General Market Conditions

As of July 30, 2008

Statistics are provided from VIREB.

Residential Single Family Homes

(View Map of Sale Locations in PDF Format)

Condominiums (Apartments)

Condominiums (Patio Homes)

Condominiums (Town Homes)

Sales for June & July are down 35% and 33% respectively. I would expect August won't be much better.From September on I think you'll see sales down , but not like weve seen earlier. Sellers are adjusting prices and begining to understand that there is lots of competition out there. We are not seeing significant changes in sale prices but we are seeing significant changes in list prices. There are 48% more properties available this year compared to last year.

 

Below you will find an analysis of the active Residential Homes market as of

July 30, 2008 by price range in 

comparison to previous twelve months sales.

Single Family Homes Analysis

Residential Inventory July 31, 2008

Raw Land Sales

 Average Price - MLS takes all the sales for a time period (usually a month or year) adds their dollar amount and divides by the number of sales.

 

The month of July average is           $376,596

The 12 month/year average is          $344,871

 

Median Price - This is the absolute middle price, in other words there are the same number of sales below this price as there are above this price.  It is shown for the month and the year.

 

The month of July is                        $355,000

The 12 month/year is                       $327,000

 

List to Sales Ratio - This shows the percentage of sales in comparison to the amount of listings there are.  Typically there is a monthly percentage and a yearly one.  The higher the percentage, the busier the market.  A stable market would typically be around 60-70%.  A seller's market over 70% and a buyers market below 60%.

 

The month of July is                         56%

The 12 month/year average is           59%

 

The Sell Price/ List Price Ratio - Is a percentage showing what the property sold for in comparison to its list price.  It is shown monthly and for the year.

 

*July is                                            96%

The 12 month/year average is           97%

 

*This can be misleading because, if the original price had been reduced earlier, it is not reflected in this ratio, only the new reduced price is and it does not reflect prices going up either.

 

All of these statistics canbe broken down by area, i.e. Courtenay City, Comox, Cumberland, Courtenay East, etc.  They can be broken down by priduct, i.e. single family, condo apartment, condo town house, lots, acreage, etc.

 

There is a wide variation of interpretation to these statistics and there are a number of other factors which influence them.  At Royal LePage, we pride ourselves on keeping you as informed as we can on the market.  We would be happy to meet with you to discuss any of these further.