The 2017 Comox Valley real estate market forecast examines trends throughout the year. 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 nearly broke the $400,000 level in July 2016 and median and average prices continued to climb. Two years earlier the median price sat at $345,000. In July 2017 the median price had climbed to nearly $480,000 with an average price just over $555,000. Prices corrected statistically in Aug and Sept but since the number of listings and sales was small and most listings in the lower price range this change cannot yet be considered a change in trend.
The Comox Valley real estate market is not the same in all sectors. The following infographic shows this for three sectors in July 2017. Note that single family homes which comprise most of the market overall are selling most quickly
The next chart shows how single family homes in Comox have increased in price over the past year up to the end of July 2017 and then there was a correction in August 2017. There were only 15 single family home sales in Comox in August so it it too early to tell whether or not this one month drop will be the start of a trend or not.
So what will happen in the rest of 2017 and into next year?
First, prices are expected to continue to rise. 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. Second, the number of sales has dropped in 2017 as they often do after a peak year. A drop of 20% has been experienced to date and this trend should continue the rest of the year because of high prices and mortgage approval changes that have forced some people out of their respective markets. 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 2017. 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.