in Campbell River. It is currently an Avg. Sellers Market. This month’s Inventory increased to Active Listings. There were 10 units listed and 10 units sold. |
- Seller’s Market – 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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