With just over a week until the end of 2011 and less than a week until Christmas, it is time to review what happened in 2011 in British Columbia and the Comox Valley real estate market. Let’s, then, go back to the first of the year.
From the British Columbia Real Estate Association in 2011:
13 Jan 11 – BCREA reports that 2010 sales declined 12% to 74,760 units and that 2010 prices rose 8.5% to $505,178 (Title of the report was record home prices for 2010)
14 Feb 11 – BCREA reported that January residential sales were down 10 percent compared to January of the previous year.
14 Mar 11 – BCREA reported that February residential sales were up 8 percent compared to February of the previous year and commented that the surge in consumer demand in Metro Vancouver continues to propel the provincial stats higher.
18 Apr 11 – BCREA reported that March residential sales were up 11.5% compared to March of 2010 and commented that surging demand in Vancouver was overshadowing more moderate demand in other regions.
12 May 11 – BCREA reported that April residential sales declined 14% compared to April of 2010.
15 Jun 11 – BCREA reported that May residential sales were down 1% compared to May of 2010.
14 Jul 11 – BCREA reported that June residential sales were up 2.4% compared to June of 2010.
11 Aug 11 – BCREA reported that July residential sales were up 12.9% compared to July of 2010.
14 Sept 11 – BCREA reported that Aug residential sales were up 16.4% compared to August 2010.
14 Oct 11 – BCREA reported that September residential sales were up 8.8% compared to September 2010.
8 Nov 11 – BCREA revised it residential sales forecast to increase to 77,000 units in 2011 and 80,000 in 2012.
14 Dec 11 – BCREA reported that November residential sales remained relatively unchanged from November 2010.
Based on the above statistics, it should be clear that monthly residential MLS sales in British Columbia were up and down each month compared to the same month in the previous year. For the province, total 2011 sales were up about 3% from 2010, but they were still down about 14% when compared to the 10-year average (87,600 units), down 25% compared to 2007 (102,831) and down nearly 28% compared to the peak in 2005 (106,290).
Sales of a multitude of Comox Valley home listings were down nearly 30% from 2007. As well, time to sell rose steadily over the past three years in a number of categories.
Looking forward, what will happen in 2012? First, interest rates are forecast to stay low in 2012. Second, modest sales increases are forecast for 2012. Whether you are a Comox Valley home buyer or home seller in the Comox Valley real estate market, there will be opportunities for buyers and sellers who are prepared for the market that they will enter. Contact Brett Cairns of RE/MAX Ocean Pacific Realty for more information on Courtenay real estate listings or those from any other segment of the market.
by Brett Cairns