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 June 2020
The monthly Comox Valley Market Update for June 2020 shows compared to a year ago, June 2019, an increase in sales for the entire local area. Overall sales from last June in the Comox Valley were up 27% and up while the overall inventory was down by 8.5%. This is great news for sellers as it shows we are fully in recovery with pent up demand to boot.
- Single Family homes sales were very strong, they increased 293% month over month and increased 56% from last June.
- The benchmark price in the Comox Valley reached $552,200, up by 6% 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.
“We’re cautiously optimistic that the housing market is bouncing back more quickly than expected,” says VIREB president Kevin Reid. “Pent-up demand and low-interest rates undoubtedly account for part of the surge, so we’ll have to wait and see whether the recovery continues.”
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 5% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $590,177. There are 2.17 Months of Inventory of Single Family in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 208 Active Listings. There were 80 units listed and 96 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 12 Month to Date Sale Price ↑ increased by 23% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $259,532. There are 27 Months of Inventory of Lots in the Comox Valley. It is currently a Strong Buyers Market. This month’s Inventory increased to 54 Active Listings. There were 8 units listed and 2 units sold. |
| Apartment Condos | |
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The Average 12 Month to Date Sale Price ↑ increased by 5% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $309,174. There are 6.29 Months of Inventory of Condos (Apt) in the Comox Valley. It is currently a Soft Buyers Market. This month’s Inventory increased to 107 Active Listings. There were 24 units listed and 17 units sold. |
| Patio Condos | |
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The Average 12 Month to Date Sale Price ↑ increased by 2% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $428,600. There are 3.71 Months of Inventory of Condos (Patio) in the Comox Valley. It is currently a Soft Sellers Market. This month’s Inventory increased to 26 Active Listings. There were 8 units listed and 7 units sold. |
| Townhouse Condos | |
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The Average 12 Month to Date Sale Price ↑ increased by 4% ↑ ffrom the previous 12 month period. The 12 Month to Date Average Sale Price was $368,319. There are 2.71 Months of Inventory of Condos (Twnhse) in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory increased to 46 Active Listings. There were 19 units listed and 17 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.