By Gordon McKinlay
PropertyGuys.com Comox Valley & North Vancouver Island

Comox Valley Market Update for May 2019

The monthly Comox Valley Market Update for May 2019 shows, “In the Comox Valley, the benchmark price for a single-family home reached $518,400, up by five per cent from one year ago. Trend-wise, VIREB’s housing market has transitioned from one favouring sellers to one that is balanced. There are reports of multiple offers on lower-priced properties, but homes are moving more slowly than they did in the sellers’ markets of 2016 and 2017. Regardless of market conditions, however, well-priced
properties sell more quickly. ” says Kaye Broens, 2019 President.

Source: Vancouver Island Real Estate Board – MLS® Statistics 

	The Average Sale Price this year ↑ increased by 8% ↑ from last year. This year’s Average Sale Price was $560,773. There are 3.99 Months of Inventory of Single Family in the Comox Valley. It is currently a Soft Sellers Market. This month’s Inventory increased to 299 Active Listings. There were 152 units listed and 75 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 Sale Price this year ↓ decreased by 5% ↓ from last year. This year’s Average Sale Price was $206,304. There are 11.33 Months of Inventory of Lots in the Comox Valley. It is currently a Strong Buyers Market. This month’s Inventory decreased to 34 Active Listings. There were 2 units listed and 3 units sold.
	The Average Sale Price this year ↑ increased by 24% ↑ from last year. This year’s Average Sale Price was $294,568. There are 4.84 Months of Inventory of Condos (Apt) in the Comox Valley. It is currently a Balanced Market. This month’s Inventory increased to 121 Active Listings. There were 64 units listed and 25 units sold.
	The Average Sale Price this year ↑ increased by 5% ↑ from last year. This year’s Average Sale Price was $411,685. There are 1.33 Months of Inventory of Condos (Patio) in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 16 Active Listings. There were 7 units listed and 12 units sold.
	The Average Sale Price this year ↑ increased by 7% ↑ from last year. This year’s Average Sale Price was $355,695. There are 2.14 Months of Inventory of Condos (Twnhse) in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 45 Active Listings. There were 16 units listed and 21 units sold.

Market Legend

• 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.

Meet Gord

Gord 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.