As we wrap up the summer season, the Comox Valley real estate market is showing some fascinating trends. Whether you’re a buyer or a seller, understanding these numbers can help you make the best decisions. Let’s break down the highlights from September 2024:
Single Family Detached Homes:
- Listings: 96 (up 18.52% from last year)
- Sales: 41 (down 16.33%)
- Average Sale Price: $872,994 (a slight decrease of 1.5%)
- Sell/List Ratio: 42.71%
- Days on Market: 45
Detached homes are still in demand, but sales have slowed down a bit. The average sale price has dipped slightly, which could signal an opportunity for buyers to enter the market. For sellers, patience is key as homes are taking a little longer to sell.
Condo Apartments:
- Listings: 24 (no change from last year)
- Sales: 17 (up 21.43%)
- Average Sale Price: $413,790 (a significant 12.92% increase)
- Days on Market: 81
Condos continue to rise in value, and sales are up. However, they’re spending more time on the market, so buyers might have more room for negotiation.
Row/Townhouses:
- Listings: 16 (down 30.43%)
- Sales: 18 (up 12.5%)
- Average Sale Price: $599,769 (a slight decrease of 5.10%)
- Sell/List Ratio: 112.50%
Townhouses are performing well, with strong sales and a high sell-to-list ratio. These properties are moving quickly, making them a solid option for sellers and buyers alike.
Land:
- Listings: 7 (down 30%)
- Sales: 3 (up 50%)
- Average Sale Price: $436,667 (up 3.48%)
- Days on Market: 124
Land sales are on the rise, though properties are taking significantly longer to sell. The steady price point may provide good opportunities for those looking to invest.
Conclusion:
The Comox Valley market remains dynamic as we move into fall. Detached homes and townhouses are seeing solid demand, while condos and land offer unique opportunities for buyers and sellers alike. Whether you’re thinking of selling your property or making a purchase, now is the time to assess your options. Reach out today for personalized advice on navigating the current market!
