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The monthly Comox Valley Real Estate Market Update for October 2020 shows compared to a year ago, an increase in sales for the entire local area. Overall residential sales from last October in the Comox Valley were up 28% and up while the average days to sell was up by 6.61% from last October. The sales over the last 12 months are up by 5.8%, the market is 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 fall the numbers have tempered, with October posting a marginal rise.
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.
“Demand in the VIREB area continues to be high, but there just aren’t enough homes to satisfy it… Active listings of single-family detached properties (excluding acreage and waterfront) were 733 in October compared to 909 in September. There were 333 condo apartments and 197 row/townhouses for sale last month, down 14 per cent and three per cent, respectively, month over month…We don’t know if it’s a long-term trend, but we have noticed that some of the demand includes buyers who are advancing their retirement plans while others are downsizing and reducing their debt load,” says VIREB president Kevin Reid
Source: Vancouver Island Real Estate Board – MLS® Statistics
|Single Family Homes|
|The Average 12 Month to Date Sale Price increased by 6.77% from the previous 12 month period. The 12 Month to Date Average Sale Price was 616296. There are 1.73 Months of Inventory of Single Family in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory increased to 123 Active Listings. There were 73 units listed and 71 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.
|The Average 12 Month to Date Sale Price decreased by 7.73% from the previous 12 month period. The 12 Month to Date Average Sale Price was $333,437. There are 4.13 Months of Inventory of Lots in the Comox Valley. It is currently a Balanced Market. This month’s Inventory decreased to 66 Active Listings. There were 5 units listed and 16 units sold.|
|The Average 12 Month to Date Sale Price increased by 7.68% from the previous 12 month period. The 12 Month to Date Average Sale Price was $323,106. There are 2.39 Months of Inventory of Condos (Apt) in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 79 Active Listings. There were 30 units listed and 33 units sold.|
|Townhouse & Patio Condos|
|The Average 12 Month to Date Sale Price increased by 7.51% from the previous 12 month period. The 12 Month to Date Average Sale Price was $412,616. There are 2.27 Months of Inventory of Condos (Twnhse & Patio) in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory remained the same to 34 Active Listings. There were 15 units listed and 15 units sold.|
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