By Gordon McKinlay
PropertyGuys.com Comox Valley & North Vancouver Island
Comox Valley Real Estate Market Update – October 2019
For this month’s Comox Valley market update “This is a more comfortable market for people on both sides of the real estate transaction,” says VIREB president Kaye Broens. “But correctly pricing your home is the key to a quick sale and may even result in multiple offers. Overpriced properties tend to linger, and that risk increases in a balanced market.”
“What’s happening for buyers is they have to save more money for their down-payment, and they’re having to qualify for mortgages at higher rates, even though they don’t have to pay the higher rates, so that’s part of the B20 mortgage rules, commonly known as the stress test.”
Source: Vancouver Island Real Estate Board – MLS® Statistics
|There are 3.92 Months of Inventory of Single Family Homes in the Comox Valley. It is a Soft Sellers Market. Average Sale Price this year increased by 8% from last year. Inventory rose to 243 Active Listings. There were 77 units listed and 62 units sold. The Average Sale Price was $577,156. 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.|
|There are 11.25 Months of Inventory of Lots in the Comox Valley. It is a Strong Buyers Market. Average Sale Price this year decreased by 2% from last year. Inventory increased to 45 Active Listings. There were nine units listed and four units sold. The Average Sale Price was $236,250.|
|There are 4.32 Months of Inventory of Condos (Apt) in the Comox Valley. It is a Balanced Market. Average Sale Price this year increased by 13% from last year. Inventory increased to 108 Active Listings. There were 43 units listed and 25 units sold. The Average Sale Price was $347,692.|
|There are 3.2 Months of Inventory of Condos (Patio) in the Comox Valley. It is a Soft Sellers Market. Average Sale Price this year increased by 10% from last year. Inventory increased to 16 Active Listings. There were 10 units listed and 5 units sold. The Average Sale Price was $445,880.|
|There are 2.25 Months of Inventory of Condos (Twnhse) in the Comox Valley. It is an Avg. Sellers Market. Average Sale Price this year increased by 4% from last year. Inventory decreased to 18 Active Listings. There were 6 units listed and 8 units sold. The Average Sale Price was $381,130.|
- 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.
Gordon McKinlay 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.