Real Estate Fast Facts on the Comox Valley - September 2017 Update 

Whether you are an investor, a homeowner, or considering buying your first home, it's always interesting to keep an eye on how the real estate market has been evolving over recent months.Each month MGD kindly provides RE/MAX Ocean Pacific Realty with stats from Building Links and the Vancouver Island Real Estate Board (VIREB). This information, along with historical data,  is also posted to our Market Statistics page - accessible by CLICKING HERE.  

⌂  In the 12 months ending September 30th, 2017, there were 1841 sales of all property types, a 10% decrease over the same period in 2016.  The highest number of annual sales was 2256 in 2007.  The lowest was 879 in 1998.  2017 marks the third consecutive year of above average numbers of sales. The twenty-two year average is 1545.

⌂  The twelve month average sale price of a Comox Valley home is $480,331, up 20% from 2016. The average lot price is $232,567, up 31%. If you purchased an ‘average’ home in 2007 you paid $329,280.  If you bought an average lot in 2007, you paid $128,058.

⌂  Apartment condos are the largest segment of the strata market. In 2007 the average price was $196,829.  In September, the 12 month average price was $237,940, a 12% increase over the same period in 2016.

⌂  YTD in 2017, 91 houses per month have sold.  (In all of 2016, 102 house per month sold.)  69% of all residential sales occurred in the municipalities - Comox - 20%, Courtenay – 41%, and Cumberland - 8%.  The 12 month median price (half sales above, half sales below) is $459,900.

⌂  Houses make up 62% of the 531 residential properties offered for sale (condos – 33%, mobiles - 1%, duplexes – 5%.)  The active inventory of all properties is 674, down 7% from 2016.

⌂  If you bought an average home in Cumberland in 2007 you paid $264,572.  The current 12 month average price is $454,119, up 28% over 2016.  The largest current average sale price differential is between Courtenay City ($387,637) and Crown Isle ($658,426).

⌂  YTD in 2017, only 15 houses have sold for less than $200,000.  In all 2016 – 19.  There were ten residential sales over $1 million in 2008, in 2016 – nineteen and YTD in 2017 – twenty-one! 

⌂  The 2017 residential sales pattern in the Comox Valley indicates one half of all single family dwelling sales occur between $300,000 and $500,000. The twelve month list/sell ratio is 79% and currently listings are selling for 97% of asking price in 27 days!

⌂  From Building Links:  The Comox Valley Project Watershed Society and K’ómoks First Nation have announced an agreement to purchase the Field’s Sawmill Site (Kus-kus-sum). The partners have accepted the offer to purchase the property from Interfor, while both the K’ómoks First Nation and City of Courtenay have agreed to take on the role as landowners, once the acquisition is complete. The partners are in the process of fundraising to complete the purchase and restoration work. The total project cost is estimated at $6 million 

⌂  Based on current market activity, when 10 houses sell in the Comox Valley, seven are in the urban centers, three are rural. One is priced under $300,000, five are priced between $300,000 and $500,000, three are priced between $500,000 and $800,000 and one is over $800,000.

⌂  There are 183 REALTORS® in the Comox Valley among the 1080 members of the Vancouver Island Real Estate Board. The peak in the Valley was 240 in 1993.

If you have any questions, please give us a call!

Bryce Hansen *PREC - (250) 702-6493
Jill Hansen, Realtor - (250) 703-1664
Kelsey Cragg, Realtor - (250) 702-1295



Posted by Bryce Hansen on


Email Send a link to post via Email

Leave A Comment

Please note that your email address is kept private upon posting.