The Vancouver Island Real Estate Board (VIREB) reported an overall 4% drop in the Sale of single family homes in October from one year ago. By comparison, the Cowichan Valley market saw a 10.48% drop in the same time period.

Single Family Home listings here were up a modest 2.44%, Condo Listings dropped noticeably by 16.67%, Townhouse listings rose 15.80% and bare land listings saw a small increase, up 0.90% over last 12 months to date.  In the same period, Condo Sales dropped 4.17%, Townhouse Sales rose 6.04% and Bare land sales dipped 21.67%.

Average Sell price for an average Single Family Home in the Cowichan Valley continues to hold steady, up 2.85% over the last 12 months. Condo sell price dipped 7.97%, Townhouse sell price rose 3.24% and Bare Land average rose 23.34%.

The Board wide benchmark for a single family home in October was $780,400, down 1% from 1 year ago.  Our Cowichan Valley benchmark was comparable at $790,800, up 2% in the same period.

VIREB reported Listings for all property types rose 9% year over year.  VIREB CEO, Jason Yochim speculated that while buyers have plenty of options on Vancouver Island, there is still a “noticeable sense of caution” & buyers are not rushing.  That said, well priced properties continue to attract interest indicating buyers are active in the market & ready to move when value is evident.

Just like that, colder shorter days are the norm and we’re hunkering down for the winter.  That doesn’t mean Real Estate isn’t moving. On the contrary, while most of us are preparing for the holiday season, serious sellers will find less competition & more serious buyers on the hunt.  Serious buyers may find a little less inventory to choose from but will find most of those sellers are ready to make a deal.  Looking for help navigating and planning to buy or sell in a winter market?  Let’s chat about how to get you moving!