November 2021 Market Statistics


Another month goes by, and amongst the chaos and cotastrophes of floods, landslides, and other disasters, the real estate wheel in Campbell River continues to roll....


ACTIVE CURRENT LISTINGS:

As of todays date, December 8, there are currently just 70 active properties listed for sale in Campbell River. To put this into perspective..... there are over 80 active Real Estate Agents in Campbell River, so there is an average of less than one active listing per agent.  Of these 70 properties;


- 41 single family dwellings, ranging in price from $289,000 to $2,800,000

- 2 half duplexes and 2 full duplexes

- 9 condominiums priced from $148,500 (studio unit) to $688,000 (waterfront 2 bed 2 bath unit)

- 2 townhomes

- 3 single level patio homes

- 4 manufactured homes in parks

- 7 bare land lots priced between $269,500 to $38,000,000 ( yes, $38M - not a typo)


Also, a reminder, that although these numbers reflect the number of active listings currently on the MLS Market, there is a strong chance that many of these properties already have accepted offers on them.


RESIDENTIAL SALES:

The residential home sales for the month of November totalled 63 sold properties. The sales range in price from $276,000 to $1,649,000, with an average selling price of $663,645. This includes every property in Campbell River from bare land, mobile homes, condos & townhouses, and single family dwellings. To break out each category;


- 43 single family dwelling sales with an average sale price of $723,309

- 1 half duplex at $675,000

- 8 condos averaging $392,312

- 3 patio homes averaging $589,667

- 4 townhomes ageraging $483,000

- 2 manufactured homes averaging $317,250

- 2 bare lots averaging $365,555


We continue to see a jump in our average sale prices, with an increase from $646,607 in October 2021 to $663,645 in November. This increase is still primarily due to the lack of supply and increased demand. Even as we enter into the December winter season, the market is not slowing. For those homeowners waiting until spring to list their home (which is usually the case), there still is no better time to list & sell than right now, especially with the recent announcement of potential interest rate hikes coming in the new year. This is also driving up the demand for buyers wanting to get locked in before the rates rise. 


Another rising number is the average number of properties selling for list price or higher, 40 of the 63 sales in November hit this category, a staggering 63% of all home/property sales selling for = or + their list price, with the majority of these sales resulting from competing multiple offers. This phenominon is not necessarily specific to any home category or price group. A $250,000 condo sold for $276,000 and a $929,000 home sold for $970,000. Also, a $1.649,000 sold for list price. So nobody seems to be immune from the risk of competing offers.

MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.