Sign up for your market updates!
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
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.
PropertyGuys.com delivers premium real estate marketing services to help Vancouver Islanders sell their homes and keep more money in their pockets. PropertyGuys.com price their services at a level that makes sense, and do not price as a percentage of your home’s sale price. PG Direct Realty Ltd. is PropertyGuys.com’s brokerage partner and they help home sellers every step of the way from listing, showings, offers and SOLD! PG Direct Realty Ltd will also help you purchase a home, just call PropertyGuys.com at 778 557 8596 and see how PropertyGuys.com and our partner PG Direct Realty Ltd. can help you buy & sell real estate on Vancouver Island delivering a premium service while still saving you a lot of money!