By Gordon McKinlay
PropertyGuys.com Comox Valley & North Vancouver Island
PropertyGuys.com Comox Valley & North Vancouver Island
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North Vancouver Island Real Estate Market Update for July 2020
The monthly North Vancouver Island Real Estate Market Update for July 2020 shows compared to a year ago, July 2019, a decrease in sales for the entire local area. Overall sales from last July in North Vancouver Island were down 31% and up while the average days to sell increased overall by 20% from last July 2020. The statistics show the North Vancouver Island is still in recovery.
- Regionally, Single Family home sales decreased 18% in the Comox Valley and increased 18 % in Campbell River from Jul 2019. Benchmark prices were up 6% and 3% respectively. 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.
“Our housing market has seemingly rebounded from the COVID-19 dip we witnessed in April,” says VIREB president Kevin Reid. “We believe that the recovery is being fueled by low-interest rates and supply shortages, and we’re cautiously optimistic that the turnaround will last…An interesting development we’re noting is that there seems to be more demand for single-family homes and less interest in condominiums and townhouses at the moment,” adds Reid.
Source: Vancouver Island Real Estate Board – MLS® Statistics
| Single Family Homes | |
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The Average 12 Month to Date Sale Price ↑ increased by 8.95% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $277,381. There are 4.9 Months of Inventory of Single-Family in North Vancouver Island. It is currently a Balanced Market. This month’s Inventory increased to 49 Active Listings. There were 16 units listed and 10 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 12 Month to Date Sale Price ↓ decreased by 47.29% ↓ from the previous 12 month period. The 12 Month to Date Average Sale Price was $68,815. There are 50 Months of Inventory of Lots in North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 50 Active Listings. There were 8 units listed and 1 unit sold. |
| Apartment Condos | |
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The Average 12 Month to Date Sale Price ↑ increased by 26.16% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $66,900. There are 23 Months of Inventory of Condos (Apt) in North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 23 Active Listings. There were 4 units listed and 1 units sold. |
| Townhouse & Patio Condos | |
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The Average 12 Month to Date Sale Price ↑ increased by 1.65% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $102,850. There are 17 Months of Inventory of Condos (Twnhse & Patio) in North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 17 Active Listings. There were 8 units listed and 1 unit 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.