September 2023 Real Estate Update

Hello, and dare I say, welcome to the beginning of Fall.  August lived up to expectations of being a slow month in general but I see signs of the marketing beginning to gain a little steam!  Typically the market quiets down in August as families travel on holiday and prepare to return to school.  The real estate market tends to pick up after Labour day for two months or so.  
An important factor in the market is the interest rate. The Bank of Canada has kept its interest rate 5% and has expressed that the, "economy is showing more and more signs of cooling."  Let's hope interest rates hold steady or drop like a lead balloon! (thou unlikely)

I'm happy to discuss our current market with you, please feel free to contact me.

August Sales Stats for Single Family Homes in the Cowichan Valley

August saw a total of 63 single-family homes sold in the Cowichan Valley, up 10.5% from the 57 that sold in August of last year, and down from the 88 in the preceding month of July. There were 66 single-family homes listed on the market in August 2023 compared to 110 last year, down 40%. There were 692 sales in our valley over the past 12 months representing a 13% decrease in comparison to the 796 sales in the 12 months ending in August of last year.

Average prices for single-family residential homes in August 2023 were at $801,089, up 3.6% from $773,434 in August 2022, and up from July’s average of $781,607 as well. The median price of a single-family home in the Cowichan Valley for the 12 months to date ending in August 2023 was $761,900.

In August, the active inventory of single-family homes on the market in the Cowichan Valley was 387. When compared to the 405 homes at the end of August 2022, we have a bit of a drop in buyer choice.

We had a 4.4-month supply of single-family homes on the market last month, while August 2022 had a 5.5-month supply. The average days to sell a single-family home in August was 34 days, almost the same as 33 days last August.

Condos & Townhouses

Condominium apartment sales in August saw 12 units sold, down from 17 sales in the previous month of July, and up 71.4% from the 7 that sold last August. Condo apartments in the valley saw the average price for the 12 months ending in August 2023 at $334,273; down 2% for the same period as last year.

The inventory of Townhomes on the market saw 15 sales in August, down from the 17 that sold in the month of July, and up from the 4 sold last August, up 275%! Townhomes in the valley saw the average price for the 12 months to date ending in August at $552,014, down 9% from $605,997 for the same period last year.