Campbell River Fast Facts – April 2018

Campbell River Fast Facts – April 2018

Spring glorious Spring. Lovin’ the sunshine. When I pull into my driveway, I can see the weeds in my garden beds and gravel areas poking through and getting a head start on me. The Spring market is upon us and now I am too busy to weed.

Campbell River’s real estate continues to be plagued with low inventory. If there were more listings, there would be more sales. Which best explains why sales are down from last year. There simply is not enough supply to satisfy demand:

• In the 12 months ending April 30th, 2018 there have been 1047 sales of all property types in Campbell River, down 7% over the same period in 2017.  The highest number of annual sales was 1181 in 2007.
• The 12 month average sale price of a Campbell River home is $417,096, up 15%.  The average lot price is $188,239, up 35%. (The 16 lot sales in April only averaged $228,828 so you can see where this is going!) If you purchased an ‘average’ home in 2008, you paid $315,252.  If you bought an average lot, you paid $111,479.
• YTD in 2018, 37 houses per month have sold compared to the all-time high in 2016 of 59 houses per month.  In 2017, 55 houses per month sold. In 2016 – 59, in 2015 – 45, in 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 2017, houses sold in 42 days for 98% of asking price and the annual list/sell ratio (LSR) was 84%.  In April, 2018 the LSR was 76% and houses sold for 116% of asking price in 20 days.
• Residential sales occurred in Willow Point – 37%, Campbell River Central – 36%, followed by Campbell River South – 14%, Campbell River West – 12%, Campbell River North – 3%. There was one sale in Campbellton.
• There are 108 homes currently for sale, a 2½ month supply. Houses make up 78% of the 152 residential properties currently offered for sale.  Condos are 18%, duplexes – 2%, mobile homes – 1%.  The active inventory of all properties is 248, down 20%.
• Contrast the shortage of strata properties in Campbell River as a percentage of all residential properties – 18% – to the Comox Valley – 32%.
• The largest house price differential in April, 2018 was between Willow Point where the average price was up 21% ($455,068) and Campbell River South where the price was down 16% ($380,162).
• YTD only four houses have sold under $200,000, compared to 20 in all 2017 and 45 in 2016.  In 2015, 41 houses sold for less than $200,000. In 2014 – 48, in 2013 – 59, in 2012 – 52, in 2011 – 56, in 2010 – 36.
• YTD sales over $500,000 represent 24% of the Campbell River market compared to 20% in 2017 and 9% in 2016.
• YTD 2018 the SFD median price (half sales above, half below) is $409,000.
• When 10 houses sell in Campbell River, one is under $250,000, two sell between $250,000 and $350,000, five between $350,000 and $500,000 and two above $500,000.
• There are 96 REALTORS® in Campbell River among the 1070 members of the Vancouver Island Real Estate Board.

Please don’t hesitate to contact me if you would like an evaluation on your current home.