good News …. for some.

Market Minute
by KUTYN

Good News… for some.

 

Over the past five years, one of the major factors  playing havoc with the market was the supply side:  that is to say restricted supply or low inventory. This continues to be an issue in most of the Condominium sectors  in the Comox Valley, but especially in Campbell River.

The 12 month stats for single family markets point to an increase in the average price, but a fall in the dollar volume in sales.  We feel this is due, at least in part, to low inventory.

This month in the Comox Valley market, there is good news for buyers, as the inventory has increased from 234 at this time last year to 302 this year; an increase of 29%. The response from the market for the month of July was a 49% increase in the dollar volume of sales: $51 million in sales this July compared to $34 million in July 2018. There was a 34% increase in the inventory of Single Family houses in Campbell River to 138.  This is a move in the right direction, but in July 2015 there were 283 active listings.

 

Comox Valley

July 2019 VIREB stats

Single Family Dwelling Sales

430, down 16% YTD Jan 1 – July 31

685, down 19% 12 MTD In the past 12 months

Average Price

$564,454 up 7% average sale price based on 685 sales

 

 

Campbell River

July 2019 VIREB stats

Single Family Dwelling Sales

285, down 7% YTD Jan 1 – July 31

466, down 19% 12 MTD In the past 12 months

Average Price

$473,814, up 8% average sale price based on 466 sales

 

 

“ You are better off eating Twinkies with friends, than you are eating broccoli alone.”

From:    ‘Everybody’s Normal Till You Get to Know Them’

             by John Ortberg

 

 

 

The Market Minute this month has been authored by Chris Kutyn.  Chris’s bio is available here.

 

Kutyn Property Services

Phone:250.890.3320
Email: chris@kutyn.com

 

Our mailing address is:
PO Box 1570, Comox BC V9M 8A2