The 2020 real estate market in the town of Comox started off with a whimper. January home sales statistics are down from this same month last year. Let us start with single family home listings which were down 27%. Then look at sales that were down 67%. Sales dollars volume was down a massive 82%. Certainly, one month is only one data point but these data point, if they start to develop into a trend will mean a change in market and one that will move from sellers to buyers. Average sell price was also down about 25%.
By the end of January this local housing market is just getting started for the year and the next couple of months will tell us much more. With most things in life change is inevitable. The real estate market is not different because it often works within cycles and it is affected by any number of things including local effects. The Comox market has had a good run. The upward climb in prices began in the fall of 2015 and there some was price increase slowdown starting to show at the end of 2018 and again at the start of 2020. Small housing market rarely stay strong and favor sellers for very long but this one has done so over a period of about 4 years which for this micro market area is remarkable. However, the end of the trend may be near and a new trend may be about to begin.
Interestingly, there were no single-family waterfront or single-family strata or lots listed in the month of January. Overall market statistics were comparable to single-family homes. Overall listings were down 26%, sales down 59% and total dollar volume down 54%. The one bright spot was that the overall average sell price actually was up 13% compared to this time last year but this figure was still down from the fall of 2019 numbers. With a total of only 83 active listings, there is not much inventory to sustain market growth.
The average and median sell prices of a single-family home were $426 thousand and $410 thousand respectively. In contrast, the numbers for condo apartments were $744 thousand and $839 thousand with patio homes showing up in the middle of the two types of homes at $555 thousand. Perhaps this is also noteworthy. Are buyers starting to focus on a different type of home? Again, too early to tell based only on the out of the 2020 gate numbers but this is worth watching to see if buyer demographics are changing in this local area.
If this area of the Comox Valley sparks your interest this may be the year to drop by and check it out. The small-town charm is still there and so is the quality of life offered by the surrounding area whose landscape is replete with mountains, ocean and terrific flora and fauna. Sporting, recreational and social events are varied and offer the visitor and resident alike with many great options. These offerings are outmatched by the tremendous variety of homes available in the local area. Stop by and browse what could very well be your next home in a great area.