Campbell River Real Estate Market Stats: August 2023 Update

If you're looking to buy or sell a single-family home in Campbell River, understanding the latest market stats is crucial for making an informed decision. Whether you're a prospective buyer, a homeowner considering selling, or just keen on staying informed, our latest data breakdown on Campbell River’s single-family homes market is sure to offer valuable insights. Let's delve into the most recent MLS data for August 2023.

Snapshot of Key Campbell River Real Estate Metrics

• Number of Active Listings: 138
• Number of Sales: 41
• Median Sale Price: $647,000
• Average Days on Market: 32

Number of Active Listings

In August 2023, the number of active listings in Campbell River stood at 138, a decrease from 145 in July 2023 and a significant drop from 197 in August 2022. This trend implies that inventory is becoming scarcer, potentially making it a seller's market.

Number of Sales

The city witnessed 41 home sales in August 2023. This is down from 54 sales in July 2023 but considerably higher than the 32 sales recorded in August 2022. The sales data indicates a market that is active but perhaps slightly cooling off from the previous month.

Median Sale Price

The median sale price was $647,000 in August 2023, lower than $677,500 in July 2023, but relatively close to $667,500 in August 2022. The marginal decline from July to August is not overly significant when considering the small size of the market. 

Average Days on Market

The average time homes spent on the market in Campbell River was 32 days in August 2023, very close to 33 days in July 2023 and 30 days in August 2022. This consistency suggests that the market is stable in terms of how quickly homes are selling.

What Does This Mean For You?

For Buyers

• The shrinking number of active listings means less inventory to choose from, potentially leading to increased competition among buyers. 
• The small decrease in median sale price and the slightly longer average time on market could provide some room for negotiation.

For Sellers

• Fewer active listings and a relatively stable average time on market mean that it's still a good time to sell your home in Campbell River. 
• While the median sale price has decreased slightly from July, it's essential to consider that prices are almost on par with those from a year ago. Accurate pricing, therefore, will be crucial to attracting potential buyers.

Summary

In Campbell River's single-family home market, August 2023 saw a decrease in active listings and median sale prices compared to July, with a slight increase in average days on the market. These indicators suggest a market that is stable but leaning towards potentially becoming a seller's market.

“What the numbers tell me is that the market is holding steady for the time being,” said Realtor Tomm Dool “It will be interesting to see what happens this fall.”

Whether you're a buyer or a seller, there are opportunities to be found in the current Campbell River real estate landscape. For tailored advice and deeper market insights, don't hesitate to reach out to our team of experienced real estate professionals.

Note: All statistics are sourced from national MLS data for August 2023 and are subject to change.