Our market here in the Cowichan Valley continues to remain relatively balanced with steady numbers overall thru the last 12 months.  Though we saw a drop in units reported listed & the Average sale price for a single family home jump by 7.52% over numbers in July 2024, very minor changes were reported over the last 12 months.  Sales however, while on par with numbers thru July of last year, were up almost 20% over the last 12 months to date.

The average sell price and number of new condo listings have remained relatively unchanged, each up just over 1% thru the last 12 months.  Sales dropped considerably in the same time period, down over 25%.

Townhouses sales were up more than 11% over the last 12 months while the number new listings dropped by 2.42%.  Average sale price dropped by 1.31% throughout the same period.

New listings reported for bare land were down 6.92% while the average sale price was up 6.95% over the last 12 months to date.  Sales dropped more than 17% thru the same time.

The Vancouver Island Real Estate Board (VIREB) reported Active listings up 1%, Sales up 10% and prices remaining flat, for all types of real estate throughout July, with the board wide Benchmark price at $800,000, up 2% from a year ago.   Our Benchmark here in the Cowichan Valley up just up slightly at $800,900.  In contrast to other market areas across BC, Vancouver Island continues to offer strong appeal to buyers & remains resilient despite continued uncertainty. Market conditions here in the Cowichan Valley reflect that.

Another rate hold (not unexpected), ongoing economic uncertainty, Provincial and Federal legislative changes to encourage new housing starts (including plenty of buyer tax and rebate incentives!), and of course, ever-changing life events means real estate is always moving.  Let’s chat about how to make your next move your best move in today’s market.