October 2023 Real Estate Update

I trust this message finds you well and that you enjoyed a splendid Thanksgiving. Following are the sales statistics for the Cowichan Valley for the month of September. As of today, October 10th, I've noticed a rise in market activity, a typical occurrence for this time of year. Typically, the market gains momentum a few weeks after Labour Day.

I'm more than willing to engage in a conversation about our present market. Please don't hesitate to reach out.

Warm regards, Paul

 
September Sales Stats for Single Family Homes in the Cowichan Valley

September saw a total of 45 single-family homes sold in the Cowichan Valley, down from the 47 that sold in September of last year, and down from the 63 in the preceding month of August. There were 101 single-family homes listed on the market in September 2023 compared to 109 last year, down just over 7%. There were 689 sales in our valley over the past 12 months representing a 10% decrease in comparison to the 764 sales in the 12 months ending in September of last year.

Average prices for single-family residential homes in September 2023 were at $ 812,476, up about 4.5% from $777,868 in September 2022, and up from August’s average of $801,089 as well. The median price of a single-family home in the Cowichan Valley for the 12 months to date ending in September 2023 was $765,000.

In September, the active inventory of single-family homes on the market in the Cowichan Valley was 412. When compared to the 387 homes at the end of September 2022 it seems that buyers still have some inventory to choose from.

We had a 6.5-month supply of single-family homes on the market last month, while September 2022 had a 5.9-month supply. The average days to sell a single-family home in September was 30 days, almost the same as 32 days last September.


Condos & Townhouses

Condominium apartment sales in September saw 15 units sold, up from 12 sales in the previous month of August, and up 114% from the 7 that sold last September. Condo apartments in the valley saw the average price for the 12 months ending in September 2023 at $334,647, down just under 3% for the same period as last year.

The inventory of Townhomes on the market saw 12 sales in September, down from the 15 that sold in the month of August, and up from the 4 sold last September, that’s a 200% increase. Townhomes in the valley saw the average price for the 12 months to date ending in September at $554,487, down almost 9% from $606,911 for the same period last year.



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