Cowichan Valley Market Update September 2023

Ah, September!  School is back in session; summer holidays are coming to an end and fall feels just around the corner.  As we transition into this new season, we’re also seeing the typical return to Real Estate that follows this time of year with the “Hot Sheets” beginning to show the number of new listings coming on the market increasing daily. 

Vancouver Island Real Estate Board Statistics for August 2023 showed a slight increase in the average sale price of a single family home in the Cowichan Valley, going from $773,434 in August of 2022 to $801,089 in August of this year. Despite this current month increase, the average sale price still dropped 6.90% overall throughout the last 12 months. The median sell price of a Single Family Detached home in the Cowichan Valley thru August sits at $775,000. 

Units reported sold were up for most types of Real Estate with Row/Townhouses topping the charts, up 275% over August sales last year.  That said, reported sales are down across the board over the last 12 months to date.  

Listings for Single Family Detached Homes & Bare Land both dropped by 40-45% through August of this year while Condos & Townhomes both showed a slight increase of available units coming on the market.  The total number of Active listings for Single family homes in the Cowichan Valley fell from 234 in August of 2022 to 183 in August of this. 

If you are considering selling your home, now is a great time to list and take advantage of the limited inventory in the Cowichan Valley.  There’s still a solid two months to get your home on the market and get it sold before we head into the typically quieter winter months.  With lending rates holding at the moment, more buyers are out there but they are savvy & well informed of market values.  Accurate pricing is paramount! 

If you’re not quite ready, its still a good time to meet with your REALTOR® for a Free Market Analysis.  They will provide you with a current market value and important tips to help you get your property into top shape (& net top dollar) when you are ready. Just a reminder, this is a free service!  What’s free these days!  It generally takes no more than an hour in the comfort of your own home (or at the office if you prefer) and at a time that is convenient for you.  Give us a call anytime to take advantage.