Each month the Vancouver Island Real Estate Board (VIREB) generates statistical data based on Multiple Listing Service (MLS) activity. Campbell River is broken down to five sub areas: Campbell River North, Quinsam/Campbellton, Campbell River City, Willow Point and Oyster River North.
Over the past three years, Campbell River’s single family home sales demonstrated solid gradual upward growth.
In 2014, 855 single family homes were listed in Campbell River with 512 sold. That’s a 12% increase from 2013’s sales. The majority of sales occurred in Willow Point (41.8%). The remaining occurred in Campbell River City (36.8%), Oyster River North (11.4%), Quinsam/Campbellton (6.7%) and Campbell River North (3.4%). The average price of a home in 2012 was $287,037, in 2013 it rose to $293,037 and in 2014 it continued upwards to $303,453. If you’re a first time homebuyer or investor, and did not snap up a property in the past three years, your hesitation has cost you.
In 2012, single family homes on average sold for 95% of list price with an average of 82 days on market to sell. Sellers were able to breathe easier in 2013, gaining upwards to 97% of list price and shortening to 68 days on market to sell. The past twelve months displayed a similar steady performance with sellers receiving on average 96% of list price with an average of 76 days to sell. Inventory is tightening, only slightly downward by -6.9% at year end, however it’s enough to flash a green light at buyers to hustle to make a purchase if they have not already. With the continued trend of increasing sales and shrinking inventory, further upward pressure will be applied on prices.
In 2014, the hottest single family home price range was $200,000 to $350,000. Breaking it down, 115 homes priced $200,000-$250,000 sold, 122 homes priced $250-000-$300,000 and 128 homes priced $300,000-$350,000.
A mistake is to presume this trend applies to all sectors of the market, such as bare land, patio homes, strata apartments, high end homes, acreages and waterfront. I’ll discuss these sectors further in the coming weeks. It’s in your best interest to seek guidance from a Realtor® in this changing market.