As the holiday season approaches, it’s hard to believe Christmas is just around the corner! This time of year is always special for me, filled with family celebrations for birthdays, anniversaries, and Christmas.
In this month’s newsletter, I’ve included the usual market statistics along with details on an important update to client web portals and property search tools—so be sure to check it out. Additionally, you’ll find links to 2025 real estate forecasts for both Canada and the United States. Many clients are curious about the U.S. market, and while I specialize in Canadian real estate, I follow trends south of the border and I occasionally chat with trusted REALTORS® there.
I hope you enjoy this month’s insights as we wrap up the year!
November 2024 Market Update: Single-Family Homes in the Cowichan Valley
Sales Activity: A total of 60 single-family homes were sold in the Cowichan Valley during November 2024, marking a notable increase from 42 homes sold in November 2024 and down just one from 62 homes in October 2024.
Listings & Inventory: The market saw 51 new single-family home listings in November, a significant drop of 26% compared to 69 listings in November of last year. As of the end of November, 230 homes were actively listed, up considerably from 183 homes available at the same time last year.
Pricing Trends:
• The average sale price in November 2024 was $743,191, reflecting a 6% decrease from November 2023’s average of $788,506.
• Compared to October 2024’s average of $776,391, prices have softened slightly.
• For the 12-month period ending in November 2024, the median sale price stood at $780,000.
Annual Performance: Over the past 12 months, 657 single-family homes were sold, which represents a 3% decline compared to the 676 sales in the same period ending in November 2023. Despite the slower pace of sales, the average selling price for the year is up by 1%.
Market Supply & Days on Market:
• The supply of homes decreased to 5.3 months in November 2024, down from 6.1 months in November 2023, indicating a gradual shift towards a more balanced market, and away from a buyers market.
• Homes sold in November 2024 took an average of 54 days to sell, compared to 47 days in November last year.
This summary highlights the key market trends and performance for single-family homes in the Cowichan Valley, helping homeowners and buyers stay informed about the latest developments. Feel free to reach out for further details or if you need personalized advice!
Condo & Townhome Market Update
Condominiums
In November, the condominium market saw a slight decrease with 7 units sold, compared to 8 in October. Sales are down also from the 10 units sold in November of last year. The average price for condo apartments over the past 12 months ending in November 2024 rose to $350,771 - a 4.5% increase from last year's average of $335,383.
Townhomes
The townhome market experienced an downward trend, with 13 sales in November, a decrease from both the 17 units sold in October, but a sharp increase from the 3 in November 2023 (a 333% year-over-year increase). The average price for townhomes over the past 12 months ending in November reached $568,071, up 1% from $563,252 during the same period last year.
If you would like to see my current listings, please click HERE.
The Canadian Real Estate Association (CREA) predicts a strong recovery in the housing market for 2025, forecasting a 6.6% rise in national home sales. This increase is attributed to lower interest rates and improving market conditions, encouraging buyer activity. Additionally, the national average home price is expected to grow by 4.4%, reaching approximately $713,375 in 2025.For more details, please click HERE.
USA 2025 Housing Forecast
Lately, many of you have been asking about my thoughts on the 2025 housing market in the USA. Fortunately, the US - MLS has just released a detailed analysis on the subject.
If you're curious about potential home price trends, interest rate expectations, or market activity in 2025, this report covers it all.
👉 Click HERE to read the full forecast.
Lately, many of you have been asking about my thoughts on the 2025 housing market in the USA. Fortunately, the US - MLS has just released a detailed analysis on the subject.
If you're curious about potential home price trends, interest rate expectations, or market activity in 2025, this report covers it all.
👉 Click HERE to read the full forecast.
One Home - Your Property Search
This is an important update regarding the portal you use to review property listings.
Late on December 3 the portal changed to a new product called OneHome. The automated notifications you receive from me will look different, but you'll continue to click the link within the email to access the portal.
Your favourites, possibilities, and dislikes, along with any notes you've left for me will carry over into your new OneHome portal. However, to unlock all the features, you'll need to create a FREE OneHome account. Please follow the instructions on the site to create one (click on the "Activate Account" button). You will need to provide your name and a password for full access.
OneHome is an ad-free search portal that gives you listing information, neighbourhood insights, home-buying and selling guidance, and more. Here are a few highlights:
- You can easily compare multiple listings including property features, neighbourhood details, nearby schools, and more.
- Once you input your preferences, listings are scored to match the ones that most closely suit your needs.
- Create and save your own custom property searches.
- Choose favourites and dislikes, request tours, leave notes, and get a breakdown of estimated monthly costs.
I appreciate you taking the time to create that new account, and hope that you enjoy the improved portal experience through OneHome.
As always, please feel free to contact me with any questions you may have on the current market.
