May 2024 Real Estate Market Update: Comox Valley
As we move through spring 2024, the Comox Valley real estate market is active and growing. Here’s a simple look at the latest trends, stats, and insights to help you make informed decisions, whether you're buying, selling, or investing in the Comox Valley.
Market Overview
The Comox Valley real estate market is strong. In April 2024, property sales increased, with the benchmark price for single-family homes reaching $865,317. This is a 10% increase from last year, showing strong demand and a competitive market.
Sales and Listings
In April 2024, the Comox Valley recorded a surge in property sales. The number of active listings also saw a healthy increase, providing more options for potential buyers. Despite this increased inventory, the market remains competitive due to high demand.
- Single-family homes: 66 units sold in April 2024, a 3.12% increase from the previous year. The average selling price was $852,117, slightly down by 0.82% from last year.
- Condo apartments: 19 units sold, marking a 26.67% increase. The average selling price was $344,647, down 9.31% from last year.
- Row/Townhouses: 21 units sold, a 16.67% increase. The average selling price was $590,981, up 11.39% from last year.
- Land: 6 units sold, a significant increase from just 1 unit the previous year, with an average selling price of $578,050.
The median sell price for single-family homes was $825,500, reflecting a stable market environment.
Market Trends
The Comox Valley market is balanced right now, with stable prices and more homes for sale. This is good news for both buyers and sellers. Sellers benefit from high demand and rising prices, while buyers have more choices without facing intense competition.
Economic Factors
Interest rates are a big factor in the housing market. The Bank of Canada recently raised rates, which slowed price growth. However, the Comox Valley market is still strong due to the area's appeal and a robust local economy.
Looking Ahead
The future looks bright for the Comox Valley real estate market. Steady growth is expected throughout 2024. Buyers should act soon to take advantage of the current market conditions, and sellers can feel confident about listing their properties now.
For more detailed information and personalized advice, please reach out to your local real estate professional. They can provide insights tailored to your specific needs and help you navigate the dynamic Comox Valley real estate market.
