CR Market Update Sep 2020
 
By Gordon McKinlay
PropertyGuys.com Comox Valley & North Vancouver Island

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Campbell River Real Estate Market Update for September 2020

The monthly Campbell River Real Estate Market Update for September 2020 shows compared to a year ago, September 2019, a large increase in sales for the entire local area. Overall residential sales from last September in Campbell River were up 94% and up while the average days to sell increase overall by 13% from last September. The sales over the last 12 months are up by 3.36%, the market is strong.  

While the housing market remains strong, price-gain increments appear to be diminishing. We have seen significant gains but as we head into fall the numbers have tempered, with September posting a marginal rise.

The Single Family statistics for this month point to rising average prices in both the Comox Valley 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 $454,200, up by three 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. 

“The strength of our housing market has surprised us somewhat. We frankly did not expect it to recover so quickly from the COVID-19 effect. While some area buyers are motivated by a desire for more space, COVID-19 has accelerated lifestyle changes for some consumers.  Our market is quite fluid right now, which makes it difficult to determine trends, but we have noticed that some buyers are advancing their retirement plans due to the pandemic. Economic uncertainty is motivating other consumers to downsize and reduce their debt load. Correctly pricing your home is the key to a quick sale and may even result in multiple offers. Overpriced properties tend to linger whether we are in a buyers’ or sellers’ market.” says VIREB president Kevin Reid

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
Single Family - CR Market Update - Sep 2020 The Average 12 Month to Date Sale Price ↑ increased by 5.05% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $521,260. There are 1.7 Months of Inventory of Single Family in Campbell River. It is currently an Avg. Sellers Market. This month’s Inventory increased to 112 Active Listings. There were 67 units listed and 66 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
Lot - CR Market Update - Sep 2020 The Average 12 Month to Date Sale Price ↓ decreased by 4.03% from the previous 12 month period. The 12 Month to Date Average Sale Price was $262,750. There are 0.8 Months of Inventory of Lots in Campbell River. It is currently a Strong Sellers Market. This month’s Inventory decreased to 8 Active Listings. There were 2 units listed and 10 units sold.
Apartment Condos
Apartment Condo - CR Market Update - Sep 2020 The Average 12 Month to Date Sale Price ↑ increased by 9.82% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $285,501. There are 2.08 Months of Inventory of Condos (Apt) in Campbell River. It is currently an Avg. Sellers Market. This month’s Inventory decreased to 27 Active Listings. There were 10 units listed and 13 units sold.
Townhouse & Patio Condos
Townhouse Condo - CR Market Update - Sep 2020 The Average 12 Month to Date Sale Price ↑ increased by 0.95% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $345,638. There are 1.64 Months of Inventory of Condos (Twnhse & Patio) in Campbell River. It is currently a Avg. Sellers Market. This month’s Inventory increased to Active Listings. There were 14 units listed and 14 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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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.

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