Our Comox Valley Real Estate 2015 Update
It has been not only an incredible start of summer in our sunshine-y community, but also an exciting time in real estate, as our local market continues to recover and impress. In just the past 7 days, we have had 47 new listings, 41 price reductions, and 36 sold listings. All signs point to a healthy, balanced market.
So far in 2015, $211.5M worth of real estate has changed hands in the Comox Valley! Did you know that the average Days on Market for a listing in 2015 is 82 days with a 96.7% List to Sell Ratio? Our Real Estate Group, however, has beat the industry averages this year an average DOM of only 35 days on market and a 98.5% List to Sell Ratio. This means we sold your listings in less time, for more money (an average of an extra 2% in your jeans!)
Here are some statistics, reflecting on our market from May 2015:
- In the 12 months ending May 31st, 2015 there were 1524 sales of all property types, a 15% 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 1509. 2015 is the first year since 2007 to experience above average sales.
- The 12 month average sale price of a Comox Valley home is $356,863, up 3% from 2014. The average lot price is $157,000, up 13%. 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, 74 houses per month have sold, up from 62 per month in the same period in 2014. (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.) 78% of all residential sales occurred in the municipalities of Comox - 30%, Courtenay – 40%, and Cumberland - 8%. The increase represents a shift of 10% of buyers to urban areas from rural.
- Houses make up 63% of the 954 residential properties currently offered for sale (condos – 29%, mobiles - 3%, duplexes – 5 %.) The current active inventory of all properties is 1396, 53 more than in May.
- If you bought an average home in Cumberland in 2005 you paid $177,333. Today’s price is $290,511. The largest local current average price differential is between the old City of Courtenay ($293,520) and Crown Isle ($511,564).