Embrace the winter chill with a warm real estate update! As daylight dwindles and temperatures drop we enter the late fall/winter market, typically the slowest time of year in Real Estate. With decreasing inventory, Sellers are enjoying less competition while astute Buyers are uncovering fantastic deals. Those looking to buy or sell this season will generally be serious & prepared to negotiate!
The current Real Estate market in the Cowichan Valley has balanced as anticipated. Though November saw a slight increase in the average selling price—up 8.57% this November to $788,560 from $726,264 in November 2022 – prices continue to soften, down 6.29% overall for the last 12 months to date. Sales have slowed over the last year and number of days on the market have increased. That said, well priced properties are still selling and I’m still seeing the occasional multiple offer situation.
Interest rates may continue to rise after an initial aggressive increase but seem to have leveled off for the time being, giving further weight to our currently balanced market.
Condo sales have increased year over year, nearly double this November over November 2022. Not surprising. As detached homes become increasingly unaffordable many Buyers are choosing to invest in this more affordable option. With high rents & nearly zero availability, purchasing a condo can be an excellent stepping stone to build equity in the interim while working towards a larger home purchase down the road.
With the right assistance, it’s always a good time to buyer or sell. Whether you’re prepared to make a move now or contemplating it for next spring, reach out to me. I’d be happy to provide you with a comprehensive market analysis for your property or offer valuable insights and timelines, ensuring you’re well-prepared to kickstart your spring plans.
Property information is provided by the Vancouver Island Real Estate Board. The information is deemed reliable, but should be independently verified if important. No warranties or representations are made of any kind.