Campbell River Fast Facts December 2017

Campbell River Fast Facts December 2017

Wishing all a happy and restful Christmas and New Year holiday season.  

We have plans to ski at Mt Washington and to also take it easy – watching movies, playing games, crafts and reading. We get busy during the year with work, school and sports that it’s home time that we crave the most. On Christmas day, my younger brother Justin flies in from Australia. Hopefully his plane is able to land as snow is on the forecast. 

2017 proved to be an incredible year for our growing city, Campbell River.  

The British Columbia Real Estate Association (BCREA) noted that the housing market in B.C. thrived due to strong economical fundamentals, such as robust residential sales, job growth, and population growth. British Columbia’s economy continued to lead the country, with GDP in 2018 expected to hit 3.8%. Government policy decision, including slightly higher interest rates and the new mortgage stress test, could affect the housing market in 2018, but it is too early to say in what way. I will continue to keep you informed each month with ongoing newsletters and fast facts. 

I sincerely thank you for making 2017 my best sales year ever. Thank you for choosing me, thank you for recommending me. I love what I do, and truly enjoy helping the great people that work with me to buy and sell. What are your plans for Christmas and the New Year? I look forward to hearing your news. 

Real Estate Fast Facts on Campbell River 

• The 12 month average sale price of a Campbell River home is $405,456, up 18%.  The average lot price is $148,817, up 7% from 2016. If you purchased an ‘average’ home in 2007, you paid $297,046.  If you bought an average lot, you paid $110,935. 

• Apartment condos are the largest segment of the local strata market. In 2007 the average price was $191,746.  In the 12 months ending November 30th, 2017, the average price is $222,148 up 33% from the same period in 2016. 

• There are 27 patio homes currently for sale, the largest inventory of strata properties. The YTD average selling price is $352,214 up 17%. Townhouses are the scarcest strata, only 4 on the market with an average price of $197,165, up 20%. 

• YTD in 2017, 57 houses per month have sold.  In 2016, 59 houses per month sold, an all-time high.   

• In 2016, houses sold in 56 days for 99% of asking price and the list/sell ratio (LSR) was 84%. Currently, houses sell in 27 days for 99% of asking price and the LSR for November was 123%! What this means is that for every 10 houses listed, 12.3% sold resulting in further dwindling of the existing inventory.    

• YTD 2017, residential sales have occurred in Willow Point – 42%, Campbell River Central – 36%, followed by Campbell River South – 9%, Campbell River West – 7%, Campbell River North – 5% and Campbellton – 1%. There are 89 homes for sale, less than a two month supply.  

• Houses make up 60% of the 169 residential properties currently offered for sale.  Condos – 33%, duplexes – 5%, mobile homes – 2%.  The active inventory of all properties is 255, down 25%. 

• The largest house price differential is between Willow Point where the 12 month average price is up 22% ($427,710) and Campbell River Central where the average price is up 16% ($381,929).  

• YTD 2017 20 houses have sold for less than $200,000.  In 2016, 45 houses sold for less than $200,000.   

• YTD 2017 there have been 133 residential sales over $500,000, including four over $1 million, representing 21% of all residential sales.  In all 2016 there were 63 residential sales over $500,000 representing 9% of all residential sales.  The 12 month median price (half sales above, half below) is $390,000. 

• From Building Links:  Construction has started on Phase I of Seymour Pacific’s 70-unit, multi-family development at 525 Dogwood Street South in Campbell River. A building permit was issued in October with a value of $4.2 million. The developer is constructing a four storey building on the east side of Dogwood Street South directly south of the Merecroft Village Landmark Cinema. 

• When 10 houses sell in Campbell River, one is under $250,000, three sell between $250,000 and $350,000, four between $350,000 and $500,000 and two above $500,000. 

• There are 98 REALTORS® in Campbell River among the 1051 members of the Vancouver Island Real Estate Board.