Comox Valley Autumnal Equinox Market Update 2015

What a summer! Ours was jam packed and exciting in our business, wedding planning and enjoying all the amazing seasonal activities the Comox Valley offers. We both fit in things that we absolute love, all while maintaining our busiest season in Real Estate yet! The free time that we did have was spent enjoy friends, family and the gret outdoors. We also "auditioned" for our local BNI's Realtor Seat - and we got the part! With that, we have extended our knowledge of trusted local professionals in a variety of fields. Ask us for recommendations on... just about anyone!

Our real estate market has become a bit of a wild west. Here are some Statistics for you analytical types:

In the 12 months ending August 31st, 2015 there were 1578 sales of all property types, a 13% 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 1511.
The 12 month average sale price of a Comox Valley home is $360,911, up 2% from 2014. The average lot price is $166,913, up 14%. If you purchased an ‘average’ home in 2005, you paid $252,516. If you bought an average lot in 2005, you paid $127,973.
If you bought an average home in Cumberland in 2005 you paid $177,333. Today’s price is $299,771. The largest local current average sale price differential is between the old City of Courtenay ($290,427) and Crown Isle ($523,829).

Long time Comox Valley residents will remember when Cumberland was far and away the most affordable community around. Now you'll find lower priced opportunities to enter the real estate market in Courtenay City. This can be contributed to a thriving arts, music and food culture, excellent out door experiences, desire to live apart from the hustle of the city, and new construction homes driving the average sale price upwards.

We find ourselves in a new position in our market after a shift. Our number of listed single family homes is down 4% this year but our sales are up 14%. What does this mean to buyers? Extremely low inventory. What does this mean for sellers? Sales price increase on average of 2%. To a homeowner in our median home market, at around $350,000, an extra $7,000 value was added to your home this year. There are many active, eager and prequalified buyers just waiting for the right home to be listed. In 1 week in September our team was involved in 3 multiple offer situations. Buyers are struggling to adjust, and the low-ball offers of yesteryear are now outright rejected. Sellers (of desirable, saleable homes) are now finding themselves in strong positions in negotiations.

As you can see from the above graph, our sales volume has been steadily increasing over the past 2 years and shows no signs of slowing down. Sales typically pick up again in October, and this will happen again this year if we get the listings that we need.

This area's most common sales are 3 bedroom, 2 bathroom ranchers in the $350,000 ball park. Here's a comparision on 3 newish rancher sales in COURTENAY EAST vs COMOX vs CUMBERLAND:

2176 Blue Jay Place, Courtenay, BC
Lovely "like new" 3 bedroom rancher nestled betwen Comox and East Courtenay amenities. When you enter the home, you are welcomed by 9 foot ceilings, tile & hardwood floors and a semi-open concept. The interior has a large kitchen with many cabinets, a stylish backsplash and great lighting. The three bedrooms are spacious and the interior is nicely decorated. The large fully fenced back yard has plenty of space for gardening or a play area for kids and pets. A private patio area provides some shade and privacy. Only minutes by foot you can find the Courtenay Greenway trail system, Lerwick Park, Lancaster Heights Park and groceries. This is a fantastic home in a great neighbourhood!

LIST PRICE $363,000
SELL PRICE $354,000
DAYS ON MARKET 84
YEAR BUILT 2006
1346SQFT

SPOTLESS and impeccably maintained home in the popular Village of Cumberland. This home was custom designed and features 1654 sqft with an additional 6ft crawl space complete with heat and power and set up for a workshop and amazing storage! Open concept and spacious floorplan with quality finishings. The kitchen features rich cherry wood cabinets, tile backsplash, center island and high end stainless appliances. Other features include an energy efficient furnace, double garage, fully fenced yard, walk in pantry, computer nook, and mountain views! A fantastic package!

LIST PRICE $349,900
SELL PRICE $354,000
DAYS ON MARKET 84
YEAR BUILT 2008
1654SQFT

Stylish 3 bedroom rancher located in popular Lancaster Heights. The subdivision is within walking distance to groceries, paved walking trails, parks and schools. Only 5 years old, this great home offers everything wanted in new home- a large kitchen with maple shaker cabinets, open concept main living space, walk-in closet, a good sized ensuite, a double car garage and a heat pump. The inside of the home is finished with laminate flooring, a gas fireplace, warm colors, up-and-down blinds and a crawl space. Outside, the fully fenced yard with a sprinkler system is semi private, landscaped and has a view of the Comox Glacier from the patio. This Brando Construction home is great value!!

LIST PRICE $369,900
SELL PRICE $365,000
DAYS ON MARKET 5
YEAR BUILT 2010
1416SQFT

The combination of our extremely low inventory and the typical seasoanly shift in market activity in our area makes October the perfect time to list your Comox Valley home.