Comox Valley Real Estate Market Q1 Overview
Posted: Apr 10, 2012
If most of the other REALTORS® in the Comox Valley weren’t in the same soggy boat as me, I’d have been running over to Shopper’s for a job in the cosmetics department. It was a slow start for real estate this year...
The latest VIREB (Vancouver Island Real Estate Board) MLS house sales and new listings statistics (posted for you way down at the bottom) give me pause to sigh a breath of relief – we REALTORS® weren’t being humble (oxymoron) it really has been a sluggish start overall:
Year to Date Listings and Sales (to March 31/12):
Building lots: Units listed: +1%; Sales: -51%, Median sale price $137.5K; DOM*: -35% (but still 172!)
Single family homes: Units listed: -5%; Sales: -11%; Median price: $337K; DOM: +11% (86)
Condominiums: Units listed: -16%; Sales: -3%; Median price: $152.5K (!); DOM: +7% (177)
Patio homes: Units listed: +7%; Sales: +15%; Median price: $286K; DOM: +4% (100)
Townhouses: Units listed: +45%; Sales: +53%; Median price: $219K; DOM: +22% (121)
(*DOM: Days on market.)
Note the average price for single family homes is up 3% over last year. What the statistics don’t show is the extra value people are getting for that 3%. Bigger, newer, better area etc. Average price is up; average value is about the same as it was last year.
As it is, we are now finally seeing the 19 Wing Comox military postings coming through. Add to that spring seller fever and we’ve some new listings coming on the market again. (Every week we have a sales meeting and tour the Royal LePage new home listings. Last week there were 15 homes on tour. Low for an office of 67 hungry salespeople! Today, there is only 9 (3 are AJ Team listings!) At this rate, we’ll will see the list/sell ratios improving. Don’t expect prices to go up, but there will be less to choose from.
The average price in Comox is $30K higher than E. Courtenay despite Aberdeen Heights and Lancaster Heights. Interestingly, the highest number of home sales in Comox was in the $250-$300K range (equally with the $350-$400K range) while in E. Courtenay the highest number of sales was in the $350-$400K range (Comox almost had as many sales in that range as well.)
Another interesting fact is the difference in home values between the Comox Valley and Campbell River. Comox Valley average home price YTD: $337,000; Campbell River: $260,000. (Cough.) No wonder their sales are up 31% while ours are down 11%. Then again, you would have to actually live there. No offense to clients, colleagues, friends, and family who do! I grew up in Campbell River, it’s a beautiful place. I prefer the Comox Valley. (My blog, I’m allowedJ) If you want to know why I think the Comox Valley continues to out price our northern neighbours read my love letter to the Comox Valley here: http://www.annajorgensen.com/page-living-life-in-the-comox-valley/
More Comox Valley March 2012 Sales Tid Bits:
Oceanfront: 4 sales averaging $570K (cheap!)
Condos: 13 sales; median sale price $152K (cheap!)
Lots: 2 sales averaging $158K (not cheap.)
The last podcast I posted was an overview from Chief Economist, Cameron Muir (http://www.annajorgensen.com/podcasts/episode/10/). Now I’ll tell you I really don’t think he’s as riveting as I am but then it is a bit of challenge to make statistics chic and sexy. Forgiveness granted. One of the graphs showed Vancouver Island as having a 12 month supply of listings; high by any standard. We tend to have approximately the same amount of absolute inventory year after year. I think, in my humble opinion, this year is no different. We came into the new year with fresh eyes and old product. But even old product sells at the right price. Condition, location, price. If you are selling a property, change what you can. You can’t change the location, and even if you can’t change the condition – if it’s priced right it will sell.
If you’re a buyer, should you buy in the Comox Valley? Well, if you’re only as good as your word then trust mine: I own my home here in the Comox Valley, and I’m looking for an investment property or two, too. Although prices aren’t likely to increase, interest rates will – and even a small increase reduces profits significantly in the long run. As well, there is the looming new regulations for shorter amortization terms which would mean lower immediate returns due to higher monthly mortgage payments. (More on what types of investment properties to buy in another blog.)
A brief note on the US real estate economy (details and articles on Facebook®¹) – there’s been a lot of good news (for a change) about the recovery of the economy, but caveat what you hear and read for statistic don’t lie (though they can be manipulated.) Fact: Distress sales made up 1/3 of the US home sales in 2012. Fact: Foreclosures are still at near record highs. How does this affect our local market? Much the same as it has for the last three years: Canadian turn coats buying turn-key in the States. (Shop your realty needs local, people – someone has to pay for our medical system!)
Inasmuch as I do like make up and other girlie things and I admit I’m a sucker for Optimum Points, I’ll be saving my Shopper’s Drug Mart days for rainy skies and bonus point days. This kid is sticking with what she loves: the Comox Valley real estate market!
¹Facebook®: If you’re interested in more frequently posted real estate related articles please like our business page. You don’t have to friend request us and you can ‘unlike’ or hide feed anytime (not that you’d want to.) FB us here: https://www.facebook.com/pages/Comox-Valley-Real-Estate/334874386902
Have a great week!
Anna Jorgensen, marketing manager of AJ Team and Comox Valley homes and properties for sale, realty writer (self-proclaimed), lover of life, drinker of too much coffee (today), REALTOR® with Royal LePage Comox Valley J
My Purpose ~ To SERVE, enrich, and bring joy to others; with integrity, compassion, charisma, authenticity, optimism, laughter and love, while living in Gratitude.
VIREB MLS® STATISTICS:
Vancouver Island Real Estate Board Area Graphstats
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