September 1, 2021
The Real Estate Market in the Cowichan Valley continues to be strong despite a slower sales volume. There were 69 single-family home sales in the Cowichan Valley last month, down from the 82 that sold in July, and down substantially from the 90 sales recorded in August of last year.
The average selling price for single-family homes was up by 33.48% compared to the same month last year, to just over $770,000. The Home Price Index benchmark sale price in the Cowichan Valley also shows single-family home prices were up 32.4% from August 2020 to August 2021.
Over the past 12 months, we’ve seen 949 total sales, compared with 698 in the 12-month period before that; that's a gain of 35.96%.
The real story is the lack of homes for sale in the valley that is keeping upward pressure on prices. The number of active single-family listings on the market at the end of August was at 91, substantially down from the already low 165 homes that were on the market at the end of last August. So, even though we are recording lower sales volume in comparison to last year there are even fewer homes for sale to buy.
Houses are continuing to sell in a short period of time, at an average of 25 days on the market in comparison to 46 days last August, and particularly those priced under the $800,000 mark in most areas in the valley. Year to date, 42% of the sales in the valley have been between $600,000-$800,000.
Single-family home sellers have been receiving a staggering average of 103.32% of their listing price over the last 12 months on the MLS listing service. Year to date, I am happy to report I have averaged just over 108.7% of the listing price for my single-family home listings. This goes to show how much I love negotiating and getting every penny I can for my sellers.
Condominium apartment sales were down in August with 8 sales in comparison to the 15 that sold last August, and also down from the 9 sales in July 2021.
Condominium apartments in the valley saw the average price for August down to $272,863; that's down 4.33% compared to last August. To note, I would say in our small market, lower-priced condos sold in August which brought the average down. The Home Price Index benchmark price at the end of August was probably more accurate being up 33.9% over last August.
The inventory of apartments listings on the market was very low with only 7 listings at the end of August, compared to 46 last August.
Have a great last few days of summer.
Vancouver, BC – August 11, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 9,663 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July 2021,
a decrease of 7.2 per cent over July 2020. The average MLS® residential price in BC was $891,687, a 17.1 per cent increase from $761,772 recorded in July 2020. Total sales dollar volume was $8.6 billion, an 8.6 per cent increase from last year.
“Provincial market activity slowed in July with both sales and listings declining on a seasonally adjusted basis,” said BCREA Chief Economist Brendon Ogmundson. “While sales remain robust, listings activity continues to be a concern as inventories trend near record lows.”
Total active residential listings were down 32.2 per cent year-over-year in July and continued to fall on a monthly seasonally adjusted basis.
Year-to-date, BC residential sales dollar volume was up 124.7 per cent to $73.4 billion, compared with the same period in 2020. Residential unit sales were up 85.4 per cent to 80,461 units, while the average MLS® residential price was up 21.2 per cent to $912,379.
BCREA 2021 Third Quarter Housing Forecast Update
Vancouver, BC – August 17, 2021 The British Columbia Real Estate Association (BCREA) released its 2021 Third Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 26 per cent to 118,350 units this year, after recording 94,007 sales in 2020. In 2022, MLS®residential sales are forecast to pull back 15 per cent to 100,150 units.
“The pace of home sales in the province has slowed in recent months but an unprecedented start to the year still has BC on track for a record-breaking year,” said Brendon Ogmundson, BCREA Chief Economist.
With strong demand being supported by low mortgage rates and a rapidly rebounding post-COVID economy, the more significant concern is whether there will be an adequate supply of listings in the market. The supply situation is especially severe in markets outside the Lower Mainland, where new listings activity has been lackluster. As a result, the average price in 2021 is on track to post a second consecutive year of double-digit gains. We are forecasting the provincial average price to rise 16.6 per cent to $911,300 this year, followed by a 2.9 per cent gain next year to $937,300.
Here is a link to this month’s Graph Stats for the Cowichan Valley, courtesy of the Vancouver Island Real Estate Board: Cowichan Valley Graph Stats.
I hope you find this current market information informative. If you have any questions about the market please feel free to contact me anytime.
Thinking of selling? Please feel free to contact me for advice on preparing your home for the market. What money should you spend if any? When is the best time to list? I am happy to consult with you anytime even if you are not planning on selling for some time.
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