2012 Gold River Real Estate Market Report

You've likely heard the Mark Twain quote: "There are three kinds of lies - lies, damned lies, and statistics!" At this time of year, we hear a lot of statistics, and here's my take on those for Gold River and our office.

It's no secret that property sales were down throughout Vancouver Island in 2012. According to statistics released by the Vancouver Island Real Estate Board, the number of sales in our entire Board area was down 6% and the average selling price was down 3%. In the Campbell River zone, which includes Gold River and Tahsis, the number of sales was down 1%. However, in Gold River, the number of sales decreased by almost 43%! Yikes! Well, that's why Mark Twain coined his famous quote - statistics don't always tell the whole truth! When you're dealing with small sample numbers, the differences are amplified. Sales were up 64% from 2010 to 2011! So those statistics don't necessarily help us to determine the health of the Gold River market.

Sales were down in 2012 in Gold River - no doubt about that! And given a historical perspective, that number is lower than the average number of sales per year. Over a 22 year period, from 1991 - 2012 (why 1991? It happens to be the year I started in real estate!) the average number of sales reported by the MLS system in Gold River was 20.5. However, 4 of those years were during the 'hot' market, where sales doubled, so if we remove those 4 years, the average is 16.5 sales per year.

So, how did we do in Gold River in 2012? There were 12 properties sold. This translates to 24 'ends' - 12 sellers and 12 buyers. I am very happy to report that CENTURY 21 Gold RIver Realty represented 23 of the 24 buyers and sellers of Gold River properties in 2012. In addition, we had some sales that were not processed via the MLS, so we actually had 29 'ends' in Gold River.

We also had sales in Tahsis, and through our second office, in Campbell River, Courtenay, Black Creek, Zeballos, Woss, Burnaby and Coquitlam! In total, 30 listings sold, 31 buyers purchased, and 8 property management clients.

That's a pretty decent result! I'd like to take this opportunity to thank our sales team: Judy McLean, Donna Reynolds and Karen Brotherston, who, along with me, worked very hard this year to bring together so many buyers and sellers in 2012.

And, I would like to thank our clients throughout the North Island for allowing us to market your properties and help you purchase properties. We will continue to work very hard - not only to sell properties, but to sell the communities, too! After all, buyers won't buy unless they're also 'sold' on the benefits of living on the North Island!

So what do I predict for sales statistics for 2013? It's a terrific time to buy properties. There are many listings to choose from, prices are the lowest they have been in years, and so are interest rates. With demand for rental properties expected to increase over the next few years, it's a good time to think about investment properties, too. I do not expect prices to increase, but I do hope they will 'stabilize" (translation - stop going down!), and that should result in a higher number of sales.

We're making a move in Gold River this year, too! After so many years in the same location, we're moving into the old North Island College office, beside the Manilla Grill. We'll have 2 offices, plenty of window space for our listings display, and higher visibility for those arriving at the Village Square. Stop by and see the 'new digs' beginning February 1, 2013!

As always, if you've got any questions about real estate, if you'd like to buy or sell a property, or you are looking for a property manager, give us a call!

 

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