April Fast Facts

April Fast Facts

While the temperature rises, so too does property values in Vancouver and Victoria.  The trickle effect has made its way to Campbell River, as per the April fast facts outlined below.

• In the 12 months ending April 30th, 2016 there were 911 sales of all property types in Campbell River, up 20% over the same period in 2015.  The highest number of annual sales was 1181 in 2007.
• The 12 month average sale price of a Campbell River home is $320,309 up 4%.  The average lot price is $138,218 up 5%. If you purchased an ‘average’ home in 2006, you paid $265,602.  If you bought an average lot, you paid $103,171.
• YTD in 2016, 48 houses per month have sold.  In 2015, 45 houses a month sold.  For all 2014 – 46, for 2013 – 42, for 2012 – 37, for 2011- 41, for 2010 – 36, for 2009 – 44, for 2008 – 38, for 2007 -58, for 2006 – 54.)
• In 2015, houses sold within 70 days for 96% of their asking price.  The list/sell ratio was 62%.  Currently, houses are selling in 59 days for 98% of asking price and the list/sell ratio is 64%
• YTD 2016, residential sales occurred in Willow Point – 46%, Campbell River Central – 30%, followed by Campbell River South – 10%, Campbell River West – 9% and Campbell River North – 6%.
• Houses make up 68% of the 380 residential properties currently offered for sale.  Condos are 27%, duplexes – 3%, mobile homes – 3%.  The active inventory of all properties is 559, down 19%.
• The largest single family home price differential is between Willow Point where the YTD average price is up 5% ($321,879) and Campbell River Central where the YTD price is down 10% ($290,825).
• YTD 2016, 15 houses have sold for less than $200,000.  In 2015, there were 41 houses sold. In 2014 – 48.  In 2013 – 59, in 2012 – 52, in 2011 – 56, in 2010 – 36, in 2009 – 67.
•  YTD 2016 there are 14 residential sales over $500,000, representing 7% of all residential sales.  In 2015 there were 40 sales over $500,000, representing 7%.  There were 26 sales in 2014, in 2013 -15, in 2012 – 20, in 2011 – 26, in 2010 – 15, in 2009 -10, in 2008 – 26. The 12 month median price (half sales above, half below) is $307,900.
• From Building Links – 2016 First Quarter Construction Statistics —  Overall construction of single family homes has increased in Comox, Courtenay, CVRD and remains stable in Campbell River, and down significantly in Cumberland, by -47%. The total number of new homes that started construction in January, February and March of 2016 is 65 compared to 52 in 2015, an increase of 25%. Overall construction statistics are down considerably, due to the fact that both of the hospitals were started in 2015. There seems to be an upswing in construction of duplex and patio style homes as well as secondary suites. Overall construction values for the first quarter of 2016 are $37,224,848.
• There are 103 REALTORS® in Campbell River among the 977 members of the Vancouver Island Real Estate Board.

The upswing property market in Campbell River has legs to last for many years as the baby boomers migrate from the mainland to Vancouver Island.