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

Comox Valley Market Update for July 2019

The monthly Comox Valley Market Update for July 2019 shows, “In the Comox Valley, the benchmark price for a single-family home reached $516,200, up by two per from one year ago. Although month-over-month price fluctuations are less useful for anticipating trends, it is interesting to
note that several zones did experience small price reductions on single-family homes from June, including Campbell River, Comox Valley, Nanaimo, and Parksville-Qualicum. Trend-wise, VIREB’s housing market has transitioned from one favouring sellers to one that is balanced. Reports show that sellers now recognize that the market has shifted and are
pricing their homes accordingly. However, the release of home assessments has caused some confusion among homeowners, who are not always aware the assessed value reflects trends that are several months behind the current market value, which is frequently lower. ” says Kevin Reid, 2019 President-Elect.

Source: Vancouver Island Real Estate Board – MLS® Statistics 

Here is the Comox Valley Market Update for July 2019 :

	The Average Sale Price this year ↑ increased by 7% ↑ from last year. This year’s Average Sale Price was $564,454. There are 3.39 Months of Inventory of Single Family in the Comox Valley. It is currently a Soft Sellers Market. This month’s Inventory increased to 302 Active Listings. There were 104 units listed and 89 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 3% ↓ from last year. This year’s Average Sale Price was $213,141. There are 21.5 Months of Inventory of Lots in the Comox Valley. It is currently a Strong Buyers Market. This month’s Inventory increased to 43 Active Listings. There were 7 units listed and 2 units sold.
	The Average Sale Price this year ↑ increased by 22% ↑ from last year. This year’s Average Sale Price was $296,204. There are 4 Months of Inventory of Condos (Apt) in the Comox Valley. It is currently a Balanced Market. This month’s Inventory increased to 116 Active Listings. There were 34 units listed and 29 units sold.
	The Average Sale Price this year ↑ increased by 9% ↑ from last year. This year’s Average Sale Price was $428,504. There are 2.13 Months of Inventory of Condos (Patio) in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory increased to 17 Active Listings. There were 11 units listed and 8 units sold.
	The Average Sale Price this year ↑ increased by 7% ↑ from last year. This year’s Average Sale Price was $361,500. There are 1.71 Months of Inventory of Condos (Twnhse) in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 29 Active Listings. There were 10 units listed and 17 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.