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Campbell River Real Estate Market Update for May 2021
The Average 12 Month to Date Sale Price increased by 19.05% from the previous 12 month period. The 12 Month to Date Average Sale Price was $594,868. There are 1.33 Months of Inventory of Single Family in Campbell River. It is currently a Avg. Sellers Market. This month's Inventory increased to 72 Active Listings. There were 71 units listed and 54 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 May.
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 $614,400 in May, up by 30 per cent from the previous year
“Listings are up a little in certain markets, which is certainly good news for buyers,” says 2021 VIREB president Ian Mackay. “However, unless demand drops significantly or more housing supply comes online through new construction, we don’t see the inventory situation improving much.”
- 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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