Snap, Crackle and…. In Around Town
Has the bubble just popped? The cyclical property market trend suggests that we have been due for a correction for some time. Closer to home, after strong sales figures in the single-family market in November and December, sales were off sharply for the month of January.
Once again this month, sales are down in the Comox Valley by 1% and in Campbell River by 9%. This is in spite of the fact that inventory levels are up: potential buyers have more to choose from. Our research also indicates that last month, across all residential types (single-family, condo, etc), there were 47 price reductions in the Comox Valley and 37 in Campbell River.
February 2020 VIREB stats
Comox Valley – Single Family Dwelling Sales
- 68, down 16% YTD Feb 1 – Feb 29
- 699, down 6% 12 MTD in the past 12 months
- Average Price – $579,280, up 5% average sale price based on 699 sales
Campbell River – Single Family Dwelling Sales
- 39 – down 29% YTD Feb 1 – Feb 29
- 438, down 10% 12 MTD in the past 12 months
- Average Price – $492,007, up 7% average sale price based on 438 sales
Market Minute by Kutyn Property Services, www.kutyn.com
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