Wondering how the Comox Valley real estate market performed in October 2024? We’ve got you covered with a breakdown of the latest numbers and what they really mean for buyers, sellers, and anyone keeping an eye on the local housing market. Whether you’re looking for a family home in Courtenay, a condo in Comox, or land to build on, there are some surprising trends to consider. Let’s dive into what’s driving the Comox Valley real estate market this fall.
Single-Family Homes: High Demand, Slight Dip in Prices
In October 2024, single-family homes in the Comox Valley remained a hot commodity, with 69 homes sold—a sharp 46.81% increase from last October. Interestingly, while the volume of sales rose, the average sale price dipped by 5.54% to $869,707. This slight price softening could be good news for buyers, though sellers are still seeing competitive offers, as the sell-to-list ratio jumped to 102.99%.
So, what does this mean if you’re considering buying a single-family home? With demand still high but prices stabilizing, it’s a good time to enter the market if you’re prepared to move quickly. Homes are selling close to or even above asking price, which suggests that well-priced properties won’t stay available for long.
Condos: Quick Sales, Climbing Prices
Condos in Comox Valley offer an affordable entry point into the market, and October’s numbers reflect their growing popularity:
- Units Sold: 16, a slight increase over last year.
- Average Price: $443,847, up 11.71% from October 2023.
- Days on Market: 47, a 10% reduction, showing quicker turnovers.
Condos are moving fast and fetching higher prices, likely due to their affordability compared to single-family homes. With just 84 active listings, there’s limited supply, and buyers looking for condos need to be decisive. This combination of demand and price growth is a great sign for investors as well as those looking for a low-maintenance lifestyle in the Comox Valley.
Townhouses: Demand-Driven Price Increase
Townhouses are an increasingly popular option in the Comox Valley, especially among families and downsizers who want the space of a single-family home without the maintenance. Here’s what the October 2024 stats show:
- Units Sold: 13, up slightly from last October.
- Average Price: $755,769, a 20.44% increase year-over-year.
- Days on Market: 53, up 35.9%, meaning homes are taking a bit longer to sell.
The jump in average price highlights strong demand, even as buyers take a bit more time to close on these properties. The longer days on market suggest buyers are comparing options more carefully, especially with rising prices. For sellers, townhomes are still moving but may benefit from thoughtful pricing strategies to stand out.
Land: Sales Double as Prices Drop
The Comox Valley land market showed some of the most dramatic shifts in October:
- Units Sold: 8, a 100% increase from last year.
- Average Price: $420,875, down by 38.13%.
- Days on Market: 73, a substantial increase from last year.
With prices declining significantly, land has become an attractive option for buyers and developers looking for opportunities to build. The sharp drop in average price suggests affordability is improving, yet the increased days on market indicate buyers are exploring their options and waiting for the right deal. For anyone considering development, it could be a good time to start a project, particularly with demand for housing on the rise.
What October’s Comox Valley Market Trends Mean for You
Whether you’re buying, selling, or just keeping tabs on the Comox Valley real estate market, the October 2024 numbers offer some valuable insights. Here’s a quick summary of what you should know:
- For Buyers: The single-family home and land markets present unique opportunities as prices soften. With condos and townhomes continuing to rise in price, acting swiftly is essential if these options fit your budget.
- For Sellers: If you’re selling a single-family home or townhouse, you’re in a solid position to receive competitive offers, though strategic pricing is key to stand out in the market. For land sellers, adjusting pricing to align with current trends could help attract interest faster.
The Comox Valley remains a high-demand market, drawing interest from local and relocating buyers alike.
