February Real Estate Fast Facts on Campbell River

February Real Estate Fast Facts on Campbell River

• Residential sales increased by 25% for February 2015 compared to February 2014.
• The average sale price was 96% of the listing price of the home.
• The median sale price of a Campbell River home for the month of February was $269,300 which indicates that the strongest sales activity was for homes in the lower price range.
• The sell/list ratio (number of sales compared to the number of listings for the month) was 56% – a relatively high number (in fact it was the highest of all the communities included within the Vancouver Island Real Estate Board).  A high number indicates a ‘tightening’ of supply which often leads to higher prices.
• There were 203 homes listed for sale at the end of February – up a modest 3.9%.  Typically listings increase dramatically in that period after Christmas as Vendors make the decision to sell into the spring the market.  Again this was the lowest percentage increase within the Vancouver Island Real Estate Board.
• There were 7 lot sales this month compared to 4 during the same period last year.  The average price was $128,900 compared to $99,500 last year – up 30%.  Part of this increase is a general price increase but also includes the impact of selling more expensive ocean view lots from a new subdivision recently listed for sale.  We anticipate that lot prices will remain at this level for the foreseeable future.
• The activity in the strata apartment market is stable with the a modest increase in the number of sales this year (4 sales vs 2 sales)  The selling prices to list price was a weak 88% of the list price. Inventory of strata apartments for sale is still high at 60 units representing 16 months of supply.
• The number of enquiries by prospective clients was the strongest in for the month in the last 3 years so we anticipate a continued active Campbell River real estate market.