Comox Valley Real Estate Market Update 23 July 2012

The prices of homes and estates in Comox and the trend established in the earlier part of July has continued over the past two weeks. Last week, new home listings outpaced home sales by a factor of about 2:1. Price reductions followed a similar pattern. Comox Valley real estate inventory continues to build in the valley and Comox Valley home sales remain down. Interest rates also remain down and quite low.

Last week there were 42 new real estate listings in our market and 39 price reductions. Total sales in the Comox Valley stood at 25 by week’s end. There were 19 in the City of Courtenay, 3 in the Town of Comox and 2 in Crown Isle. There was also 1 in the Comox Peninsula. Sale prices ranged from $125K to $475K.

Courtenay home and property buyers have some very good opportunities in this market. While the market generally favours buyers, home sellers can also be successful with the right strategy and plan. Interest rates at at or near 50 year lows and this favours home buyers and home sellers. Comox Valley home buyers can afford to buy more home or the home they only dreamed of before. Comox Valley home sellers are more likely to sell their home when there are more buyers who can afford the home.

If you are thinking of buying or selling give me a call and let’s discuss your real estate needs and the latest real estate market updates. Contact Brett Cairns of RE/MAX Ocean Pacific Realty for more info.