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Royal LePage In The Comox Valley



 

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 2020 Market Conditions 

Curious about what is happening in the Valley these days with respect to residential properties?

Affordable housing in the Comox Valley, just like in big centers, now means that you are starting with a condo!

These statistics are provided from the Vancouver Island Real Estate Board

Single Family Dwelling Analysis of Listings and Sales for February 2020 in the Comox Valley

Below is an analysis showing active residential homes on the market as of February 2020 by price range in comparison to the previous twelve months sales.

Price Range                    Sell/List Ratio 

$100,000 – $299,999         1 Listings  |  13 Sales                             87%

$300,000 – $399,999        10 Listings  | 73 Sales                            78%

$400,000 – $499,999       31 Listings  |  170 Sales                         76%

$500,000 – $599,999        54 Listings  |  229 Sales                        72%

$600,000 – $750,000      80 Listings  |  220 Sales                         62%

$750,000 – $999,999       46 Listings  |  99 Sales                           49%

$1,000,000 – $3,999,999  28 Listings  |  39 Sales                         41%

Sellers Need To Know….

Average Prices as of February 2020

MLS takes all the sales for a time period, adds their dollar amount and divides by the number of sales.

  • **The month average is $586,508
  • The 12 month/year average is $579,280
  • Since January 2020 is $579,090

Median Price

This is the absolute middle price, in other words, there are the same number of sales in this price as there are above this price.

  • **The month is $550,000
  • The 12 month/year average is $560,000
  • Since January 2020 is $567,500

Sell to List Ratio

This shows the percentage of sales in comparison to the amount of listings there are.  The higher the percentage, the busier the market.  A stable market would typically be around 55-65%. A seller’s market is over 65% and a buyer’s market is below 55%.

  • **The month is 53%
  • The 12 month/year average is 66%
  • Since January 2020 is 54%

Sell to List Price Ratio

This is a percentage showing what the property sold for in comparison to it’s list price.  It is shown monthly and for the year.

  • **The month is 96%
  • The 12 month/year average is 96%
  • Since January 2020 is 96%

**For the monthly figure this can be misleading.   If there are disproportionate amount of higher or lower sales, it skews the average in that direction.  All of these statistics can be broken down by area:  Courtenay City, Comox, Cumberland, Courtenay East, etc.  They can also be broken down by product:  single family, condo apartment, condo townhouse, lots, acreage, etc.

There is a wide variation of interpretation to these statistics and there are a number of other factors which influence them.  At Royal LePage In The Comox Valley we pride ourselves on keeping you as informed as we can on the current market conditions.  We would happily meet with you to discuss any of these further!

Contact us anytime!

Yours Truly,

Gregg Hart

Owner/Managing Broker