The Crown Isle Resort and Golf Community is a jewel in the Comox Valley real estate market. While it only accounts for a small faction of the overall home sales in the Comox Valley, it does account for a significant number of high-end executive and luxury home sales.
For the past three years this segment of the real estate market has been through change and fluctuations. In 2017, the entry level for single-family homes in Crown Isle was about $600,000. Back then, home sales followed the cyclical cycle of most of the valley which meant that home sales started to rise in the February-March timeframe with peak home sales occurring in the May-June timeframe and sales dropping off by about mid November. In 2018, Prices started to rise significantly and both median and average prices fluctuated significantly throughout the year. In some months the swings month-to-month were in the $300,000 to $400,00 range. However, in 2019 the swings were much less severe and prices began moderating and home prices dropped off by the end of the year. Crown Isle single-family home prices started the year off at about the $830,000 price level. By mid year the median price was around $890,000 but by November the median sale price had dropped to $746,000.
Another interesting statistic concerning Crown Isle concerns homes priced at the million-dollar mark and above. Before 2010 there were two homes listed above $1 million and only one sold above that price point. The next million-dollar sale occurred in 2013 and there were four in 2018 and one so far in 2019. As of early December 2019, there were five homes listed for more than a million dollars and time on the market varied from 5 days to 114 days. Clearly, this luxury homes market has gone through some interesting cycles, particularly those of 2018 with the wild swings in prices month to month. As of the writing of this update, there were 36 homes of all types on the market in this golf course bordered community, and their time on the market ranged from 5 days to 325 days.
Yes, 2018 was a significant real estate year in Crown Isle but 2019 moved back to a more normal cycle and prices stabilized and even corrected downwards slightly is some segments of the home market by year end. The used home market was also in direct competition to a new home builders’ market that continued strongly as it moved to encircle Crown Isle Drive and extend down Crown Isle Boulevard towards the Comox Peninsula. Soon, the new homes market will taper off as lots for sale have dropped in numbers commensurate with this development approaching its capacity. As it tapers off, the next big home development in Union Bay may just be moving forward.