Kirk Williams - Royal LePage in the Comox Valley
Spring Realty Check
How is the real estate market in Crown Isle? Bottom line: sales volumes are slower due to continued low inventory in all categories. We currently only have 9 single family homes, 3 quarter share villas, 3 condos and 4 town/patio homes listed on the Multiple Listing Service (Greystone Estates and Silverstone Estates also have building lots and patio homes for sale through the developer and builder). That low inventory is helping to keep prices buoyant. Since January, sale prices of single family homes in Crown Isle ranged from $915,000 to $1,585,000—selling for an average 98.4% of their list price. We had two condos sell in Corinthia Estates for 97.9% of their list price. Two quarter share units sold for 97.5% of their list price.
Overall, the story in the Comox Valley is slightly different. Property values peaked in early 2022 before softening toward the end of last year and the beginning of 2023, which is reflected in our April 2023 market report. Single Family home and condo sales were down 25% in April compared to a year earlier. Prices for single family homes are down 16% and condominiums are down 19%. While those seem like dramatic price drops, it’s important to remember prior to that peak in 2022, we witnessed extraordinary price gains for a couple of years during the pandemic. And we now are starting to see the market accelerate. During our weekly sales meetings at Royal LePage, we are hearing about more and more transactions going into multiple offers—particularly in the $600,000 to $999,000 price band where 65% of our sales are happening. Over a million dollars, things are not as brisk. That does not mean million-dollar homes are not selling in Crown Isle—we have had 17 of them since January, three were above $1,500,000.
People are always selling and buying real estate. They do so regardless of interest rates or jitters about the banking system in the United States.
So much for the housing crash many pundits predicted when interest rates started their upward climb. True, it is more difficult for first-time buyers to qualify at higher rates, but those consumers are not typically buying properties in Crown Isle. Instead, we are seeing people relocating to our neighbourhood from other parts of Vancouver Island, the Lower Mainland or Canada. Most buyers have built up equity, are downsizing from pricier homes, buying with cash, or getting approved for very small mortgages. Interest rates are not as much of an issue.
People are always selling and buying real estate. They do so regardless of interest rates or jitters about the banking system in the United States. Many Crown Isle sellers or buyers do so relative to a change in lifestyle rather than just from an investment standpoint. Some people don’t want to look after a lawn and garden anymore, others want less space to clean and maintain or maybe care-free retirement living in a senior’s residence is more desirable. Regardless, you can be assured the attractiveness and desirability of Crown Isle goes a long way to protecting your home’s value. And when it comes time to make a move, your real estate professional can help you each step of the way.
Kirk Williams is a realtor and works out of the Royal LePage in the Comox Valley kiosk in the Crown Isle Clubhouse.
604.340.4597 • email@example.com