May 2024 Real Estate Update

Welcome to my update on the 2024 spring real estate market. This season has witnessed a surge in activity compared to the previous year, marked by an uptick in sales alongside stable interest rates. However, the increased inventory has provided homebuyers with many buying options, resulting in a more deliberate approach to their home search. Properties priced appropriately are experiencing reasonable days to sell, whereas those listed at the higher end of fair market value often require adjustments to align with buyer expectations. As the market hovers near equilibrium, there is a subtle downward pressure on home prices. Our current market reflects a healthy balance, offering advantages to both buyers and sellers during negotiations. While instances of multiple offers still occur, they are now infrequent occurrences, contrasting sharply with the frenetic pace of years past. Kind Regards, Paul

April 2024 Statistics for Single Family Dwellings in the Cowichan Valley

April saw a total of 62 single-family homes sold in the Cowichan Valley, down from the 87 that sold in April of last year, and up from the 59 in the preceding month of March. There were 160 single-family homes listed on the market in April 2024 compared to 103 last year, up about 55%. There were 655 sales in our valley over the past 12 months representing an approximate 3% increase in comparison to the 637 sales in the 12 months ending in April of last year.  The 12 months to date average selling price of a home is +.93%.

Average prices for single-family residential homes in April 2024 were at $827,974, up about 7% from $773,360 in April 2023, and up from March’s average of $812,181. The median price of a single-family home in the Cowichan Valley for the 12 months to date ending in April 2024 was $780,000.

In April, the active inventory of single-family homes on the market in the Cowichan Valley was 267, up from the 187 homes at the end of April 2023.

We had a 5.0-month supply of single-family homes on the market last month, while April 2023 had a 2.7-month supply. The average days to sell a single-family home in April was 35 days, down from 50 days last April.

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Condos and Townhouse

Condominium apartment sales in April saw 11 units sold, up from 10 sales in the previous month of March, and up from the 6 units that sold last April. Condo apartments in the valley saw the average price for the 12 months ending in April 2024 at $333,810, down 5% for the same period as last year, $351,859.

The inventory of Townhomes on the market saw 10 sales in April, up from the 15 that sold in the month of March, and down from the 23 sold last April, a 57% decrease. Townhomes in the valley saw the average price for the 12 months to date ending in April at $579,784, down 5% from $605,859 for the same period last year.