January 1, 2021
Happy New Year!
Well, that was a year I don't think any of us are ever going to forget.
The Cowichan Valley finished the year off with 42 single-family home sales in December, which was 13.51% higher than the 37 in December of 2019. There were 810 sales in the valley over the past year representing a 14.79% increase in comparison to the 706 sales in the previous year. Who would have ever dreamed sales would rise so strong during a year with a pandemic. There was certainly nothing normal about 2021.
Single-family home prices in December were up to $596,475; that’s 16.37% higher than they were last December at $512,577. Over the last year, the average single-family home in the Cowichan Valley sold for $571,578, up 9.66% from $521,244 in the previous 12 months. The benchmark sale price for single-family homes in the Cowichan Valley finished the month of November at $502,100; up 4.7% from $479,300 at the end of November 2020.
On December 31st, there were only 61 single-family homes for sale in the Cowichan Valley. Unfortunately, I don't have last year's numbers as the Real Estate board changed systems but last year I know the listing inventory would have been more than double the 61 this year. Also, to give you an idea of how far we are from a slower market, there were 407 homes on the market at the end of December in 2008. Going into 2021 we are in a full-on seller's market with a record low 1.45 month-supply of homes on the market. For reference, a balanced market is considered a 4-5 month-supply.
Condominium apartment sales were substantially up in December with 21 sales in comparison to the 8 that sold last December, and up from the 16 sales in November 2020.
Condominium apartments in the valley saw the average price for December up to $289,352; that's up a staggering 24.19% in comparison to last December. The benchmark only shows prices were up 2.46% over last November. I mentioned in previous updates ever since our Real Estate Board changed systems in the summer the Benchmark prices don't seem accurate.
If you’re thinking of selling in 2021, early in the year is a great time before the market fills up with new spring inventory. People often ask me, “When is the best time of year to sell?” The answer is very simple; it’s when the supply is low and that means NOW.
It is time to seize the day and make 2021 the best year ever.
BC Housing Market Posts Strongest November on Record
Vancouver, BC – December 14, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 9,416 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2020, an increase of 42.1 per cent from November 2019. The average MLS® residential price in BC set a record of $816,074, a 9.3 per cent increase from $746,310 recorded the previous year. Total sales dollar volume in August was $7.68 billion, a 55.4 per cent increase over 2019.
“Home sales were once again unseasonably strong in November with several markets setting records for the month,” said BCREA Chief Economist Brendon Ogmundson. “While demand continues to be strong, the supply of listings has reached near-record lows in several parts of the province, with prices rising sharply as a result.”
Active listings were down close to 14 per cent year-over-year in November, which contributed to a 34.8 per cent sales-to-active listings ratio. Consequently, the provincial average price rose 9.3 per compared to this time last year with many markets seeing even stronger price growth.
Year-to-date, BC residential sales dollar volume was up 32.3 per cent to $66.43 billion, compared with the same period in 2019. Residential unit sales were up 18.7 per cent to 85,625 units, while the average MLS® residential price was up 11.4 per cent to $775,845.
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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