The Impact of higher Rates on Real Estate. "Comox Valley Real Estate Undergoes A Transition In Pricing: Down 25% Since April 2022 Levels"
In this December Market Update:
Real Estate Quote of the month
Comox Valley November 5 yr. home prices
Interest rates
Inflation expectations
Data used for Comox Valley October 2023 pricing
Quote of The Month:
"Don't wait to buy real estate, buy real estate and wait." – Will Rogers
Comox Valley November 5 yr. home prices
As anticipated, pricing has continued to soften, marking a decline into the fall season. While at first glance, it may seem that prices have remained relatively stable since last November 2022, it is crucial to recognize that last November marked a significant correction from the peak observed in April 2022, as clearly illustrated in the chart above. Following this correction, there was a subsequent recovery in prices up until July—an observable bounce—followed by a continued decline, bringing us to our current standing.
It's important to acknowledge the inherent fluctuations in these figures, particularly during the autumn season, which is often influenced by reduced activity and recurring patterns evident month after month and year after year. What distinguishes this year is the persistence of the decline over two years, surpassing the typical confines of a single-month or single-year fluctuation. Additionally, the magnitude of this shift since the peak in November 2021 is noteworthy.
In November 2023, the average price of a single-family dwelling (SFD) experienced a 1.8% decline, coupled with a 30% reduction in sales volume compared to October 2023.
Please be aware that the data used for calculating the average price for November excludes acreages or waterfront properties. For a detailed breakdown of this data, please refer to the end of this newsletter.
Quarterly topic: Interest rates unchanged for November
Inflation expectations:
Data used for Comox Valley 5 year average price:
Included: Zone 2, Excluded: ocean front, acreages
Disclaimer:
The content presented in this newsletter is intended for general informational purposes only. Real estate market conditions are dynamic and subject to change, and the data shared herein is based on the best available information at the time of publication.
While I am committed to ensuring the accuracy and reliability of the statistics and market information presented, it is essential to recognize that my analysis is crafted from independent research and may differ from mainstream analyses that rely on distinct data sources. Real estate markets are influenced by a multitude of factors, both internal and external, which may not be fully captured in the provided data.
Readers are strongly encouraged to conduct their own research. I provide this information in good faith, and for those seeking a more personalized and detailed analysis tailored to their specific needs, I am available for individual consultations. Your trust in my dedication to delivering accurate and valuable information about the real estate market is sincerely appreciated.
