Comox Valley Real Estate Market Update for January 2021

 
By: PropertyGuys.com on Vancouver Island
 
 

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Comox Valley Real Estate Market Update for January 2021. The Average 12 Month to Date Sale Price decreased by 15.36% from the previous 12 month period. The 12 Month to Date Average Sale Price was $327,526. There are 5.13 Months of Inventory of Lots in the Comox Valley. It is currently a Balanced Market. This month’s Inventory increased to 41 Active Listings. There were 10 units listed and 8 units sold.

The monthly Comox Valley Real Estate Market Update for January 2021 shows compared to a year ago, an increase in sales for the entire local area. Overall residential sales from last January in the Comox Valley were up 61.9% and up while the average days to sell was down by 10% from last January. The sales over the last 12 months are up by 15.81%, the market is very strong.  

Swift sales in the latter half of the year is causing upward price pressure. The housing market remains strong. We have seen significant gains but as we head into the Winter season, the numbers have tempered, but not as much as is typical.

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.

  • Single Family homes sales show rising average prices, the market is active and strong.  

  • In the Comox Valley, the benchmark price was $620,000 a 18.8% increase 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. 

“…A dearth of listings is an ongoing issue throughout our area. We’re confident that sales activity would be much higher if we had adequate supply. We’d normally say this is a great time to sell, but with so little inventory available, buyers and sellers are in a Catch-22 situation. It’s hard to part with your home if you have nowhere to move. In a competitive housing market, using a REALTOR® can help streamline the buying and selling process to ensure the best possible outcome while mitigating associated risks.” says VIREB president Ian Mackay

Source: Vancouver Island Real Estate Board – MLS® Statistics ​​​

Single Family Homes
The Average 12 Month to Date Sale Price increased by 10.04% from the previous 12 month period. The 12 Month to Date Average Sale Price was $635,137. There are 1.56 Months of Inventory of Single Family in the Comox Valley. It is currently an Avg. Sellers Market. This month’s Inventory increased to 56 Active Listings. There were 41 units listed and 36 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 12 Month to Date Sale Price increased by 10.04% from the previous 12 month period. The 12 Month to Date Average Sale Price was $635,137. There are 1.56 Months of Inventory of Single Family in the Comox Valley. It is currently an Avg. Sellers Market. This month’s Inventory increased to 56 Active Listings. There were 41 units listed and 36 units sold.

Apartment Condos
The Average 12 Month to Date Sale Price increased by 13.6% from the previous 12 month period. The 12 Month to Date Average Sale Price was $336,448. There are 1.32 Months of Inventory of Condos (Apt) in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 37 Active Listings. There were 20 units listed and 28 units sold.
Townhouse & Patio Condos
The Average 12 Month to Date Sale Price increased by 9.36% from the previous 12 month period. The 12 Month to Date Average Sale Price was $326,366. There are 2.11 Months of Inventory of Condos (Apt) in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory increased to 40 Active Listings. There were 23 units listed and 19 units sold.Market Legend
  • 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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