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Introduction: As we transition into fall, August 2024 has given us a lot to unpack in the Comox Valley real estate market. Whether you’re considering buying, selling, or just keeping an eye on trends, these numbers tell an important story. We’ll break down what’s happening with single-family homes, condos, townhouses, and land—so you can make informed decisions. Let’s dive in!
Single Family Detached Homes:
- Units Listed: 91 (0% change from last year)
- Units Sold: 64 (52.38% increase from last year)
- Average Sale Price: $915,565 (3.99% increase from last year)
- Median Sale Price: $854,000
- Sell/List Ratio: 70.33% (up from 46.15% last year)
- Sell Price/List Price Ratio: 98.21%
- Total Sales Dollars: $58,596,150 (58.45% increase from last year)
- Days to Sell: 50 (19.05% longer than last year)
- Active Listings: 226 (up from 162)
What this means: The detached home market is hot, with a significant increase in sales compared to last year. Prices continue to rise, making it a seller’s market, but homes are taking a bit longer to sell, with an average of 50 days on the market. If you’re looking to sell, you’re in a good spot—but be prepared to be a bit patient as buyers are taking their time.
Condo Apartments:
- Units Listed: 28 (55.56% increase from last year)
- Units Sold: 14 (no change)
- Average Sale Price: $489,305 (10.7% increase)
- Median Sale Price: $473,000
- Sell/List Ratio: 50% (down from 77.78% last year)
- Sell Price/List Price Ratio: 97.95%
- Total Sales Dollars: $6,850,275 (10.70% increase)
- Days to Sell: 75 (141.94% longer)
- Active Listings: 103 (up from 46)
What this means: Condos in the Comox Valley saw a significant jump in listings and average prices. However, they’re taking much longer to sell—more than doubling the time on the market compared to last year. Buyers might find some negotiating power as condos sit longer on the market, while sellers will need to be patient but can still enjoy a higher average sale price.
Row/Townhouses:
- Units Listed: 25 (3.85% decrease)
- Units Sold: 15 (36.36% increase)
- Average Sale Price: $688,213 (10.33% increase)
- Median Sale Price: $740,000
- Sell/List Ratio: 60% (up from 42.31% last year)
- Sell Price/List Price Ratio: 98.56%
- Total Sales Dollars: $10,323,200 (50.45% increase)
- Days to Sell: 38 (8.57% longer than last year)
- Active Listings: 55 (up from 42)
What this means: Townhouses are an increasingly popular choice in the Comox Valley, with sales rising by over 36% and prices continuing to climb. These homes are selling at nearly full listing price (98.56%), and while they’re staying on the market slightly longer, sellers can still expect strong demand.
Land:
- Units Listed: 10 (9.09% decrease)
- Units Sold: 6 (100% increase)
- Average Sale Price: $407,217 (20.67% decrease)
- Median Sale Price: $381,150
- Sell/List Ratio: 60% (up from 27.27% last year)
- Sell Price/List Price Ratio: 97.05%
- Total Sales Dollars: $2,443,300 (58.66% increase)
- Days to Sell: 95 (47.51% faster than last year)
- Active Listings: 74 (up from 63)
What this means: Land sales are on the rise, doubling from last year, but prices have taken a significant dip, with the average sale price down by 20%. This presents a great opportunity for buyers looking to invest in land, while sellers may need to adjust their expectations in terms of price.
Conclusion:
The August 2024 market report shows that the Comox Valley real estate scene is still buzzing, particularly in the detached home and townhouse markets. Detached homes are selling well, with prices continuing to rise, but sellers need to be prepared for longer listing times. Condos are seeing higher prices too, though they’re spending more time on the market, offering buyers potential deals. Meanwhile, land prices have dropped, making it an opportune moment for those looking to buy.
