⌂ In the 12 months ending March 31st, 2017, there were 2054 sales of all property types, a 22% increase over 2016. The highest number of annual sales was 2256 in 2007. The lowest was 879 in 1998. 2017 marks the third consecutive year of above average numbers of sales. The twenty-two year average is 1553. ⌂ The twelve month average sale price of a Comox Valley home is $426,337, up 15% from 2016. The average lot price is $205,339, up 11%. If you purchased an ‘average’ home in 2007 you paid $329,280. If you bought an average lot in 2007, you paid $128,058. ⌂ Apartment condos are the largest segment of the strata market. In 2007 the average price was $196,829. YTD in 2017, the average price is $240,788. ⌂ YTD in 2017, 65 houses per month have sold. (In all of 2016, 102 house per month sold, for 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.) 75% of all residential sales occurred in Comox - 19%, Courtenay – 43%, and Cumberland - 13%. Cumberland is in double digits for the first time. ⌂ Houses make up 62% of the 374 residential properties currently offered for sale (condos – 31%, mobiles - 3%, duplexes – 10 %.) The current active inventory of all properties is 577, a 43% reduction from 2016. ⌂ If you bought an average home in Cumberland in 2007 you paid $264,572. Today’s price is $474,978. The largest local current average sale price differential is between Courtenay South ($400,000) and Crown Isle ($629,000). ⌂ YTD in 2017, 8 houses have sold for less than $200,000. In all 2016 – 19, in 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, in 2016 – nineteen and YTD 2017 - seven. The 12 month median price (half sales above, half sales below) is $409,900. ⌂ The 2017 residential sales pattern in the Comox Valley indicates one half of all single family dwelling sales occur between $350,000 and $500,000. The twelve month list/sell ratio is 92% and currently, listings are selling for 98% of asking price in 47 days. ⌂ Based on current market activity, when ten houses sell in the Comox Valley, seven are in the urban centers, three are rural. Two are priced under $350,000, five are priced from $350,000 to $500,000 and three are priced over $500,000.
Created by MGD for RE/MAX Ocean Pacific Realty with stats from the Vancouver Island Real Estate Board
Press Release Hint – they are closer than you think. Courtenay, BC, : Ho-hum, yawn! The answer to the often repeated question “Where are buyers coming from?” remains the same, according to Marty Douglas, managing broker of RE/MAX Ocean Pacific Realty. “We examined over 1700 sales files from 2016 and found that 54% of buyers were living in the Comox Valley at the time of purchase,” said Douglas. In 2013, a similar survey revealed 55% were local. Lower Mainland sellers, cashing in their rising equity, doubled the number of buyers in the Comox Valley to 16% over the same period. Buyers from the rest of Vancouver Island, including 72 from Victoria, 40 from Campbell River and 28 from Nanaimo, created the next largest group at 14%. Alberta, no surprise, shrank to 6% from 9%, while the rest of Canada supplied 5% of buyers. The only province not adding to the Comox Valley was PEI. As for ‘off shore’ buyers, there were more folks from the USA than any other country. A total of 9 foreign buyers, 7 from the USA, 2 from Asia and 2 from the United Kingdom became contributors to the tax base of the Comox Valley. Douglas added “When your Realtor explains their marketing plan, the sources of buyers influence where they advertise your property. Since most are local, the ‘for sale’ sign remains a powerful tool. The Internet is where buyers look first. They home they eventually buy is usually introduced to them by their Realtor.” RE/MAX Ocean Pacific Realty has two offices and 70 members of the Vancouver Island Real Estate Board serving the Comox Valley.
submitted by: Contact: Marty Douglas Phone 250-334-9900 email@example.com
Real Estate Fast Facts on the Comox Valley
From Building Links:
Site preparation is underway for the expansion to Berwick Comox Valley. It is hoped that the building permit application will be approved within the week.
A development permit has been approved for the 71-unit residential building known as Riverstone on Riverside Lane in Courtenay. Once the building permit has been approved, construction is expected to begin immediately. The owner of the project is looking forward to starting construction in October.
A building permit application has been submitted to the City of Courtenay for the building known as Riverwalk, a mixed use building which will include 16 condominiums and 14,000 sq. ft. of commercial space on the main floor.