Hey there, Comox Valley enthusiasts!
June 2024 has brought a wave of new activity in the real estate market, and I’m here to give you the latest updates. Whether you’re buying, selling, or just curious, these stats are sure to pique your interest.
Single Family Detached Homes: This month, we saw 115 single family detached homes listed – that’s an 11.65% increase from 103 homes in June 2023! On the flip side, 77 homes were sold, marking a 1.32% increase from 76 homes sold last June. The average selling price is up 8.31% to $906,660, compared to $837,113 last year, with a median selling price of $849,990. And with 230 active listings (up from 155 last year), there’s plenty to choose from!
Condo Apartments: Condo life is seeing more activity with 28 units listed (up 21.74% from 23 units last June) and 12 sold (down 53.85% from 26 units last year). The average price increased slightly to $440,917, up 1.02% from $436,469 a year ago. The median price sits at $372,500, down from $392,250 the previous year. Active listings are up to 88 from 48 last year.
Row/Townhouses: Row/townhouses are hot with 22 new listings, down 33.33% from 33 last June, and 25 sold, which is a 25% increase from 20 last year. The average price climbed 6.69% to $660,180, up from $618,785 last year, with a median selling price of $669,900 (up from $613,500). With 56 active listings (up from 43 last year), these homes are in demand!
Land: The land market is also seeing growth with 14 new listings, up 40% from 10 last June, and 5 units sold, up 66.67% from 3 last year. The average selling price is down 17.28% to $413,580, from $500,000 a year ago, with a median selling price of $375,000, down from $480,000. Active listings stand at 78, up from 75 last year.Impact of Recent Interest Rate Drop
Adding to the dynamic market conditions is the recent announcement from the Bank of Canada. On June 5, 2024, the Bank of Canada reduced its policy rate by 0.25%, bringing the overnight rate down to 4.75%. This move aims to stimulate the economy and make home ownership more affordable by reducing monthly mortgage payments.
What does this mean for homebuyers? Lower interest rates can reduce monthly mortgage payments, making home ownership more affordable and potentially spurring more buying activity in the market. For those on variable rate mortgages, any rate cut could mean immediate financial relief, while fixed-rate mortgages may see lower rates available in the coming months.
What’s the Buzz? The significant rise in listings for single-family detached homes and row/townhouses indicates a growing supply in the market, which could provide more options for buyers. However, the drop in sales for detached homes suggests a potential cooling in demand or shifting buyer preferences. The condo market remains stable, though the decrease in average selling prices indicates buyers may be finding more affordable options.
Overall, the Comox Valley real estate market is vibrant and full of opportunities. Whether you’re a buyer or seller, staying informed about these trends is crucial for making the best decisions.For personalized advice or more information, don’t hesitate to contact me.Happy house hunting!
