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  In the 12 months ending May 31st, 2016, there were 1861 sales of all property types, a 22% increase over 2015.  The highest number of annual sales was 2256 in 2007.  The lowest was 879 in 1998.  The twenty-two year average is 1526.


 

⌂  The twelve month average sale price of a Comox Valley home is $383,232, up 7% from 2015. The average lot price is $178,311, up 14%. If you purchased an ‘average’ home in 2006, you paid $293,254.  If you bought an average lot in 2006, you paid $149,128.


⌂  YTD in 2016, 103 houses per month have sold, a record high.  (In all 2015 – 78, for 2014 -73, for 2013 - 68, for 2012 - 68, 2011 - 66, for 2010 - 68, for 2009 - 73, for 2008 - 69, for 2007 - 100.)  70% of all residential sales occurred in the municipalities of Comox - 27%, Courtenay – 36%, and Cumberland - 7%.  


⌂  Houses make up 65% of the 605 residential properties currently offered for sale (condos – 30%, mobiles - 2%, duplexes – 3 %.)  The current active inventory of all properties is 977, a 32% reduction from 2015. Single family dwelling inventory is down 35%.


⌂  If you bought an average home in Cumberland in 2006 you paid $177,333.  Today’s price is $374,420.  The largest local current average sale price differential is between the old City of Courtenay ($330,460) and Crown Isle ($660,898).


⌂  YTD in 2016, 11 houses have sold for less than $200,000.  In all 2015 - 41.  In 2014 – 35, in 2013 – 47, in 2012 – 37, in 2011 – 36, in 2010 – 29, in 2009 - 37.  There were ten residential sales over $1 million in 2008.  In 2009 – three, in 2010 – one, in 2011 – two, in 2012 – none, in 2013 – five, in 2014 – six, in 2015 – four and YTD 2016 - five.  The 12 month median price (half sales above, half sales below) is $363,900.


⌂  The 2016 residential sales pattern in the Comox Valley indicates 40% of all single family dwelling sales occur between $350,000 and $500,000. The list/sell ratio in May was 103%.  The 12 month list/sell ratio is 81% and currently, listings sell for 98% of list price in 58 days. 


⌂  Based on 2016 market activity, when ten houses sell in the Comox Valley, seven are in the urban centers, three are rural. One is priced under $250,000, seven are priced from $250,000 to $500,000 and two are priced over $500,000.


⌂  From Building Links:  “Real estate activity for new housing has been very brisk in the Comox Valley. . . Developers are reporting multiple sales of lots. . . Crown Isle . . . new subdivision, Sussex Extension/The Rise . . . is sold out. The Ridge has reported 12 new homes under construction, and are 65% sold in Phase I (69 lots). Coal Valley Estates reported that 18 of 27 lots had been sold in the past few weeks and expect to be sold out . . . for Phase 5. All three developers are applying for new subdivisions  . . . to build lots to meet the demand. . . We have also seen a price increase of up to 10 per cent. . .”