Campbell River Fast Facts October 2017

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Campbell River Fast Facts October 2017

2017 has proved to be an unrelenting hot market for Campbell River – plagued with low inventory, buyers running at new listings at break neck speed in their PJs with coffee in hand, and multiple offers pushing the sale price up to $58,217 above list price (as was the outcome for 384 Hilchey Road where 7 competing buyers turned up to the Nanaimo court house to battle it out on a foreclosure).  

I have been sprinting to keep up with the market – to help successful buyers get an accepted offer. You have to run and get there before everyone else jumps on it. I have turned up to appointments in horse riding clothes and gym clothes. Fortunately not my PJs though. There is honestly not enough time to change into my work clothes sometimes. I’ve stopped apologizing for it. It’s my new reality. 

When should I sell? Is it a good time to buy? Will the market continue like this? For how long? Where are the buyers coming from? Will the lending regulations effective January 1st have an impact on market value?  

Please don’t hesitate to contact me. Let me know if I can advise you on the market value of your property that you intend to sell, and as a buyer to double check the market value of the property you hope to purchase. Hope is the key word here. Working with a good realtor who can alert you to new listings as they come onto the market, or even better to alert you prior to a new listing appearing on MLS, will give you a competitive advantage.  

The following fast facts are a summary of October MLS stats. If you would like a copy of the accompanying spreadsheets and an overview of the upcoming lending regulations please reply “YES PLEASE” and I will be happy to email those to you. 

A huge thank you! to past clients – I love your recommendations. Keep them coming. I look forward to your reply and hearing your news. 

FAST FACTS on Campbell River October 2017: 

  • In the 12 months ending the 31st of October 2017 there were 1071 sales of all property types in Campbell River. The highest number of annual sales was 1181 in 2007.  
  • The 12 month average sale price of a Campbell River home is $398,751, up 16%.  The average lot price is $147,349, up 5% 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.  YTD in 2017, the average price is $218,566 up 31% from the same period in 2016. 
  • There are 32 patio homes currently for sale, the largest inventory of strata properties. (Compare to the Comox Valley where there are only 9!)  The YTD average selling price is $355,378 up 18%. 
  • 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 are selling in 37 days for 98% of asking price and the LSR for October was 98%.    
  • YTD 2017, residential sales have occurred in Willow Point – 42%, Campbell River Central – 36%, followed by Campbell River South – 10%, Campbell River West – 7%, Campbell River North – 4% and Campbellton – 1%. There are 105 Single Family Dwellings (SFDs) for sale, less than a two month supply.  
  • Houses make up 65% of the 189 residential properties currently offered for sale.  Condos – 32%, duplexes – 2%, mobile homes – 2%.  The active inventory of all properties is 283, down 22%. 
  • The largest house price differential is between Willow Point where the 12 month average price is up 20% ($419,670) and Campbell River Central where the average price is up 17% ($375,538).  
  • YTD 2017 17 houses have sold for less than $200,000.  In 2016, 45 houses sold for less than $200,000.   
  • YTD 2017 there have been 114 residential sales over $500,000, including three over $1 million, representing 20% 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 $380,000. 
  • 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 104 REALTORS® in Campbell River among the 1082 members of the Vancouver Island Real Estate Board. 

Would you like me to email you the accompanying spreadsheets and lending regulations? 

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Campbell River Market UpdateDecember 2017