Cindy Armstrong
Remax

C: 250.218.2622         E: cindyarmstrong@remax.net

October Fast Fact

November 15, 2013

Real Estate Fast Facts on the Comox Valley

⌂  In the 10 months ending October 31st, 2013 there were 1178 sales of all property types, an increase of 4% over the same period in 2012.  The highest number of annual sales was 2252 in 2007.  The lowest was 879 in 1998.  The twenty year average is 1509.

⌂  The 12 month average sale price of a Comox Valley home is $337,397, down 4 % from 2012. The average lot price is $147,158, down 9%. If you purchased an ‘average’ home in 2003, you paid $169,153.  If you bought an average lot in the same year, you paid $64,200.

  YTD in 2013 73 houses per month have sold.  (For 2012, the number was 68, 2011 - 66, for 2010 - 68, for 2009 - 73, for 2008 - 69, for 2007 - 100.)  70% of all residential sales occurred in the municipalities of Comox - 30%, Courtenay – 33%, and Cumberland - 7%.  Houses make up 59% of the 886 residential properties currently offered for sale (condos – 34%, mobiles - 3%, duplexes – 4 %.)  The active inventory of all properties is 1328, down from 1335 in 2012. 

  If you bought an average home in Cumberland in 2003 you paid $108,058.  Today’s price is $292,590 (up 5% from 2012.).  The largest local current price differential is between the old City of Courtenay ($273,626) and Crown Isle ($499,971).

⌂  YTD in 2013, 36 houses have sold for less than $200,000.  In 2012 – 37, in 2011 – 36, in 2010 – 29, in 2009 - 37.  There were ten sales over $1 million in 2008. In 2009 – three, in 2010 – one, in 2011 – two, in 2012 – none and YTD in 2013 – four.  The 12 month median price (half sales above, half sales below) is $325,000.

⌂  Sales numbers in the Comox Valley continue to increase year over year with 48, or 7%, more unconditional residential sales as of October 31st.  The increase in numbers occurred in most sub-areas of our market with the exception of Courtenay East, Crown Isle, Merville-Black Creek, and Union Bay-Fanny Bay.  On reflection this makes sense as these are the areas with typically higher than average prices.

  There have been twelve sales over $800,000 so far this year compared to three in 2012.  Of significance are the four sales over $1 million, the most in that price range since 2008.  Despite reflecting an increase in average prices, most of these sales came after significant price reductions and market exposure.

⌂  The passenger count through Comox International Airport (YQQ) for 2012 set an all-time record at 327,927.  In 2001, the passenger count was 132,000.  YQQ currently offers several direct weekly winter flights to Mexico and daily flights to Vancouver, Calgary and Edmonton.  Harbour Air offers several daily flights from Comox Harbour to Vancouver Harbour.

  From Building Links:  “Construction statistics for the third quarter of 2013. Campbell River's construction statistics are a whopping 114% higher during the third quarter of 2013 when compared to the third quarter of 2012. Construction values have declined in Comox, Courtenay, Cumberland, and the CVRD during the same time period, with combined total values of $51.7 million. This is an interesting statistic, as it shows that Campbell River has $39 million more in construction values than the four Comox Valley municipalities.

 ⌂  There are 162 REALTORS® in the Comox Valley among the 957 members of the Vancouver Island Real Estate Board. The peak in the Valley was 240 in 1993.

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