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

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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