The Comox Valley real estate market continues to favour home Buyers. Last week (Monday to Sunday) there were 53 new home listings, 29 price reductions and 21 home sales. Sales ranged from a low of $99K to a high of $675K. There were 5 sales in Comox, 8 in Courtenay East, 6 in Courtenay City, 1 in Courtenay West and one in Crown Isle. While the downturn in sales is expected for this time of the year, listings continue to be brisk and the total property inventory remains at an all time 3 year high.
Looking back on the Comox Valley property market we saw that home sales dropped dramatically in 2008 and that home sales fluctuated slightly from this new Comox Valley real estate baseline from 2009 through 2012. Looking ahead we should see more of the same in 2013 and perhaps some change to a more neutral real estate market in 2014. As we progress through next year a number of things could impact this housing forecast.
While outside influences do exist there are a number of constants in our real estate market. Comox Valley home sellers will still be affected by Location, Preparation, Presentation and Price as 4 key elements of success in this real estate market. Our Comox Valley location is superb when compared to many other regions of Canada. In the Comox Valley real estate market there is stiff competition among Comox Valley home sellers so keeping a home properly maintained and prepared is important. For the home seller, so is home presentation.
Marketing (how and where) is also a key element but so is price. Do not price your Comox Valley home above the market if you want to be competitive in this home buyers market. It is, therefore, important to have a good understanding of the current market value of your home
If you are thinking of either buying or selling nay Comox Valley real estate, contact me for more information on real estate market updates and how you can be effective in this type of market. Contact Brett Cairns of RE/MAX Ocean Pacific Realty.