Baby boomer migration is underway
In 2016, Campbell River’s Real Estate market churned out a record breaking performance.
The average price of a single family home increased over the past twelve months by $25,443, with an average of $344,450 by December 31st, 2016. Properties sold on average for 99 per cent of list price within 56 days on market.
The baby boomer migration to Vancouver Island is well underway. Dan Samson, Managing Broker at Remax Check Realty, aptly calls it “the Grey Tsunami” and this trend has legs to continue for many years to come.
In total, Campbell River saw 654 single family homes sold, up 34 per cent from 2015’s total of 489. The Sell/List ratio rapidly rose to 84 per cent – that is for every 10 units listed, 8.4 of them sold – leaving Campbell River with a jaw-dropping year end inventory of only 94 listings. The lowest seen since the 1990s.
Campbell River’s prized house plans were ranchers and patio homes, preferred by retirees who make up 62 per cent of the market.
Patio homes sales thundered down the track and into the home stretch.
Year to date sales increased by 114 per cent with the average sale price per unit rising by 29 per cent and selling on average for 101 per cent of list price.
If you bought a patio home in 2016 you paid an average of $302,954.
Buyers researched their way up Island and compared value.
The average price of a single family home in Duncan was $389,900, Nanaimo $447,300, Qualicum $482,500, Comox $413,500 and by the time they arrived at Campbell River the decision was made to purchase into our community with an average of $344,500.
Just to magnify that statistic – the same house in Comox costs you approximately $68,000 more and in Qualicum $138,000 more.
The average price of a lot in Campbell River is $139,200, basically the same amount of additional purchasing power you’d need to buy into Qualicum as compared to Campbell River.
Stepping into 2017, the trend of diminishing inventory is casting a fast approaching storm cloud over Vancouver Island, with savvy Buyers making a fast run of it seeking cover via the purchase of property.
Campbell River’s builders are doing their best to pump out new inventory with 304 permits issued out of City Hall in the past twelve months, up 56 per cent from the pervious year. DHW Construction Ltd and Osha Construction Ltd are quality builders leading the pack with single family home sales, and NVH Homes leads the pack with patio home sales.
Buyers prefer south of town, with 42.4 per cent of sales occurring in Willow Point which is approximately an eight minute drive from the down town core.
In December, Jubilee Estates sold out of developed lots, and Maryland Estates only has two lots remaining. Both of these premier subdivisions will release their final phases in 2017 – it will be a bull rush to secure a lot as some buyers are already trying to reserve their preferred choice.
Campbell River, we are off to the races.