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Comox Valley Real Estate Market Update for April 2021
The Average 12 Month to Date Sale Price increased by 18.17% from the previous 12 month period. The 12 Month to Date Average Sale Price was $678,796. There are 0.8 Months of Inventory of Single Family in the Comox Valley. It is currently a Strong Sellers Market. This month's Inventory increased to 84 Active Listings. There were 115 units listed and 105 units sold.
Swift sales in the latter half of the year is causing upward price pressure. The housing market remains strong.
The Single Family statistics for this month point to rising average prices in both the Comox Valley and Campbell River. The market is quite active, even aggressive at times.
In spite of low inventory, pricing is still important.
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Single Family homes sales show rising average prices, the market is active and strong.
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In the Comox Valley, the benchmark price was $692,300, up by 24 per cent from one year ago.
“We have seen that demand-side policies like taxes and higher mortgage rates are just not working,” notes Mackay. “The best route to making housing more affordable, particularly for first-time buyers, is to increase supply. It’s not a quick solution, but it’s the only one that makes sense long-term.” says 2021 VIREB president Ian Mackay.
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 18.17% from the previous 12 month period. The 12 Month to Date Average Sale Price was $678,796. There are 0.8 Months of Inventory of Single Family in the Comox Valley. It is currently a Strong Sellers Market. This month's Inventory increased to 84 Active Listings. There were 115 units listed and 105 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 decreased by 0.68% from the previous 12 month period. The 12 Month to Date Average Sale Price was $341,788. There are 4.83 Months of Inventory of Lots in the Comox Valley. It is currently a Balanced Market. This month's Inventory increased to 29 Active Listings. There were 7 units listed and 6 units sold. |
| Apartment Condos | |
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The Average 12 Month to Date Sale Price increased by 8.83% from the previous 12 month period. The 12 Month to Date Average Sale Price was $339,079. There are 1.27 Months of Inventory of Condos (Apt) in the Comox Valley. It is currently a Avg. Sellers Market. This month's Inventory increased to 33 Active Listings. There were 35 units listed and 26 units sold. |
| Townhouse & Patio Condos | |
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The Average 12 Month to Date Sale Price increased by 17.64% from the previous 12 month period. The 12 Month to Date Average Sale Price was $459,191. There are 1.96 Months of Inventory of Condos (Twnhse & Patio) in the Comox Valley. It is currently a Avg. Sellers Market. This month's Inventory increased to 47 Active Listings. There were 27 units listed and 24 units sold. |
- Seller’s Market – In a seller’s market, conditions are favourable 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 favourable, negotiating leverage, more time to search for a home, and better prices.
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