For about two years we have heard about how the prices of homes in Comox, Courtenay, Crown Isle and other parts of the Comox Valley have risen. Has this trend continued? Where is it heading? Let’s find out here.
As of the end of May 2018, single family home prices in the town of Comox rose about 15% over the past year. However, the number of homes sold over that same period was down about 10% and the time to sell was us about 30%. In East Courtenay home prices were up a bit more at 22% and sales were up about 15% and time to sell was comparable to last year. Crown Isle experienced a 40% drop in the number of home sales in May compared to a year ago while the average price rose about 5% and days to sell dropped about 15%. While all of these statistics are interesting, they do not paint a complete picture. For one thing the statistics are based on a fairly small number of home sales in a specific month and trends over a longer period of time are not factored into these monthly statistics.
What is clear from longer term statistics is that home prices have risen sharply compared to about 2 years ago. At the same time the number of homes on the market has dropped considerably and overall inventory has also sharply dropped. This means less choice for consumers and higher prices based on demand for homes in this part of the province. Beyond these often-touted statistics, price reductions have become more common in recent months and multiple offers on homes have become less common. When the overall big picture is considered a change appears to be emerging.
In May the village of Cumberland experienced a rise in the number of units listed by around 60% compared to a year ago in the same month. Overall sales, however, were unchanged and the average sell price actually dropped by 5%. Time to sell was up about 25%. Does this signal a change in this local market? Perhaps too early to tell but the signals are quite different in this part of the valley where new home construction is ongoing in earnest on the northern side of the village.
Real estate markets are often cyclical in nature and some can be hard to predict based on recent history. What has become clear is that the Comox Valley has become a relocation destination of choice for more people. Streets and highways are busier and Courtenay and Comox have become busier as well. Growth and change are inevitable in cities and towns and here is no exception. Offering a remarkable climate and much to do, the allure of the area is undeniable. Based on casual observation the average age of the local population appears to be increasing as well.