As we approach the transition from summer to fall, the Comox Valley real estate landscape mirrors the changing seasons. Aligning with earlier predictions, the market dynamics have evolved from buyer-friendly to a more neutral stance, and in certain sectors, it now favors sellers. With an overall uptick in sales, a decline in listing inventory, and a surge in prices compared to last year, the market is undergoing a noticeable transformation.
Key Highlights as of the End of August 2023:
- Total listed units have decreased by approximately 7%.
- Total units sold have seen a rise of about 13%.
- The sell-to-list ratio has increased by around 10%.
- Total sales volume has surged by about 14%.
- The average sell price has experienced a modest increase of about 1%.
- Average days to sell have decreased by about 5%.
What do these statistics signify? A reduction in the total number of listings coupled with an increase in sales leads to a decrease in overall inventory, offering homebuyers fewer choices. While the market predominantly favored buyers at the end of the previous year and the beginning of this year, the dynamics have shifted over the spring and summer. While some segments remain favorable to buyers, others have become more neutral, and some now lean towards sellers. Well-priced homes with perceived value and desired features are swiftly making their way off the market. As you navigate your home buying journey, read our guide to make informed decisions.
The sell-to-list ratio, a crucial metric, indicates the percentage of homes in a specific category that are successfully sold compared to the total number listed. The overall ratio has improved to around 58%, meaning slightly over half of the homes listed for sale find buyers. This ratio fluctuates based on the type of home and its location, with examples like Crown Isle boasting a year-to-date ratio of 78%, while single-family waterfront properties sit at 36%.
Prices in the valley are on an upward trajectory, with reported sales reflecting a 1% increase. When factoring in pending sales, yet to be completed and recorded, the year-end figures are anticipated to show a growth in the 2-3% range. For a $350,000 home, this translates to an increase of approximately 7 to 10 thousand dollars.
While homes are selling more swiftly compared to last year, it’s crucial to note that not all homes move instantaneously. The average time to sell year-to-date has reduced from 99 days to 94. However, these durations vary based on factors such as location, home type, price, features, updates, and condition. Implementing improvements to enhance a home’s appeal can significantly contribute to a quicker sale.
For those considering buying or selling a home in the Comox Valley, Link to Wikipedia.
