Cowichan Valley Real Estate Market Update August 2022
Latest Cowichan Valley Real Estate Market Statistics for July are out and there are really no surprises. We’ve seen a 32.93% drop in the number of units sold this July over July 2021 and almost double the average days on market to sell.
Prices are still rising
The average sale price for a single family home in the Cowichan Valley continues to rise but many Sellers are finding the current market is not offering the same returns as they may have seen a year ago. Many are now “chasing the market” and price reductions on the “Hot sheets” are increasing daily.
Buyers have more to choose from
Buyers have more inventory to choose from & more time to make their selection. Many are doing their homework & being much more cautious before making an offer to ensure the asking price aligns with current market trends.
We’re here to help
All signs are pointing to more balance. That said, a well priced home will still sell and buyers are still looking. Pricing a home or assessing value in a shifting market takes skill and experience and we’re here to help! Contact us to discuss your real estate needs and how the current market may affect your next move.
