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December 2011 Market Statistics

Originally posted on Jan 4, 2012 by Dan Wilson

Happy New Year!

This week, VIREB released their market statistics for December 2011. A snap shot of some of the more interesting facts:

Single Family Home Sales (volumes) were down 3% from 724 in 2010 to 699 in 2011. The average sale price however rose slightly (2%) from $342,481 in 2010 to $350,509 in 2011. Total listing volumes fell by 7%.

Residential lot sales (volumes) fell by 44% from 90 units in 2010 to 50 units in 2011. This is more likely reflective of the diminished supply as opposed to lower demand. Average sale prices rose 3% to $158,386.00.

Apartment, patio home and townhouse sales volumes all show a modest increase over 2010 levels with townhouse units showing the greatest increase at 34% (78 units sold in 2011 versus 58 in 2010). Average price levels in all three categories also increased over the levels recorded in 2010 at between 5 and 9%.

The most active price sector continues to be between $250,000 and $400,000. Sales in this sector accounted for over 57% of the total single family sales in the Comox Valley.

The most active areas in the Valley were Courtenay East and the Town of Comox which together accounted for 46.5% of all single family sales.

So what can we conclude? A relatively flat year in the real estate market? Closer analysis of the sales volumes by month indicates that fourth quarter (Sept to Dec) sales actually volumes fell by a whopping 31% over the same time period in 2010 (106 versus 154 sales). This is not an encouraging trend going into the New Year.

Looking for more information on real estate trends? Feel free to give us a call anytime to discuss the market.

A cautionary note on average price levels. The average price is simply that, the average. If two properties sell, one for $1,000,000 and one for $100,000, the average is $550,000.00. In small markets, the average can easily be skewed by several high or low sales. In the Comox Valley for example, in December there were 27 single family sales and 2 lot sales. This is not a huge pool from which to draw a firm conclusion on average price levels.

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