Philippa Berg, Realtor, Royal LePage

Buyer demand continues to exceed supply…. Inventory levels are down across all categories of housing.  118 Single-family properties sold in May 2017 compared to 154 May, 2016-  a decrease of 23 percent. Demand continues to exceed supply, and well-priced properties are attracting multiple bids and cash offers. Limited supply, combined with high demand has meant a strong sellers’ market for months and buyers are faced with limited inventory, escalating prices and high stress. Sellers are not immune to the stress having to often buy back into the same market. Average single family home price May 2017 $502,898 up from May 2016 at $413,739. That is up 22%. Average selling price up 17% 12 months to date.

 

Condo Market

**This is the only segment that has seen an increase in inventory levels. Units listed up 20% overall last 12 months to date, Unit sales up 57%  and prices up 27% from $238,624 from $188,049. Month of May 2017 average selling price $255,179.

 

Rental market

Investors are recognizing the shortage of affordable housing options and increasing rents. Condos good way to step into a high market. Check with your Realtor as to current rental market.

 

Lots

Average lot price up 20% last 12 months to date ($214,801 2017/ $ 178,311 in  2016)

Month of May 2017 — average lot price $293,025 from $157,860 May 2016- that is up 86%

71 lots listed 12 months to date compared to 136 last year that’s down 48%

Sales of lots up 17% last 12 months.

Average lot price May 2017 $293,025 from $157,860 (up 86% month of May).

If we look at average lot price this year 12 months to date $214,801 compared to $178,311- lot prices are up 20% from last year. If you are considering building, finding a lot will be the issue.

 

Where are the Sales?

January -May 31- 421 single family home sales.

Comox 19.5%

E Courtenay- 19%

City Courtenay- 18.5%

Cumberland 9.5%

Rest of the valley-33.5%

 

Busiest market segment- $400-$600K

What to expect in the months to come?

Increase in the number of buyers investing from Vancouver and Victoria. Increase of local home owners using home equity to buy rental properties.  Buyer frustration with low inventory, high prices, multiple bids and  limited rental options as back up to continue. Seller frustration — as hard to sell your home if you cannot find another home to buy. Hard to predict a market correction- real estate is cyclical. When market does correct it usually does with little warning. Rule of Real estate… Location Location Location. The Comox Valley is a safe place to invest in the real estate market as it offers lifestyle, affordability and infrastructure.

 

Please contact PhilippaBerg.ca, 250.897.2032, or visit her Facebook Page for regular updates on Real estate market conditions, valuable real estate tips and advantages to working with a seasoned professional.

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