The Comox Valley real estate market in November 2024 brought notable trends that buyers, sellers, and investors need to know.
From rising activity in single-family homes to steady performance in townhomes, let’s break down the stats and what they mean for you. Whether you’re buying your first home, upgrading, or selling your property in the beautiful Comox Valley, this update provides more in-depth insights.
Single-Family Homes: More Sales, Better Opportunities
November was a busy month for single-family homes in the Comox Valley, with 43 homes sold—a 43.33% increase compared to November 2023. Interestingly, while sales increased, the average price dipped 5.12% to $848,580, and the median price held steady at $860,000.
What does this mean?
For buyers, this could be an opportunity to enter the market at slightly lower prices, especially with a strong sell-to-list ratio of 122.86% signaling motivated sellers. For sellers, homes are still in demand, but pricing your property accurately is critical to attracting the right buyers quickly.
Condos: Steady Growth and Strong Demand
Condos remain a popular choice in the Comox Valley housing market, offering affordability and convenience:
- 13 units sold in November, up 8.33% year-over-year.
- The average price climbed to $429,615, a 4.4% increase from last year.
- The median price reached $425,000, reflecting steady demand.
While sales are strong, condos are taking longer to sell, with the average days on market increasing to 66 days—a 73.68% rise. This indicates that buyers may be taking more time to weigh their options, but limited inventory (just 78 active listings) ensures condos remain in demand.
Townhomes: Reliable Growth in Price and Demand
Townhomes continue to shine in the Comox Valley real estate market, offering a balance between affordability and space:
- 14 units sold, consistent with November 2023.
- The average price rose to $639,000, a 6.87% increase year-over-year.
- The median price came in at $617,500, showing strong buyer interest.
With the average days on market dropping to 47 days, townhomes are selling faster, which is good news for sellers. For buyers, competition remains steady, but there are still opportunities for those prepared to act quickly.
Land: Limited Activity, but Better Deals
The land market in the Comox Valley was quieter this month, with only 2 lots sold, but there’s a silver lining for buyers:
- The average price dropped by 11.81% to $399,950.
- Lots sold quickly, with an average of just 27 days on market, signaling motivated buyers.
For developers and investors, the lower prices offer an excellent entry point, especially as demand for housing continues to grow in the Comox Valley.
What November 2024 Real Estate Trends Mean for You?
Whether you’re buying or selling, here’s how the November 2024 Comox Valley real estate trends might impact you:
- For Buyers: The slight dip in single-family home prices and significant drop in land costs could present excellent opportunities. However, condos and townhomes are seeing price increases, so acting fast is key if you’re targeting these property types.
- For Sellers: With steady demand across most property types, this is still a great time to sell. Strategic pricing will be your best tool to attract buyers and close deals quickly.
The Comox Valley real estate market continues to show resilience and growth, making it an appealing choice for buyers, sellers, and investors alike. With demand strong across all property types, there’s no better time to connect with local real estate experts to make the most of your opportunities.
Why Work with a Local Expert in Comox Valley?
Navigating the dynamic Comox Valley real estate market requires local expertise. Whether you’re buying your dream home, selling to upgrade, or exploring investment opportunities, having a trusted advisor can help you stay on top of trends. Contact me today to discuss how I can help you achieve your real estate goals in the Comox Valley.
