Myles Armstead

RE/MAX Ocean Pacific Realty

Call/Text Me Anytime: 1.250.702.2708

RE/MAX Office: 1.250.334.9900

Email: Myles@ComoxValleyHome.ca

Please feel free to contact me about this listing or any others.    548 11TH STREET in COURTENAY.
Open House on Saturday, September 10, 2016 12:30PM - 3:30PM A charming historic home complete with upgrades. Within walking distance of schools and shopping.
 
Price: $355,000
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In the 12 months ending April 30th, 2016, there were 1762 sales of all property types, an 18% 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 1522.

 

The twelve month average sale price of a Comox Valley home is $376,104, up 5% from 2015. The average lot price is $181,624, up 17%. If you purchased an ‘average’ home in 2006, you paid $293,254.  If you bought an average lot in 2006, you paid $149,128.

 

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 In the 12 months ending March 31st, 2016, there were 1681 sales of all property types, a 13% 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 1518.

 

In the twelve month average sale price of a Comox Valley home is $370,448, up 4% from 2015. The average lot price is $171,645, up 11%. 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, 67 houses per month have sold.  (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.)  65% of all residential sales occurred in the municipalities of Comox - 29%, Courtenay – 30%, and Cumberland - 6%.  

 

Houses make up 62% of the 650 residential properties currently offered for sale (condos – 32%, mobiles - 2%, duplexes – 4 %.)  The current active inventory of all properties is 1004, a 21% reduction from 2015.

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Greater Vancouver: Total Units Sold in February 2016 was 4,254 – up from 3,108 (37%) from February 2015, up from 2,570 (66%) in February 2014; Active Listings are at 8,091 compared to 12,753 at this time last year; New Listings in February 2016 were up 7% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 71% compared to 56% in February 2015.

 

Vancouver Westside Residential: Total Units Sold in February 2016 was 852 – up from 631 (31%) from February 2015, up from 545 (56%) in February 2014; Active Listings are at 1,432 compared to 2,363 at this time last year; New Listings in February 2016 were down 4% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 71% compared to 50% in February 2015.

 

Vancouver Eastside Residential: Total Units Sold in February 2016 was 342 – up from 325 (5%) from February 2015, up from 313 (9%) in February 2014; Active Listings are at 601 compared to 915 at this time last year; New Listings in February 2016 were down 2% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 66% compared to 62% in February 2015.

 

North Vancouver Residential:  Total Units Sold in February 2016 was 346 – up from 273 (27%) from February 2015, up from 206 (70%) in February 2014; Active Listings are at 403 compared to 779 at this time last year; New Listings in February 2016 were the same amount compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 1 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 71% compared to 56% in February 2015.

 

West Vancouver Houses: Total Units Sold in February 2016 was 169 – up from 146 (16%) from February 2015, up from 87 (94%) in February 2014; Active Listings are at 446 compared to 618 at this time last year; New Listings in February 2016 were down 7% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 61% compared to 49% in February 2015.

 

Richmond Residential: Total Units Sold in February 2016 was 533 – up from 399 (34%) from February 2015, up from 341 (56%) in February 2014; Active Listings are at 1,144 compared to 1,890 at this time last year; New Listings in February 2016 were up 3% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 70% compared to 54% in February 2015.

 

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"They always say time changes things, but you actually have to change them yourself." - Andy Warhol

 

Sales and listings stats are attached as of February 14, 2016. February continues the trend of a busy real estate market. What’s badly needed is still not coming on – Supply. The question of why prices are rising in all segments and areas of the market relate back to a fundamental of supply and demand – and right now supply is far below that of the demand in the market place. While constraints on demand is looked upon as a solution, the supply side of the equation needs to be tackled. This is becoming more and more evident in the strata segment of the market. In looking at inventory levels for strata properties we see that in Vancouver’s West Side townhouse/half duplex listings are down 56% and apartments are down 43% to last year at this time. In East Vancouver the townhouse/half duplex listings are down 48% and apartments are down 56%, in North Vancouver townhouse/half duplex listings are down 46% and apartments down 64%, and in Richmond townhouse/half duplex listings are down 70% and apartments are down 27% to this time last year. So while it may seem like there is a lot of new building going on, it’s not enough. And with the pressure of affordability pushing people to strata properties from a dwindling stock of detached properties, supply will continue to be in need.  Here is a summary of the activity so far:

 

Greater Vancouver – 1,649 Units Sold so far in February 2016 compared to 999 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 3,108 compared to 5,566 total in February 2015. Total Active Listings are at 8,033 (12,318 at the same time last year). Sales To Listings Ratio is at 53% compared to 57% in January 2016.

 

Vancouver West - 344 Units Sold so far in February 2016 compared to 192 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 615 compared to 1,250 total in February 2015. Total Active Listings are at 1,458 (2,223 at the same time last year). Sales To Listings Ratio is at 56% compared to 48% in January 2016.

 

Vancouver East – 139 Units Sold so far in February 2016 compared to 74 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 240 compared to 523 total in February 2015. Total Active Listings are at 580 (885 at the same time last year). Sales To Listings Ratio is at 58% compared to 53% in January 2016.

 

North Vancouver – 125 Units Sold so far in February 2016 compared to 56 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 201 compared to 490 total in February 2015. Total Active Listings are at 368 (703 at the same time last year). Sales To Listings Ratio is at 62% compared to 54% in January 2016.

 

West Vancouver – 66 Units Sold so far in February 2016 compared to 45 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 148 compared to 300 total in February 2015. Total Active Listings are at 444 (560 at the same time last year). Sales To Listings Ratio is at 45% compared to 46% in January 2016.

 

Richmond – 205 Units Sold so far in February 2016 compared to 146 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 383 compared to 734 total in February 2015. Total Active Listings are at 1,174 (1,805 at the same time last year). Sales To Listings Ratio is at 54% compared to 64% in January 2016.

 

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VIREB President Margo Hoffman notes that limited inventory is the biggest challenge for REALTORS® and home buyers in the VIREB area. Our housing market is now in seller’s territory, primarily caused by inventory levels that steadily declined month over month in 2015.


“Inventory has been decreasing for over a year now, and in most markets, there are more buyers than sellers,” says Hoffman. “If you’ve been waiting for an opportune time to put your home on the market, now would be an excellent time to sell.”


Despite current market conditions, however, pricing your home appropriately for your neighbourhood is still a vital aspect of the sales process.


“The fact is that overpriced homes take longer to sell no matter how busy the market is,” says Hoffman. “A REALTOR® can help you set a fair price to ensure the best chance of a sale.” 

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  In the 12 months ending December 31st, 2015, there were 1597 sales of all property types, an 11% increase over 2014.  The highest number of annual sales was 2256 in 2007.  The lowest was 879 in 1998.  The twenty-two year average is 1512.

 

The 2015 average sale price of a Comox Valley home is $363,631, up 1% from 2014. The average lot price is $169,097, up 12%. If you purchased an ‘average’ home in 2005, you paid $252,516.  If you bought an average lot in 2005, you paid $127,973.

 

 

In 2015, 78 houses per month sold.  (In all 2014 -73 per month, for 2013 - 68, for 2012 - 68, 2011 - 66, for 2010 - 68, for 2009 - 73, for 2008 - 69, for 2007 - 100.)  74% of all residential sales occurred in the municipalities of Comox - 27%, Courtenay – 39%, and Cumberland - 8%.  

 
 
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Well if you have thought about selling your North or West Vancouver home and moving to the Comox Valley now is a great time.....

 

North Vancouver: Total Units Sold in December 2015 was 210 – down from 274 in November 2015; up from 156 in December 2014 and 137 in December 2013. Total Active Listings are down 56% year over year, Month’s Supply of Total Residential Listings is at 1 Month (Extreme Seller’s Market) compared to 4 Months Supply at the end of 2014 and Sales to Listings Ratio was 154% in December 2015 compared to 117% in December 2014. Benchmark Price is up 19.2% since January 2015.

 

West Vancouver: Total Units Sold in December 2015 was 86 – down from 108 in November 2015; up from 66 in December 2014 and 75 in December 2013. Total Active Listings are down 21% year over year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 7 Months Supply at the end of 2014 and Sales to Listings Ratio was 110% in December 2015 compared to 94% in December 2014. Benchmark Price is up 28.7% since January 2015.

 

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⌂  Based on YTD 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: 


A development permit has been approved for a renovation project for the Westerly Hotel in Courtenay to convert existing hotel suites into 48 seniors residences.

 

Plans for development permit and rezoning applications are being finalized for a new multi-storey building in Courtenay - Tiger Lily at Courtenay River - a full-service, multiple-care-level seniors’ retirement residence with condominiums and rental apartments for independent living, supportive living, assisted living and dementia care.

 

The Vista Housing Society has finalized design for its proposed affordable housing development for adults and seniors over the age of 55 at 2240 Comox Avenue in Comox. The proposed project includes 74 self-contained units built on the site; 38 units will be designated as affordable housing with the remaining 36 units being set at market rates.

 

⌂  There are 170 REALTORS® in the Comox Valley among the 973 members of the Vancouver Island Real Estate Board. The peak in the Valley was 240 in 1993.

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⌂  Houses make up 55% of the 615 residential properties currently offered for sale (condos – 39%, mobiles - 2%, duplexes – 4 %.)  The current active inventory of all properties is 1012, a 16% reduction from November, 2014.

 

⌂  If you bought an average home in Cumberland in 2005 you paid $177,333.  Today’s price is $295,769.  The largest local current average sale price differential is between the old City of Courtenay ($287,973) and Crown Isle ($518,110).

 

⌂  YTD in 2015, 38 houses have sold for less than $200,000.  In all 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 and YTD 2015 – four.  The 12 month median price (half sales above, half sales below) is $348,000.

 

⌂  The YTD residential sales pattern in the Comox Valley shows that 38% of all single family dwelling sales occurred between $250,000 and $350,000. The October list/sell ratio was 85% and listings sold for 95% of asking price in 86 days.  The average price of sales completed during the month was $340,689, a drop of over $56,000 from sales in the month prior.

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market groceries

⌂  In the 12 months ending November 30th, 2015, there were 1562 sales of all property types, an 8% increase over 2014.  The highest number of annual sales was 2256 in 2007.  The lowest was 879 in 1998.  The twenty-two year average is 1510.

⌂  The 12 month average sale price of a Comox Valley home is $364,196, up 2% from 2014. The average lot price is $172,477, up 16%. If you purchased an ‘average’ home in 2005, you paid $252,516.  If you bought an average lot in 2005, you paid $127,973.

⌂  YTD in 2015, 80 houses per month have sold.  (In all 2014 -73 per month, for 2013 - 68, for 2012 - 68, 2011 - 66, for 2010 - 68, for 2009 - 73, for 2008 - 69, for 2007 - 100.)  72% of all residential sales occurred in the municipalities of Comox - 27%, Courtenay – 38%, and Cumberland - 7%.  

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