Relatively minor changes to our seemingly well-balanced market here in the Cowichan Valley this past month. May 2024 saw the number of sales and the average sale price for a single-family home both dip over numbers reported in May 2023, however, the last 12 months to date show a 3.16% increase in reported sales and a 2.62% increase in the average sale price overall.

Inventory continues to build with nearly double the active listings reported over May of last year and inventory continues to build across the Island. The Vancouver Island Real Estate Board’s latest Media Release, June 3, 2024 reports the benchmark price for a single family home in the Cowichan Valley thru May at $779,300, a two precent increase from May 2023.

As we head into sunnier summer days, now is a great time to sell! Gardens are at their peak and maintaining curb appeal is much more enjoyable in our increasingly better weather. Most days the sun peeks out just enough to capture great light for photos shoots & sale prices are holding.

Now is a great time to buy too. Open houses are much more frequent and there’s less and less chance you’ll need your rain gear when viewing rural properties, as many are here. Plenty of inventory to choose from, however with pent up demand, well priced homes are seeing offers sooner. Interest rates were finally lowered a touch June 5th by 25 basis points from 5% to 4.75% as anticipated and are whispered to possibly decrease further in the coming months.  A great time to speak to your mortgage broker and start your search!

Thinking of buying or selling? Give me a call & let’s chat about how our current market conditions affect your real estate plans!