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 March 2020
Comox Valley Market Update for March 2020
The monthly Comox Valley Market Update for March 2020 shows the market was picking up speed. In January the housing market started slow and has been gaining momentum since then. In the Comox Valley, the benchmark price reached $516,800, up by two percent from one year ago.
Single-family house sales for the month of March was up 67% in the Comox Valley, and 32% in Campbell River. Prices increased also. Considering that the COVID-19 pandemic hampered the marketing efforts in the last 2 weeks of March, the March market was very strong.
The Market Intelligence Report from the British Columbia Real Estate Association (BCREA) states that no one knows how the unfolding COVID-19 outbreak will impact the economy long-term. B.C. is facing a sudden stop in economic activity with uncertainty on when things may return to normal. BCREA feels it is likely B.C. home sales and prices will likely face declines in the spring and early summer but should recover in the second half of the year, assuming the outbreak resolves.
Now more than ever sellers and buyers will rely on technology -such as virtual tours – which can help a large part of the real estate transaction occur without face-to-face interaction.
Source: Vancouver Island Real Estate Board – MLS® Statistics
| Single Family Homes | |
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The Average Sale Price this year ↑ increased by 5% ↑ from last year. This year’s Average Sale Price was $583,013. There are 3.65 Months of Inventory of Single Family in the Comox Valley. It is currently a Soft Sellers Market. This month’s Inventory increased to 208 Active Listings. There were 98 units listed and 57 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 31% ↑ from last year. This year’s Average Sale Price was $264,792. There are 6.38 Months of Inventory of Lots in the Comox Valley. It is currently a Soft Buyers Market. This month’s Inventory increased to 51 Active Listings. There were 17 units listed and 8 units sold. |
| Apartment Condos | |
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The Average Sale Price this year ↑ increased by 7% ↑ from last year. This year’s Average Sale Price was $309,008. There are 8 Months of Inventory of Condos (Apt) in the Comox Valley. It is currently a Strong Buyers Market. This month’s Inventory increased to 112 Active Listings. There were 29 units listed and 14 units sold. |
| Patio Condos | |
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The Average Sale Price this year↑ increased by 9% ↑ from last year. This year’s Average Sale Price was $437,419. There are 7.33 Months of Inventory of Condos (Patio) in the Comox Valley. It is currently a Avg. Buyers Market. This month’s Inventory increased to 22 Active Listings. There were 12 units listed and 3 units sold. |
| Townhouse Condos | |
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The Average Sale Price this year ↑ increased by 3% ↑ from last year. This year’s Average Sale Price was $364,269. There are 2.13 Months of Inventory of Condos (Twnhse) in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 34 Active Listings. There were 15 units listed and 16 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.