April Real Estate Update

Hello everyone! As we step into the spring real estate market, it's worth noting that we're currently experiencing conditions slightly in favour of home sellers. This is primarily due to the fact that there is less than six months of inventory actively available for sale. According to BCREA's benchmark measures when inventory levels fall below this threshold, it typically indicates favourable conditions for sellers. We're seeing a slower start to this spring real estate cycle compared to the bustling activity of recent years. This sentiment is echoed not only by myself but also by colleagues in the industry. Despite the slightly subdued pace, the market remains favourable for sellers, making it an opportune time to consider listing your property.  Kind Regards, Paul

March 2024 Statistics for Single Family Dwellings in the Cowichan Valley

March saw a total of 59 single-family homes sold in the Cowichan Valley, up just 1 from the 58 that sold in March of last year, and up from the 51 in the preceding month of February. There were 111 single-family homes listed on the market in March 2024 compared to 98 last year, up about 13%. There were 681 sales in our valley over the past 12 months representing a 6.4% increase in comparison to the 640 sales in the 12 months ending in March of last year.

Average prices for single-family residential homes in March 2024 were at $812,181, up about 1.7% from $798,719 in March 2023, and up from February’s average of $805,578. The median price of a single-family home in the Cowichan Valley for the 12 months to date ending in March 2024 was $775,000.

In March, the active inventory of single-family homes on the market in the Cowichan Valley was 209, the same as the 209 homes at the end of March 2023.

We had a 4.1-month supply of single-family homes on the market last month, while March 2023 had a 3.5-month supply. The average days to sell a single-family home in March was 48 days, down from 51 days last March.

Condos and Townhouse

Condominium apartment sales in March saw 10 units sold, equal to the 10 sales in the previous month of February, and double the 5 units that sold last March. Condo apartments in the valley saw the average price for the 12 months ending in March 2024 at $333,771, down 6.3% for the same period as last year, $356,240.

The inventory of Townhomes on the market saw 15 sales in March, up from the 8 that sold in February, and up from the 9 sold last March, a 67% increase. Townhomes in the valley saw the average price for the 12 months to date ending in March at $569,668, down about 7.9% from $552,500 for the same period last year.

Insert ‘sold’ graphic