As we head into Christmas and the end of the year, our Real Estate market here in the Cowichan Valley continues to remain very balanced, allowing both Buyers and Sellers more relaxed environment in which to work thru their offers.
Inventory for single family homes in the Cowichan Valley was up 16.25% over the last 12 months to date and we saw just a slight drop of 2.81% in sales over the same period. Average sale price thru November of this year dropped 5.75% from November 2023 but shows a very modest increase of 0.94% over the last 12 months overall. Our benchmark price reported at $769,300, down a modest 1% over November 2023 and sitting a little below the Vancouver Island Real Estate Board (VIREB) area benchmark of $778,400.
VIREB reports active listings and sales were up for all types of real estate across the island thru November. Their latest Media Release indicates anticipation of closing out the year on a good note with a significant increase in sales over 2023. Moving into 2025, projections point to further increase in sales however, uncertainty for the Canadian economy will most likely have an effect on the housing market across the country. I guess we’ll have to wait and see how things progress.
