BCREA stated, “The BC housing market is entering 2022 with the lowest level of active listings on record and significant demand-side momentum. That means strong sales should persist through the first few months of the year and supply will remain severely limited. As a result, we expect to see continued upward pressure on home prices in all markets.”
Real Estate Inventory Duncan & Cowichan valley
At the end of January, our inventory for single-family dwellings increased to 41 active homes, down from 75 this time last year.
Our average sale price for a single-family dwelling in January was $816,924, which is about $50,000 less than last month. In the Duncan/Cowichan Valley area there were 53 homes listed, there were 38 homes sold in January with the average days to sell being 25.
Real Estate Inventory 2022
This is still a strong seller’s market with houses selling over list price, which is expected with low inventory and multiple offers. The average home price sale is 105.68% of list price.
The average amount of time a single-family dwelling sits on the market is 25 days, which is one day longer than last month.
BCREA expects home prices to rise by 8.5 per cent in 2022, with much of that gain happening in the first half of the year.