Vancouver Island Real Estate Board Statistics for July 2023 have been released and despite the marginal increase in Average Sale price we saw in June, numbers continue to show prices dropping across the board for all types of real estate. The Average Sell price of a single family home in the Cowichan Valley continues to trend down, dropping by 20.62% over the last 12 months to date, averaging $781,607 through July.
Units reported sold were up for all types of Real Estate with the number of single family homes reported sold increasing by 62.96% over sales numbers thru July 2022. A good sign that although prices are coming down, sales continue and our market remains active & balanced.
Inventory continues to build slowly, dropping by 13.95% over numbers reported listed in July 2022 but up overall by 1.82% thru the last 12 months to date. Time also remains a factor for sellers with the average days to sell continuing to increase as more inventory becomes available, giving buyers more options to choose from and more time to satisfy due diligence.
New sellers coming on the market & priced in line with current conditions are more likely to capture an eager buyer than those who have come on at an over reaching price and “chase” the market down. Real estate is kind of like dating, the longer you have been on the market, the more people start to wonder why. If your listing has been active for more than 30 days and you are not seeing much action in the way of showings and interest, it may be time to speak to your REALTOR® about adjusting your price.
Real Estate is what we do here! Don’t hesitate to get in touch if you have any questions or if you would like to learn more about our current Cowichan Valley Market conditions. We’re here to help!