Supply Increasing in Around Town
Over the past five years, one of the factors playing havoc with the market was low inventory. This continues to be an issue in most of the Condominium sectors in the Comox Valley, but especially in Campbell River.
In the Comox Valley, the inventory increased from 234 last year to 302 this year (29%). The response from the market was a 49% increase in the dollar volume of sales: $51 million in sales this July compared to $34 million in July 2018. There was also a 34% increase in the inventory of Single Family houses in Campbell River to 138. By comparison, in July 2015 there were 283 active listings in Campbell River.
While inventory is increasing, the year to date (Jan 1 to July 31) statistics show the number of single family homes sold continues to decrease. In the Comox Valley 430 homes have sold, down 16%, while in Campbell River 285 homes have sold, down 7%.
Excerpts – July Market Minute by Kutyn
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