Market Update October 2019

Campbell River’s real estate market is varied. Balanced in some sectors. A Seller’s market in other sectors. Below is the October 2019 Market Update.

Residential has shifted from a Seller’s market to Balanced:

Currently there are 137 active listings. Down 5.5% from last month. Up 88% Year to Year (October 2018 there were only 73 listings)
There were 35 sales in October. Unchanged from previous month. Down 26% Year to Year (October 2018 there were 47 sales)
Year to Year the odds of selling increased by 5.8% compared to October 2018. October 2019, 74% of the listings remained unsold and 26% sold
The average days to sell 44. 7.3% slower than last month. 26% slower than October 2018 which was 35 days
The average sale price $464,900. Down 14% from last month ($541,800). Up 6.5% Year to Year ($436,400)
The sell/list ratio is still very strong with 69% of new listings selling in October. Even with the reduced amount of sales, the inventory of homes declining month over month maintains a balanced market

Land:

Campbell River has the least amount of lots listed. 15 in Campbell River. 45 Comox. 39 Qual/Parksville. 38 Alberni. 133 Nanaimo. 164 Duncan
The median price of a lot in Campbell River is $191,900 plus 5% gst. Land in CR continues to steadily appreciate and stepping into the future this trend is expected due to the slow turnover of developed land for sale
In the foreseeable future there are two potential opportunities for buyers to purchase land. Contact me if you would like to be kept informed about the upcoming Phase 2 of Jubilee Heights and the final cul de sac of residential lots in Jubilee Estates

Strata Apartments:

Seller’s market. List/Sell ratio 100% for the second month in a row. Inventory 2.4 months with a median selling price of $215,900. If another strata apartment was not listed, we would run out of inventory and place further upward pressure on pricing
There are only 7 units currently for sale. October 2018 there were 22. Down 68%
Affordable housing dilemma continues. Investors are quicker off the mark to submit their offers and purchase new listings, rather than primary home owners
Multiple offers still occurring with strata apartments due to low inventory. Some offers submitted within hours of being listed for sale

Patio Homes:

Seller’s market. Only 1.5 month of inventory. Total of only 6 units listed for sale. Sell/list ratio 80%. Median price $465,000
Lack of supply. Solid demand
Contact me if you would like to be kept informed of the upcoming Eagle Ridge Executive Patio home development. 27 units to be listed for sale in the coming months. Offering a unique pocket community adjoining green space, ERT walking trail and walking distance to the Campbell River Country Club golf course, bar, function centre and restaurant

Townhouses:

Balanced market. 3 units listed, 3 units sold
Median sale price $232,500 and sold on average within 11 days on market.
Year to Year listings have increased 47% and currently there are 9 townhouses for buyers to choose from
Expect more new town house developments over the coming years. Premier Homes is about to break ground on 14 townhouses in Hilchey Road. Some will have ocean view. Contact me for more information.