An often asked question is “How is the real estate listings market doing” Monthly Comox Valley real estate market statistics are presented on the home page of my website to provide people with a sense of the health and direction of our real estate market. More recent updates will be presented through my blog. This Market Update 29 Jun 12 looks at the past week. Like all real estate statistics, however, it is important to consider them in some context. Accordingly, people should not make any decisions based on limited statistics in a blog. If you need real estate advice on the market please contact me directly.
While I generally will present weekly Comox Valley statistics for the period Sunday through Saturday I will present this week’s statistics a bit early given that the long weekend is coming up and that I hope to be out fishing during the latter part of the weekend.
Between the 24th and 29th of June, there were 31 new listings, 44 price reductions, and 18 sales. The number of new Comox Valley MLS listings and sales are down when compared to the previous few weeks. The number of price reductions are significant. The most expensive home sold in the Comox Valley this past week was $499,900 and the least expensive was $210,000. Of these homes, 4 were in the Comox, 10 were in Courtenay, 2 in Crown Isle, and 2 in the Comox Peninsula.
What do these statistics tell us of the market? In and of themselves, not much other than most of the real estate sales were in either Courtenay or Comox and most of the home sales were between $210,000 and $499,900.
The other notable statistic is the number of price reductions. While the number of price reductions is significant compared to the number of new property listings and sales, without additional information no strong conclusions can be drawn. For example, were these homes listed at market value to start with or were they listed above market value?
When looking at this week in a broader context, the Comox Valley continues to be a home buyers market. Some parts of the market are doing fairly well while others are challenging. Some price ranges are moving while others are challenging.
I break down the market statistically in greater detail than the broad categories presented by the Vancouver Island Real Estate Board so that I can get a better sense of specific elements of the market. If you are thinking of buying or selling a home in the Comox Valley and need real estate market advice, please contact me. Each part of our market is a bit different at the moment – some parts are moving comparatively normally while others are not. Let’s discuss your specific needs. Contact Brett Cairns of RE/MAX Ocean Pacific Realty.