After two weeks into 2021 what do we see so far? In the past 60 days there were 75 home sales and in the past 30 days there were 10. Overall, this level of activity was strong for the end of the year and more typical for the start of the new year. At this early point of the year there were 204 listings of various types throughout the Comox Valley. This inventory is a good start to the year but the next 6 weeks should provide additional insight into what will come this year. More listings means more choice for home buyers who over the past year have not had the choice that a typical year offers. Of course, 2020 was certainly not a typical year. Let’s all look forward to getting fully back to normal for 2021.
In a normal year the real estate market starts to pick up at this time of year and it accelerates to a different level by the end of February until in culminates in activity at around the end of May. The market drops a bit thereafter but stays active until Labour Day when it again drops in activity until the late fall. From mid December until early January it sits at its lowest level of activity. So, we are just past that point right now and we are anxiously heading into a new year with renewed hope and anticipation. What happens over the next six or so weeks should give us all a better sense of where the Comox Valley real estate market is headed this year.
Current market inventory includes 27 condos and lots below the $200 thousand level. There are 26 listings between $200 thousand and about $330 thousand that are comprised mostly of lots. Single family dwellings start at about the $420 thousand level. There are 55 listings in the $500 to $700 thousand range with most of them being single family dwellings. There are some condos and lots listed in the price range as well. There are 36 listings between the $700 thousand and one million dollar price range with most being single family homes. Thirty listings are over one million dollars. In a typical year we should see many more homes listed in the $500 to $700 thousand range.
There are currently 33 listings in the seaside town of Comox. There are 17 listings in Courtenay East and 19 real estate listings in Crown Isle. These three areas include some of the more sought after family neighbourhoods in the Comox Valley. In total, the City of Courtenay has 110 listings of a wide range of homes and properties. At the moment there is an imbalance in homes listed in these popular areas. As we move further into 2021 we should see more homes and properties listed and more balance achieved if 2021 becomes a more typical year.
There are only six listings currently on the market in Cumberland, 11 in the Merville and Black Creek area, and 15 in the Union Bay and Fanny Bay area. Rural listings in the Comox Valley are almost always outnumbered by those in the urban areas in any given year.
There are only 80 single family homes on the market at the present time and we should see this number start to increase fairly significantly over the next couple of months. If you are looking to relocate to the Comox Valley it is important to be patient and let the number of listings (and therefore choice) increase. Happy New Year and let’s look forward to a great year in the Comox Valley for home buyers and home sellers alike.