This is the Comox Valley real estate May 2014 update. So what is happening in our Comox Valley real estate market? It is heating up. Over the past month sales have picked up and new listings that represent value are not on the Comox Valley market long before they sell. There are a number of signs pointing to the start of a new Comox Valley cycle.
Let’s take a look at some April 2014 Comox Valley home sales statistics:
- The total number of active listings was down about 5% compared to this time last year;
- The number of new listings in the month of April was also down about 5% compared to this time last year;
- The number of units reported sold was up about 11% compared to this time last year; and
- The sell to list ratio was up by about 6%;
All of this is a good sign for Comox Valley home sales. Last year we saw prices correct and bottom in some segments of the market. With listings down, total inventory down, and sales up, the effect is healthy. Pent up demand is currently being exercised by some buyers. This remains a good time to buy and it also represents an opportunity for sellers to sell.
As we more forward, there are a number of reasons to expects sales volumes to continue to increase and for the market to continue a move towards a more neutral market over time. In nautical terms, we are past the ebb and on the path of the flow.
Single family homes sales are following a similar trend. Total listings are down about 7.5% and new listings are down about 9%. Sales are up about 12% and sell to list ratios have climbed up by nearly 9%. Specific segments of the market are experiencing similar results. Higher end homes are selling in areas where they were not last year and days to sell overall are down slightly.
There are, of course, much more to this than statistics. When used selectively Comox Valley real estate market statistics can be used to show almost anything. When these numbers are combined with the knowledge and experience of a Comox Valley realtor who knows the area and market well, they can be used to paint a fairly complete picture of what is happening with Comox Valley property listings and home sale.
If you are thinking of buying or selling, contact me and let’s get started on meeting your Comox Valley real estate needs.