There have been three peak real estate sales years in the Comox Valley since 2000. They occurred in 2004, 2007 and most recently in 2016. In addition to increasing sales, prices also rose in 2016 starting in April and running through most of the subsequent six months. The median price of a single family home in Comox broke the $400,000 level in July and median and average prices continued to climb. Two years earlier the median price sat at $345,000.
The Comox Valley real estate market is not the same in all sectors. The following infographic shows this for three sectors in Dec 2016. Note that single family homes which comprise most of the market overall are selling most quickly
In the next infographic notice the changes
The next chart shows how single family homes in Comox have increased in price over the past year up to the end of May 2017.
So what will happen in the rest of 2017?
First, prices are expected to continue to rise in 2017. How fast will depend on how many new listings hit the market. Increases in single family home prices in the 2 to 5% range are not out of the range of possibilities. Single family homes in the Comox Valley will likely approach and even surpass an average price of $425K by year end. In Comox, the average price of a single family home will likely break the half million dollar level. As of the end of May 2017 single family home prices did break the $500K level. The average sell price in May was 509K.
Second, the number of sales will likely drop in 2017 as they often do after a peak year. A drop of 10 to 15% is likely unless the number of new listings increases significantly over last year.
Third, list to sell ratios will continue to favour sellers because of the diminished inventory
Fourth, our valley will continue to look like attractive to many people relocating from the mainland, and outside of the province.
Fifth, higher end and specialty home listings began to sell at a higher rate in 2016 than in previous years and this trend should continue in 2017.
Multiple offers will continue to be part of the market but in numbers less than 2016. So sellers get ready to list your home if you plan to sell it in 2017. Contact Brett to list your home and obtain advice on when to get it on the market.
Buyers if you have a home to sell before you can buy one in the Comox Valley get in on the market early and get an unconditional offer on it BEFORE you start looking seriously to buy. Many sellers were not accepting offers subject to the sale of homes in 2016 and this trend will likely continue in 2017. Contact Brett to be your agent and have him set up an account for you to get you the latest listing information as soon as it becomes available.