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October 2024 Cowichan Valley Housing Market Update

October 2024 Cowichan Valley Housing Market Update

At the end of October, our real estate inventory for single-family dwellings in the Cowichan Valley dropped a little to 296 from 331 the previous month, but still up quite a bit from October 2023’s inventory of 196.

Our average sale price for a single-family dwelling in the Cowichan Valley in October dropped to $776k - down from September’s average sale price of $787k.

The sell/list ratio in October was 65% (95 listed, 79 sold) which is much better than the 45% in September.

In general, homes are selling close to the list price, with the market’s sale prices averaging 96.6% of the list price – consistent with results from the last few months.

Our average "days on the market" was 54 in October, which is consistent with the last few months and is expected with increased inventory.

Please contact our team with any real estate-related questions; we’re here to provide you with the guidance and advice needed for this type of market.

Download the VIREB Graph Stat


MEDIA RELEASE

NOVEMBER 1, 2024

BALANCED MARKET OFFERS THE BEST OF BOTH WORLDS

NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) recorded 722 unit sales and 4,015 active listings (all property types) board-wide on the MLS® System in October 2024, up 42 per cent and 12 per cent, respectively.

In the single-family category (excluding acreage and waterfront), 346 homes sold in October, up 45 per cent from one year ago and eight per cent from September. Sales of condo apartments last month came in at 80, increasing by 36 per cent year over year and 16 per cent from September. In the row/townhouse category, 83 units changed hands in October, up 43 per cent from one year ago and down 11 per cent from September.

Active listings of single-family homes were 1,352 in October, up from the 1,157 posted one year ago. VIREB’s inventory of condo apartments was 366 last month, up from 307 in October 2023. There were 299 row/townhouses for sale last month compared to 265 the previous year.

Although board-wide active listings of all property types dropped from September, they were still at their second-highest level since 2019. Slowing inflation, rate cuts, and a strong Vancouver Island economy that’s outpacing the rest of the province have revitalized VIREB’s housing market.

“We saw healthy sales increases in October, ranging from 36 per cent for condo apartments to 45 per cent for single-family homes,“ says VIREB CEO Jason Yochim. “With an absorption rate of 18 per cent and around five months of inventory, the VIREB market is currently in balanced territory.”

Balanced markets with healthy inventory levels offer buyers and sellers the best of both worlds. Current listings aren’t flying off the market, but they’re also not lingering for too long.

“It looks like we’ll close out 2024 on a good note, with about 7,400 sales, significantly higher than the 7,114 sales seen in 2023,” adds Yochim.

Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $777,900 in October 2024, up one per cent from one year ago and $300 less than in September. In the apartment category, the benchmark price was $395,600 last month, down three per cent from the previous October and two per cent from September. The benchmark price of a townhouse in October was $546,700, a slight decrease from one year ago and a small uptick from September.

In Campbell River, the benchmark price of a single-family home was $701,400 last month, up six per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by one per cent to $838,400. In the Cowichan Valley, the benchmark price was $769,300, a one per cent decrease from October 2023. Nanaimo’s year-over-year benchmark price dropped slightly to $809,000, while the Parksville-Qualicum area saw its benchmark price increase by one per cent to $896,400. The cost of a benchmark single-family home in Port Alberni was $502,100, up two per cent from the previous year. For the North Island, the benchmark price of a single-family home rose by six per cent to $430,300.

Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the boardsupplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.


ABOUT VIREB

VIREB represents over 1,100 REALTORS® in nearly 90 member offices on Vancouver Island, from the Malahat in the south to the northern tip.

VIREB cautions that average price information can be useful in establishing trends over time but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Visit our website for updated information at www.vireb.com.

HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.

MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.