In a nutshell, Comox Valley luxury home listings and prices and sales are up this year, and inventory is down. While this very general statement does give you a flavour for this terrific market area on Vancouver Island it is too vague to be helpful in individual circumstances. So, let’s dive into a few other statistics for 2015.
Consider the following sectors of the luxury homes market:
- Crown Isle – total listings of home of all types are down about 30% from last year but year to date sales are up 9% and the sell to list ratio is 84%;
- Million Dollar – There are 28 active listings and 2 sales have been recorded year to date;
- Comox Valley Luxury Homes Above 700K – There are 79 active listings and there have been 19 sales year to date;
- Comox Valley Executive Homes Above 500K – There are 202 active listings and there have been 93 sales year to date;
- Oceanfront homes over $700K – There are 33 active listings and there have been 12 sales year to date.
While each of the above statistics may be useful as ammunition for a headline in a news article, they do not provide much context. To truly understand what they mean they should be read with that context in mind as well as an understanding of a trend from at least the previous year. Many things such as location, specific neighbourhood and subdivision factors, type of home and features, price and presentation, among a few other things can have a bearing on the sale of a home in the Comox Valley.
Crown Isle is a well-known and advertised luxury subdivision in Courtenay so let’s look at a few more numbers there. all of the best custom built Crown Isle homes listings are among the most desirable. The median sell price of all Crown Isle homes listings is $420K and days to sell is up 16% to 107 days. Crown Isle has single family homes, patio homes, and condos. There is less overall inventory and it is taking longer to sell but most homes do and when they do they are getting higher prices. Let’s now look just at single family homes. There were 24 sales this year to date (for the first 7 months) compared to 38 for all of last year. If sales continue at the pace they have for the first 7 months total sales will exceed those of last year even though total inventory is down.
Let’s now go further into the waterfront and oceanfront area and consider the following Comox Valley single family waterfront statistics:
- Year to date – There have been 63 listings and 17 sales (sell to list of 27%);
- The average sell price is up 2%;
- Total Inventory is up 46% over last year.
Overall, the Comox Valley real estate market is on an upswing with prices up, inventory down and sales up fairly significantly. Typically the luxury homes segment is the last to respond and it has started to do so. Luxury homes sales are more brisk than last year in several sectors of our real estate market and prices are starting to rise.
When you need to buy or sell a Comox Valley luxury home turn to award winning Realtor Brett Cairns of RE/MAX Ocean Pacific Realty for advice and help. He has expert knowledge of this market and will be pleased to help you find your next dream home here in the valley on Vancouver Island.