Market Minutes by Kutyn

Market Minute
by KUTYN

Sales Volumes… Off, Off, Off

 

In the month of November, for both the Comox Valley and Campbell River single family markets, the dollar volumes of sales were down 9% and 37% respectively.  For the year, the sales volume for the Comox Valley was virtually static compared to last year. In Campbell River, the reduced sales volume for November pushed the yearly total down 9% to $227 million. Compared to last year, lot sales are down 32% in the Comox Valley, and 31% in Campbell River. These statistics on lot sales may not provide an accurate reflection of the market, as private transactions are not included in the MLS statistics.  Many other market sectors show lower sales volumes; this is especially true in the acreage market sectors in the Comox Valley where improved acreage sales are off 39%, and unimproved acreage (raw land) sales are off 18%.

The Condominium market in the Comox Valley seems to be bucking this trend. Condos still provide a less expensive point of entry to the market. The 58% increase in the volume of townhouse sales is the result of good supply.  In Campbell River, sales volumes for patio homes and townhouses were down over the year, but inventory is virtually non-existent.

 

Comox Valley

Nov 2018 VIREB stats

Single Family Dwelling Sales

745, down 11% YTD Jan 1 – Nov 30

794, down 9% 12 MTD In the past 12 months

Average Price

$539,355, up 11% average sale price based on 794 sales

 

 

Campbell River

Nov 2018 VIREB stats

Single Family Dwelling Sales

474, down 19% YTD Jan 1 – Nov 30

503, down 18% 12 MTD In the past 12 months

Average Price

$450,846, up 11% average sale price based on 503 sales

 

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

 

Copyright © 2018 Kutyn Property Services Ltd, All rights reserved.
Our mailing address is:

Kutyn Property Services Ltd

Suite 302-1819 Beaufort Ave.

Comox, BCV9M 1R9

Canada