By Gordon McKinlay
PropertyGuys.com Comox Valley & North Vancouver Island

Comox Valley Market Update for February 2019

The monthly Comox Valley Market Update for February 2019 shows, “In the Comox Valley, the benchmark price for a single-family home reached $504,500, up seven per cent from last February. Trend-wise, despite continued price increases, VIREB’s housing market has transitioned from one favouring sellers to one that is balanced or near balanced. Balanced markets offer buyers more choice and more room to negotiate, while sellers may need to curb their expectations. When fewer buyers are competing for a property, sellers need to be far more strategic. We’ll conduct a comparative marketing analysis using recent sales data to determine an optimal selling price for your home. Sellers need to realize the glory days of 2016 and 2017 are over. We’re seeing a clear disconnect between buyers and sellers. Many people still want to list their homes at 2016 and 2017 prices, and that just isn’t realistic.” says Kaye Broens, 2019 President.

Source: Vancouver Island Real Estate Board – MLS® Statistics 

	The Average Sale Price this year ↑ increased by 18% ↑ from last year. This year’s Average Sale Price was $496,738. There are 2.86 Months of Inventory of Single Family in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory increased to 143 Active Listings. There were 72 units listed and 50 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.
	The Average Sale Price this year ↑ increased by 33% ↑ from last year. This year’s Average Sale Price was $246,124. There are 13.5 Months of Inventory of Lots in the Comox Valley. It is currently a Strong Buyers Market. This month’s Inventory increased to 27 Active Listings. There were 7 units listed and 2 units sold.
	The Average Sale Price this year ↑ increased by 5% ↑ from last year. This year’s Average Sale Price was $236,221. There are 3.65 Months of Inventory of Condos (Apt) in the Comox Valley. It is currently a Soft Sellers Market. This month’s Inventory increased to 62 Active Listings. There were 24 units listed and 17 units sold.
	The Average Sale Price this year ↑ increased by 21% ↑ from last year. This year’s Average Sale Price was $377,525. There are 1.75 Months of Inventory of Condos (Patio) in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory increased to 7 Active Listings. There were 8 units listed and 4 units sold.
	The Average Sale Price this year ↑ increased by 20% ↑ from last year. This year’s Average Sale Price was $308,609. There are 3.7 Months of Inventory of Condos (Twnhse) in the Comox Valley. It is currently a Soft Sellers Market. This month’s Inventory increased to 37 Active Listings. There were 30 units listed and 10 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.

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 article 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.