Sarah Baikie Personal Real Estate Corporation - RE/MAX Check Realty - Campbell River area

250-203-3087

Sales of single-family homes in the VIREB area rose by 20 per cent month over month in April but remained static from one year ago.

 

Last month, 476 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 398 in March and 476 one year ago. The number of apartments changing hands in April decreased by six per cent year over year while townhouse sales rose by 26 per cent.

 

VIREB’s inventory of single-family homes climbed by eight per cent from March 2018 but decreased by six per cent from one year ago. The supply of apartments dropped in April, down 12 per cent from one year ago, but townhouse inventory rose by 30 per cent.

 

The British Columbia Real Estate Association (BCREA) reports that housing sales in many B.C. jurisdictions are down compared to last year. Guideline B-20 and uncertainty surrounding new provincial taxes appear to be taking their toll on sales in some markets.

 

Broadening the scope of the Foreign Buyer Tax to include the Regional District of Nanaimo (RDN) should not have a significant impact on the VIREB housing market. Only 4.4 per cent of RDN residential real estate transactions in 2017 involved foreign buyers. More troubling is the new speculation tax, which is supposed to be implemented later this year. The tax will apply to Nanaimo and Lantzville, but it will take a few months to see whether it has a detrimental impact on sales.

 

BCREA also expects the Bank of Canada to increase interest rates in the next couple of months, which introduces another risk factor into the housing market.

 

For now, however, demand is still outpacing supply in the VIREB area, particularly in some price ranges. Properties in the $300,000 to $500,000 range generate multiple offers and sell quickly. However, higher-priced homes are taking longer to sell.

 

Janice Stromar, 2018 Past President, encourages sellers to take advantage of our current market conditions before any economic headwinds weaken demand.  “Our market has favoured sellers for a long time now, but it won’t last forever,” says Stromar. “However, even in a sellers’ market, you need to price your home correctly because overpriced homes take longer to sell.”

 

In April 2018, the benchmark price of a single-family home in the VIREB area reached $499,600, up 18 per cent from one year ago. (Benchmark pricing tracks the value of a typical home in the reported area.) The benchmark price of an apartment last month rose to $305,300, up 25 per cent board-wide from the previous year, while the benchmark price of a townhouse hit $393,200, a 22 per cent increase from April 2017.

 

Last month, the benchmark price of a single-family home in the Campbell River area climbed to $410,000, an increase of 22 per cent over April 2017. In the Comox Valley, the benchmark price reached $487,100, up 17 per cent from last year. Duncan reported a benchmark price of $444,700, an increase of 17 per cent compared to April 2017. Nanaimo’s benchmark price rose 16 per cent to $537,800 while the Parksville-Qualicum area saw its benchmark price increase by 18 per cent to $562,800. The cost of a benchmark home in Port Alberni reached $282,000, up 24 per cent from one year ago. 

 

Read full post

Spring glorious Spring. Lovin’ the sunshine. When I pull into my driveway, I can see the weeds in my garden beds and gravel areas poking through and getting a head start on me. The Spring market is upon us and now I am too busy to weed.

 

Campbell River’s real estate continues to be plagued with low inventory. If there were more listings, there would be more sales. Which best explains why sales are down from last year. There simply is not enough supply to satisfy demand:

 

  • In the 12 months ending April 30th, 2018 there have been 1047 sales of all property types in Campbell River, down 7% over the same period in 2017.  The highest number of annual sales was 1181 in 2007.

 

  • The 12 month average sale price of a Campbell River home is $417,096, up 15%.  The average lot price is $188,239, up 35%. (The 16 lot sales in April only averaged $228,828 so you can see where this is going!) If you purchased an ‘average’ home in 2008, you paid $315,252.  If you bought an average lot, you paid $111,479.  

 

  • YTD in 2018, 37 houses per month have sold compared to the all-time high in 2016 of 59 houses per month.  In 2017, 55 houses per month sold. In 2016 – 59, in 2015 – 45, in 2014 - 46, for 2013 – 42, for 2012 – 37, for 2011- 41, for 2010 - 36, for 2009 - 44, for 2008 - 38, for 2007 - 58, for 2006 - 54.

 

  • In 2017, houses sold in 42 days for 98% of asking price and the annual list/sell ratio (LSR) was 84%.  In April, 2018 the LSR was 76% and houses sold for 116% of asking price in 20 days. 

 

  • Residential sales occurred in Willow Point – 37%, Campbell River Central – 36%, followed by Campbell River South - 14%, Campbell River West – 12%, Campbell River North – 3%. There was one sale in Campbellton.

 

 

  • There are 108 homes currently for sale, a 2½ month supply. Houses make up 78% of the 152 residential properties currently offered for sale.  Condos are 18%, duplexes – 2%, mobile homes - 1%.  The active inventory of all properties is 248, down 20%.

 

  • Contrast the shortage of strata properties in Campbell River as a percentage of all residential properties – 18% - to the Comox Valley – 32%.

 

  • The largest house price differential in April, 2018 was between Willow Point where the average price was up 21% ($455,068) and Campbell River South where the price was down 16% ($380,162).

 

  • YTD only four houses have sold under $200,000, compared to 20 in all 2017 and 45 in 2016.  In 2015, 41 houses sold for less than $200,000. In 2014 – 48, in 2013 – 59, in 2012 – 52, in 2011 – 56, in 2010 – 36.

 

  • YTD sales over $500,000 represent 24% of the Campbell River market compared to 20% in 2017 and 9% in 2016.

 

  • YTD 2018 the SFD median price (half sales above, half below) is $409,000.

 

  • When 10 houses sell in Campbell River, one is under $250,000, two sell between $250,000 and $350,000, five between $350,000 and $500,000 and two above $500,000.

 

  • There are 96 REALTORS® in Campbell River among the 1070 members of the Vancouver Island Real Estate Board.

 

Please don’t hesitate to contact me if you would like an evaluation on your current home.
Read full post