Comox Valley Real Estate Market Update for February 2021

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The monthly Comox Valley Real Estate Market Update for February 2021 shows compared to a year ago, an increase in sales for the entire local area. Overall residential sales from last February in the Comox Valley were up 81.43% and up while the average days to sell was up 42.74% from last February. The sales over the last 12 months are up 18% The market is still very strong.

Swift sales in the latter half of the year is causing upward price pressure. The housing market remains strong. 

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 $631,400, up by 15 per cent 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. 

“The length of time it takes to get a development off the ground is a serious problem on Vancouver Island, which is becoming an increasingly popular destination for buyers of all ages,” says Mackay. “While our area has always attracted retirees, we’re seeing younger buyers more frequently than in the past.” -Ian Mackay

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

Single Family Homes
	The Average 12 Month to Date Sale Price increased by 12.1% from the previous 12 month period. The 12 Month to Date Average Sale Price was $645,476. There are 0.91 Months of Inventory of Single Family in the Comox Valley. It is currently a Strong Sellers Market. This month’s Inventory increased to 52 Active Listings. There were 62 units listed and 57 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 decreased by 11.87% from the previous 12 month period. The 12 Month to Date Average Sale Price was 328771. There are 3.08 Months of Inventory of Lots in the Comox Valley. It is currently a Soft Sellers Market. This month’s Inventory increased to 40 Active Listings. There were 16 units listed and 13 units sold.
Apartment Condos
	The Average 12 Month to Date Sale Price increased by 6.41% from the previous 12 month period. The 12 Month to Date Average Sale Price was 327662. There are 0.86 Months of Inventory of Condos (Apt) in the Comox Valley. It is currently a Strong Sellers Market. This month’s Inventory decreased to 31 Active Listings. There were 29 units listed and 36 units sold.
Townhouse & Patio Condos
	The Average 12 Month to Date Sale Price increased by 10.51% from the previous 12 month period. The 12 Month to Date Average Sale Price was 434587. There are 1.57 Months of Inventory of Condos (Twnhse & Patio) in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory increased to 33 Active Listings. There were 38 units listed and 21 units sold.

• 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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