Comox Real Estate Market Stats: August 2023 Update

Welcome back to our monthly real estate market update, where we dissect the trends and numbers for Comox, BC market stats. For homebuyers and sellers, staying updated on market data can give you a significant edge. So, without further ado, let's dive into the numbers for single-family homes in Comox this past August 2023, as reported by the national MLS data.

Comox By the Numbers

Here's a quick snapshot comparing August 2023, July 2023, and August 2022:

Metric

Aug-23

Jul-23

Aug-22

Number of Active Listings

48

40

51

Number of Sales

17

11

19

Median Sale Price

$820,000

$857,900

$835,000

Average Days on Market

27

18

27

Number of Active Listings

There was a slight increase in active listings in August 2023 with 48 homes compared to 40 in July 2023. However, the inventory is down when we look at August 2022, which had 51 active listings. This suggests that while inventory has slightly improved since July, we are still experiencing tighter market conditions compared to last year.

Number of Sales

The number of sales also went up from 11 in July 2023 to 17 in August 2023, showing more transaction activity. However, it is still slightly below the number of sales (19) in August 2022. This could indicate a more balanced market is forming but we’re not quite at the activity levels of last year.

Median Sale Price

The median sale price for a single-family home in Comox was $820,000 in August 2023, which is down from $857,900 in July 2023 and $835,000 in August 2022. This softening of prices could indicate a cooling market or simply reflect the mix of homes sold.

Average Days on Market

Homes in August 2023 took an average of 27 days to sell, which is an increase from the 18 days in July 2023, but identical to August 2022. The increased time could suggest that buyers are taking slightly more time to make decisions, or that there is less of a feeding frenzy than in the hotter market conditions of July 2023.

What Does This Mean for You?

For Home Buyers:

  • Negotiating Power: With an increased average days on the market and a slight dip in median sale prices, buyers might have more negotiating power than in recent months.
  • More Choices: The slight increase in listings means more options to find your dream home.

For Home Sellers:

  • Timing: If you’re planning to sell, keep in mind that homes are staying longer on the market compared to July. However, the numbers are on par with last year, indicating a stable market.
  • Pricing: With a slightly decreased median sale price, pricing your home correctly will be crucial to attract buyers.

Conclusion

August 2023 shows signs of a more balanced market in Comox, BC, with a slight increase in active listings and a small dip in median sale prices. Whether you’re buying or selling, understanding the current market data can help you make informed decisions.

Stay tuned for next month’s update. If you have any questions or would like to discuss the Comox real estate market in more detail, don't hesitate to reach out to us.

Happy house hunting or selling!

Data Source: National MLS data, as of August 2023.

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