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Market Conditions

Campbell River Real Estate Market Sats for January 2012

Here is some key information about the Real Estate Market right now. 

Average sale price for January 2013 is $274,131

YTD average sale price is $286,467

Average sale price down 8% in January 2013 compared to January 2012

0% change in average sale price in the 12 month period from January 2012 to January 2013.

31% less sales in January 2013 than in January 2012.

7% less sales from January 2012 to January 2013.

Homes are selling for an average of 95% of list price YTD.

Taking an average of 78 days to sell YTD

Typically a seasonal low period from November – February.

20 single family homes reported sold in the month of January, 2013 and 402 sold YTD.

Total of 222 single family homes listed as of January 31, 2013.

 

Campbell River Real Estate Market Stats for May 2012

Taking a look at the month of May, we had 9% more listings and 5% more sales than we did during the same month last year.  The ratio of sales to listings was 43% indicating that inventory is starting to build up for the summer months.  There were a total of 338 listings on the market 99 of which were listed in May.  Lots to choose from if you are a Buyer! Sellers there is some good news for you too this month, the average sale price for a single family home is up 6% to $306,908 and they are selling for an average of 96% of list price after an average of 89 days on the market.  If a 6% price increase doesn’t get you excited maybe this will.   The average Sale price in April was $277,081 meaning that the average sale price jumped almost $30,000 from April to May. Wow! That is a $10.8% increase.  On another note, the Bank of Canada has announced again yesterday that they are not going to raise their interest rate.  Rates have been on hold now since 2010.  When are rates going to go up? No one knows but check out this video on BNN http://watch.bnn.ca/#clip692693

 

Campbell River Real Estate Market Stats For April 2012

During the month of April Single Family home sales accounted for 52% of the homes that were listed during that same period.  On average these homes sold for just over $277,000 which equalled about 95% of the asking price and took an average of 66 days to sell.  Don’t know what any of this really means?  Compared to the same month last year prices are down 5% (only 2% year to date), the homes that sold, sold fairly quickly (66 days to sell) because they were priced right (sold for 95% of asking price). 

For those of you wondering about selling a lot there have been 114 lots sold in the last 12 months.  If you compare that to the 867 single family homes that sold during the same period you will see that they don’t sell as quickly as houses.  In fact according to the stats the lots that sold during the month of April took an average of 846 days to sell!!  If you were planning to sell your lot next year, maybe you should think about listing it now. 

Condo’s …….condos are categorized into apartments, patio homes and townhouses.  2 of the 12 apartment style condos that were listed last month sold for an average of $207,450 and took an average of 313 days to sell.  4 of the 7 patio homes that were listed sold for an average of $246,754 and took an average of 204 days to sell.  3 of the 4 townhouses that were listed sold for an average of $185,500 and took an average of 86 days to sell.  What I said before about lots goes for condos as well.  If you were planning to sell next year, you might want to think about listing it now. 

 

Campbell River Real Estate Market Stats for March 2012

If you Bought Real Estate in Campbell River in March you probably did well.  During the month the number of homes sold to homes listed in Campbell River was equal to 51%.  Not the greatest odds for sellers.  Of the homes that sold the average sale price was just over $269,000 which is an 11% drop from the same month last year.  Keep in mind however that year to date the average sale price is only down 2%.  Each home that sold took an average of 63 days to sell and sold for an average of 95% of the asking price.  In total the number of active listings on the market was 287 making for a nice selection of homes for Buyers to choose from.  If you are a seller, keep your chin up and get at your spring cleaning because summer is almost here!

 

Campbell River Real Estate Market Stats for February 2012

Well there were 94 Single family homes listed in Campbell River during the month of February and only 32 sales which makes the sell to list ratio a disappointing 34%.  However remember that sales are counted by deals that “completed” (money changes hands) during the month not by “accepted offers” (sold sticker on your neighbors sign).  Most of these “sales” would be offers that were accepted during the month of January, which is typically a slow month because of Christmas.  February was a busy month for most REALTORS® in terms of deals this year and I expect to see that reflected in the March and April stats.  Fingers crossed that this momentum will carry forward and gain strength throughout the year!  

Some more good news (for Sellers anyway, maybe not so much for Buyers), the average sale price jumped up to just over $299,000.  That’s a 16% increase from the same time last year!  If that wasn’t enough to make you wish you bought last year here’s a kick in the butt for anyone who has been struggling to make a decision now; According to CanadianMortgageTrends.com there has been a recent increase in the cost of funding fixed rate mortgages.  The 5 year bond yield recently went up 30 basis points in 10 days (45 since January) which could indicate that lenders may start pulling rate specials or increasing mortgage rates altogether.  Whether this actually happens or not you have to ask yourself this question, how much lower can interest rates really go?  My philosophy is that it’s better to get in now and risk a slight haircut than risk kicking yourself later when the rates have gone up.  Until next time my friends!

 

Campbell River Real Estate Market Stats for January 2012

The January stats are in!  As usual the market was a bit sluggish given the time of year.  Only 29 homes were sold in comparison to the 66 that were listed.  On a more positive note, the average sale price is up 2% when compared to January last year reaching just over $298,000.  Nothing overly exciting I know, but hey at least it didn’t drop!  As for the homes that sold, they averaged 92% of list price, and took an average of 122 days to sell (4 months).  In total there were 234 listings on the market during January which is fairly low when compared to the 350 on the market during August of last summer.  If you are thinking of selling you may want to consider the benefit of less competition if you list earlier in the year.  If getting your home ready for a showing is a lot of work for you then I can’t stress enough that the buyers out there during the winter are the least likely to be wasting your time. 

Buyers! What are you waiting for? The market has been yours for quite some time now and money is almost FREE!  

 

All statistics are taken from the Vancouver Island Real Estate Board and are based on Single Family home sales in the Campbell River area.