The inventory of potential lots for sale in the Comox Valley
is enormous. The inventory of residential lots in the supply pipeline may seem excessive, verging on oversupply, once they are all approved and brought onto the market.
The number of lots for sale officially on the market with the Vancouver Island Real Estate Board’s MLS in Campbell River
and the Comox Valley deserves some comparison.
As of May 31 in Campbell River there had been 44 lot sales on MLS; 86% of them sold for less than $100,000. Five were between $100,000 and $150,000. The number of sales represented an increase of 19% over last year at an average price of $96,428.
Meanwhile in the Comox Valley for the same period there had been 37 sales, three under $100,000, 15 between $100,000 and $150,000 and 13 between $150,000 and $200,000. The number of sales represents a decrease of 46% and an average price of $167,243.
A commute of 30 minutes will buy a city lot for $70,000 less. And since lot prices are determined by the inventory of existing housing, it stands to reason average house prices are similarly less expensive. Average house prices in Campbell River are $60,000 less than in the Comox Valley.
In the Comox Valley, only 27 lots are on MLS that are fully serviced and within municipal boundaries. In Campbell River there are 138. In this real estate environment of lower sales, builders are not rushing to claim lots, rather they are building on contract. Developers of land and of new lots are holding back waiting for more predictable demand. At this time, with the price discrepancy between the Campbell River and the Comox Valley, the Campbell River region offers value to buyers looking to purchase a piece of Vancouver Island real estate.Submitted by Marty Douglas of Coast Realty Group in Campbell River and the Comox Valley
Please note that this blog entry was published more than three months ago. Some details may be outdated.