By Gordon McKinlay
PropertyGuys.com Comox Valley & North Vancouver Island
PropertyGuys.com Comox Valley & North Vancouver Island
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North Vancouver Island Market Update for May 2020
The monthly North Vancouver Island Market Update for May 2020 shows compared to a year ago, May 2019, a decrease in sales for the entire local area. Overall sales from last May in North Vancouver Island were down 86% while the overall inventory was up by 14%.
- Regionally, Single Family homes dropped 54% in the Comox Valley and 58% in Campbell River. Average prices were up 7% and 9% respectively.
Due to the health of the market prior to the COVID pandemic, the market has not seen declines in prices as of right now. If the volume of sales continues to be severely depressed downward pressure on prices will cause prices to drop. However, there are positive signs that the region has begun a slow march to normalcy which will help to increase sales volume and ease pressure on prices.
On a provincial level, home sales throughout B.C. posted sharp declines in April due to the COVID-19 pandemic. Now that British Columbia is in the second phase of its Restart Plan, the British Columbia Real Estate Association (BCREA) anticipates that low-interest rates and pent-up demand will translate to a significant recovery in home sales and prices. Historically, housing markets usually bounce back after a recession.
Now more than ever sellers and buyers will rely on technology -such as virtual tours – which can help a large part of the real estate transaction occur without face-to-face interaction.
Source: Vancouver Island Real Estate Board – MLS® Statistics
| Single Family Homes | |
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The Average Sale Price this year ↑ increased by 13% ↑ from last year. This year’s Average Sale Price was $242,355. There are 17.33 Months of Inventory of Single-Family in North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 52 Active Listings. There were 8 units listed and 3 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 | |
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The Average Sale Price this year decreased by 6% from last year. This year’s Average Sale Price was $33,806. There are 100 Months of Inventory of Lots in North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 22 Active Listings. There were 2 units listed and 0 units sold. |
| Apartment Condos | |
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The Average Sale Price this year ↑ increased by 18% ↑ from last year. This year’s Average Sale Price was $64,965. There are 100 Months of Inventory of Condos (Apt) in North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory remained the same to 19 Active Listings. There were 0 units listed and 0 units sold. |
| Patio Condos | |
| No Patio Condos Sold | |
| Townhouse Condos | |
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The Average Sale Price this year stayed approximately the same by 0% from last year. This year’s Average Sale Price was $97,150. There are 100 Months of Inventory of Condos (Twnhse) in North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 10 Active Listings. There were 1 unit listed and 0 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.
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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 website 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.