Happy new year and welcome to the Comox real estate market in 2020. This local market started climbing in price in the spring of 2016. While there was monthly variance along the way, prices have essentially steadily risen since that time until average and median prices dropped in December of 2019.
Within the Comox Valley, home sales dropped about 7% from 2018 to 2019 while the average sale price of homes rose from about $540,000 to $579,000. The average sale price of homes in Comox in 2019 was just over $570,000. In December, the average price of homes sold that month dropped to about $474,000.
There were 173 single family houses sold in the Town of Comox in 2019. Most homes sold in the $500,000 to $600,000 price range with the next most homes sold in the $350,000 to $400,000 price range. Strong sales numbers were also present in price ranges up to $800,000. Two homes sold for more than $1 million with the highest going at $1.225 million. The town of Comox represented just over 20% of the entire real estate market in the Comox Valley.
So, what about trends in 2019 compared to the previous year? First sell to list price ratios only dropped by one percent from 98 to 97. Days to sell increased from an average of 32 to 37. Average sale prices rose from about $559,000 to $570,000 and median prices rose to $560,000. Total listings dropped by 20% and total sales dropped by 18%.
2020 will be a very interesting year for real estate and house sales in the Town of Comox. Will the one month decline in prices become a trend? Will listings and sales continue their decline in numbers? At this point in time it is simply too soon to tell. Once the 2020 market starts it upward activity swing after the end of February we will have a lot more information with which to speculate which way this small but essential market will move. The town has grown but it still maintains the small-town character and charm for which it has been known. This seaside community still attracts many tourists each year and some of the visitors end up deciding to stay. They are often swayed by the appeal of the higher quality of life and slower pace offered when compared to larger cities like Vancouver and its suburbs.
If you are planning or relocating to Comox in 2020 it is not too soon to start looking in order to gain an appreciation of this local real estate market and the charm of the community.