December 2024 Market Update: Single-Family Homes in the Cowichan Valley
The Cowichan Valley real estate market showed strong performance in December 2024, with 59 single-family homes sold, a significant increase compared to 24 homes sold in December 2023. This figure is nearly on par with 60 homes sold in November 2024, showcasing steady activity despite seasonal trends.
Listings & Inventory
The market saw 41 new single-family home listings in December 2024, reflecting a modest 5% increase from the 39 listings in December 2023. By the end of the month, 158 homes were actively listed, a slight rise compared to 145 homes available at the same time last year.
Pricing Trends
The average sale price in December 2024 was $785,758, showing minimal change from $779,495 in December 2023.
Compared to November 2024’s average of $743,191, prices have strengthened slightly.
Over the past 12 months, the median sale price settled at $775,000.
Annual Performance
For the 12-month period ending December 2024, 689 single-family homes were sold, marking a 2.9% increase compared to the 671 sales in the same period ending December 2023. The average selling price remained stable, with only a 0.7% increase year-over-year.
Market Supply & Days on Market
Supply: The housing supply in December 2024 was 4.1 months, a significant decline from 7.2 months in December 2023, indicating a shift toward a seller’s market.
Days on Market: Homes took an average of 78 days to sell in December 2024, compared to 44 days during the same period last year.
This data reflects a resilient market with improving sales and consistent pricing, despite seasonal fluctuations. If you're considering buying or selling in the Cowichan Valley, now is a great time to assess your options.
For more information or personalized market insights, feel free to reach out!
Condo & Townhome Market Update
Condominiums
In December, the condominium market saw a slight decrease with 5 units sold, compared to 7 in November, and also down from the 7 units sold in December of last year. The average price for condo apartments over the past 12 months ending in December 2024 was $351,446 – a 6% increase over the same period last year's average of $331,832.
Townhomes
The townhome market experienced a very slight downward trend with12 sales in December, a decrease from the 13 units sold in November, however there was an uptick over December 2023’s 8 sales (a 50% year-over-year increase). The average price for townhomes over the past 12 months ending in December reached $565,963, up just 0.25% from $564,572 during the same period last year.
