By Gordon McKinlay
PropertyGuys.com Comox Valley & North Vancouver Island
PropertyGuys.com Comox Valley & North Vancouver Island
Sign up for your market updates!
Receive Monthly Local Real Estate Market Updates
Comox Valley Market Update for May 2020
The monthly Comox Valley Market Update for May 2020 shows compared to a year ago, May 2019, a decrease in sales for the entire local area. Overall sales from last May in the Comox Valley were down 66% while the overall inventory was down by 8.5%.
- Single Family homes dropped 54% in the Comox Valley and 58% in Campbell River. Average prices were up 7% and 9% respectively.
- The benchmark price in the Comox Valley reached $532,000, up by two 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.
Due to the health of the market prior to the COVID pandemic, the market has not seen declines in prices as of right now. If the volume of sales continues to be severely depressed downward pressure on prices will cause prices to drop. However, there are positive signs that the region has begun a slow march to normalcy which will help to increase sales volume and ease pressure on prices.
On a provincial level, home sales throughout B.C. posted sharp declines in April due to the COVID-19 pandemic. Now that British Columbia is in the second phase of its Restart Plan, the British Columbia Real Estate Association (BCREA) anticipates that low-interest rates and pent-up demand will translate to a significant recovery in home sales and prices. Historically, housing markets usually bounce back after a recession.
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 | |
 |
The Average Sale Price this year ↑ increased by 3% ↑ from last year. This year’s Average Sale Price was $579,110. There are 7.63 Months of Inventory of Single Family in the Comox Valley. It is currently a Avg. Buyers Market. This month’s Inventory increased to 244 Active Listings. There were 95 units listed and 32 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 | |
 |
The Average Sale Price this year ↑ increased by 26% ↑ from last year. This year’s Average Sale Price was $260,182. There are 25.5 Months of Inventory of Lots in the Comox Valley. It is currently a Strong Buyers Market. This month’s Inventory increased to 51 Active Listings. There were 4 units listed and 2 units sold. |
| Apartment Condos | |
 |
The Average Sale Price this year ↑ increased by 6% ↑ from last year. This year’s Average Sale Price was $312,656. There are 11.78 Months of Inventory of Condos (Apt) in the Comox Valley. It is currently a Strong Buyers Market. This month’s Inventory increased to 106 Active Listings. There were 21 units listed and 9 units sold. |
| Patio Condos | |
 |
The Average Sale Price this year ↑ increased by 5% ↑ from last year. This year’s Average Sale Price was $432,877. There are 24 Months of Inventory of Condos (Patio) in the Comox Valley. It is currently a Strong Buyers Market. This month’s Inventory increased to 24 Active Listings. There were 6 units listed and 1 units sold. |
| Townhouse Condos | |
 |
The Average Sale Price this year ↑ increased by 2% ↑ from last year. This year’s Average Sale Price was $362,394. There are 24 Months of Inventory of Condos (Twnhse) in the Comox Valley. It is currently a Strong Buyers Market. This month’s Inventory increased to 48 Active Listings. There were 16 units listed and 2 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.
Sign up for your market updates!
Receive Monthly Local Real Estate Market Updates
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.