By Gordon McKinlay
PropertyGuys.com Comox Valley & North Vancouver Island
PropertyGuys.com Comox Valley & North Vancouver Island
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Comox Valley Market Update for January 2020
The monthly Comox Valley Market Update for January 2020 shows, “In the Comox Valley, the benchmark price reached $521,900, up by four per cent from one year ago. Trend wise, inventory is tightening again, which is one of the factors behind weaker sales. Reports show there is keen interest among buyers. However, reduced purchasing power due to Guideline B-20 and limited supply in their price range are pushing them to the sidelines. The stress test is compressing more demand into our mid- and lower-priced property market. Lack of inventory in that price range is certainly curtailing some buyers from moving ahead with their home purchase. Unfortunately, without new construction, this gridlock may just be the new normal.” says Kaye Broens, 2019 VIREB President.
Source: Vancouver Island Real Estate Board – MLS® Statistics
| Single Family Homes | |
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The Average Sale Price this year ↑ increased by 7% ↑ from last year. This year’s Average Sale Price was $580,513. There are 6.41 Months of Inventory of Single Family in the Comox Valley. It is currently a Soft Buyers Market. This month’s Inventory increased to 186 Active Listings. There were 53 units listed and 29 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 Sale Price this year ↑ increased by 21% ↑ from last year. This year’s Average Sale Price was $260,889. There are 11.5 Months of Inventory of Lots in the Comox Valley. It is currently a Strong Buyers Market. This month’s Inventory increased to 46 Active Listings. There were 16 units listed and 4 units sold. |
| Apartment Condos | |
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The Average Sale Price this year ↑ increased by 3% ↑ from last year. This year’s Average Sale Price was $298,061. There are 7.67 Months of Inventory of Condos (Apt) in the Comox Valley. It is currently a Avg. Buyers Market. This month’s Inventory increased to 92 Active Listings. There were 39 units listed and 12 units sold. |
| Patio Condos | |
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The Average Sale Price this year ↑ increased by 12% ↑ from last year. This year’s Average Sale Price was $439,525. There are 4.25 Months of Inventory of Condos (Patio) in the Comox Valley. It is currently a Balanced Market. This month’s Inventory increased to 17 Active Listings. There were 8 units listed and 4 units sold. |
| Townhouse Condos | |
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The Average Sale Price this year ↑ increased by 2% ↑ from last year. This year’s Average Sale Price was $359,732. There are 6.6 Months of Inventory of Condos (Twnhse) in the Comox Valley. It is currently a Soft Buyers Market. This month’s Inventory increased to 33 Active Listings. There were 23 units listed and 5 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.