Available inventory for single family detached homes continued to grow thru September with units reported listed up 38% over September 2023. The number of units reported sold was also up 40% in the same period but has dropped 11.32% overall the last 12 months to date.

The average sale price remains stable with a modest 3.04% drop over September 2023 but up 1.91% overall in the last 12 months. The Vancouver Island Real Estate Board’s recent Market Report put the benchmark price for a single family home in the Cowichan Valley at $773,900, a two per cent decrease from September 2023.
Inventory for both Condos and Townhomes rose 3.68% and 17.06% respectively over the last 12 months to date. Average sale price for both types of Real Estate went up 4.86%/3.28% & sales for both dropped 9.48%/12.50% over the same period.

Inventory of Active listings across the Vancouver Island Real Estate (VIREB) market area are at their highest level in five years. That, combined with slowing inflation and recent rate cuts, make it an excellent time to buy. As we head into the fall market, serious Sellers will be adjusting their prices to match the current market, but as average sale prices continue to hold, those Buyers who are waiting to act “at the bottom of the market” should prepare to make a move. One constant in Real Estate – values always eventually go up…

Looking to make a move?  Reach out and let’s chat about how current market conditions will affect your plans.