Comox Valley market update and outlook – January 2021
In a year like no other, the Vancouver Island real estate market saw the lowest inventory on record to close out 2020.
While interest and prices continued to increase, November and December posted weaker sales because of fewer listings. As noted in the Vancouver Island Real Estate Board January news release, “The buyers are there, but the listings are not.”
In December, active Island listings of single-family detached properties numbered 421, compared to 541 in November, a 22 per cent decrease and the lowest number on record. Condo apartments and townhouse listings dropped 24 and 17 per cent, respectively, from November.
Pricing trends in the Vancouver Island and Comox Valley real estate markets
In terms of benchmark pricing, the Island average for a single-family home hit $546,900 in December, up 5 per cent from 2019. The apartment benchmark price reached $312,000, up 4 per cent; townhouse prices rose by 10 per cent to hit $450,100. The Comox Valley benchmark price reached $550,800, an increase of 4 per cent from last year. Campbell River saw a 12 per cent gain; Duncan was up 5 per cent; Nanaimo was up 1 per cent; Parksville-Qualicum area saw its benchmark price increase by 9 per cent and Port Alberni saw a 2 per cent year-over-year increase.
Vancouver Island housing sales projections for 2021
Despite tough economic times for many, record-low mortgage rates, pent-up demand and a lack of supply indicate a market that will continue to see stable and/or rising prices. It is a seller’s market and buyers are eager. Now is a great time to list your home (and get a jump on the usual spring listing time).
“Consumer demand is high, and buyers are snapping up well-priced properties quickly once they hit the market,” says VIREB president Kevin Reid. “Multiple offers are commonplace.”
Nonetheless, he notes that overpriced homes tend to linger despite prevailing market conditions. “Connecting with a local realtor is especially crucial in a competitive housing market.”
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