Latest Real Estate Market Graphstats Report for January 2024 is out and although sales have dipped over the last 12 months here in the Cowichan Valley, the average sale price for a single family home continues to trend upwards. Good news for Sellers.  But slowly, good news for Buyers.

January 2024 saw a 13.07% increase in the average sale price & a 38.03% drop in the average days on the market over January of 2023.  What does that mean?  In a nutshell, despite fewer sales, there is still a very healthy market here in the Cowichan Valley. Homes sold faster and for more money than they did thru January of last year and it seems sellers are coming to terms with current market conditions resulting in an average of 98% sell to list ratio, up from 95% in January of last year.

When we look at these same figures over the last 12 months to date, there were definitely some drops.  The number of units listed dropped by 11.76%, sales dropped 4.99%, average sale price dropped 4.46%. But that’s certainly not doom and gloom.  With mortgage rates anticipated to hold (or even drop) and demand for housing stronger than ever, and of course, Vancouver Island being a very desirable place to live, our niche market here in the Cowichan Valley continues to hold steady.

If you’ve got Real Estate plans, I can help. Let’s chat!