Entered Sept 1, 2016 ~
SUPER BUSY YEAR thus far and things are just starting to slow down a bit (just a bit) as we enter into our fall season. There have been TONS of sales this year and if you look at the statistics you can see that the prices have continued to move upwards since January with approximately a 10% increase over last year’s prices for single family homes. Benchmark homes in Duncan have now been selling at $333k as reported in August 2016 stats so quite a significant increase over last year where they were selling at just under $300k! The benchmark prices are lower than average prices because benchmark prices use what is considered a “typical” home for the given area instead of lumping all the sales together and coming up with an average price. The “Duncan” or “Cowichan Valley” stats encompass all of the areas in the Cowichan Valley so unfortunately it makes it difficult to get an accurate picture of any specific areas.
Each year the Vancouver Island Real Estate Board puts out a BUYER PROFILE which gives some very interesting statistics. At the bottom of this page I have included the section of the report that deals specifically with the Cowichan Valley. Take a boo!
Properly priced and well presented properties have been selling like hotcakes! If you’d like a detailed explanation of how the stats work or better yet a personal summary of what the market is actually doing in any specific area (ie: Mill Bay, Shawnigan, Cowichan Bay, Cobble Hill, Duncan, etc) please do feel free to give me a call. Each specific area really does have it’s own set of prices so you’ll only really get a clear and accurate picture by having a REALTOR go over it with you.
It has definitely transferred this year into a SELLERS market as opposed to last year which seemed to be predominately a buyers’ market. Good news for sellers! We have been experiencing the lowest inventory in many years so if you are thinking if selling definitely give me a call. As long as homes are presented well and priced correctly this fall could be a great time to sell. A lot of people start getting serious about shopping as we lead up to Christmas because they want to be in their new homes before Dec 25th!
What an amazing place we live in!
When looking at real estate statistics keep in mind that average prices are higher in the Mill Bay area and lower in the Lake Cowichan Area. There really are substantial differences between all of the various areas in the Cowichan Valley. If you want to know what the average sale price is in any particular city in the Valley just call or shoot me an email.
One thing to keep in mind when considering purchasing a home is that the lending policies have become EXTREMELY rigid over the past couple of years and even more so the past few months so definitely get yourself pre-approved with a GREAT, experienced, knowledgeable mortgage broker so that you know exactly where you stand before you start looking. You’ll save yourself a lot of time, energy & potential grief. It’s always good to know exactly what you can afford before you start your search!
The Cowichan Valley remains to be (dollar for dollar) one of the best areas in the world to live. Even on a local scale you get a lot more bang for your buck when compared to Victoria or Vancouver. If you have any Local Market Questions please feel free to call (250) 709 4987 or email me at email@example.com.