November 2023 Real Estate Update


As autumn progresses swiftly, the momentum in real estate sales has decelerated. October in Cowichan Valley and the broader province has witnessed a slowdown influenced by various factors. The customary dip in the fall market, coupled with the impact of elevated interest rates, has resulted in a reduced pool of both home buyers and sellers.

It's noteworthy that prospective home buyers are adopting a more discerning approach, willing to defer their search until the new year. Unless there's a compelling need to buy or sell immediately, individuals seem inclined to bide their time. Encouragingly, discussions about 2024 hint at a temporary halt in interest rate hikes, promising a positive influence on the upcoming spring market.
I'm more than willing to engage in a conversation about our present market. Please don't hesitate to reach out.

Warm regards, Paul

October Sales Stats for Single Family Homes in the Cowichan Valley

October saw a total of 36 single-family homes sold in the Cowichan Valley, down from the 42 that sold in October of last year, and down from the 45 in the preceding month of September. There were 79 single-family homes listed on the market in October 2023 compared to 102 last year, down over 22%. There were 683 sales in our valley over the past 12 months representing a 6.6% decrease in comparison to the 731 sales in the 12 months ending in October of last year.

Average prices for single-family residential homes in October 2023 were at $783,375, down about 3% from $807,767 in October 2022, and down from September’s average of $812,476 as well. The median price of a single-family home in the Cowichan Valley for the 12 months to date ending in October 2023 was $786,700.

In October, the active inventory of single-family homes on the market in the Cowichan Valley was 395, pretty much the same as the 392 homes at the end of October 2022.

We had a 7.6-month supply of single-family homes on the market last month, while October 2022 had a 6.0-month supply. The average days to sell a single-family home in October was 34 days, just down from 36 days last October.

Condos & Townhouses

Condominium apartment sales in October saw 5 units sold, down sharply from 15 sales in the previous month of September, and down over 44% from the 9 that sold last October. Condo apartments in the valley saw the average price for the 12 months ending in October 2023 at $333,263, down 5% for the same period as last year.

The inventory of Townhomes on the market saw 9 sales in October, down from the 12 that sold in the month of September, and up from the 8 sold last October, that’s a 12.5% increase. Townhomes in the valley saw the average price for the 12 months to date ending in October at $559,548, down 9% from $615,166 for the same period last year.