The number of homes sold in the Cowichan Valley continued to increase month over month, while prices remained level. The Vancouver Island Real Estate Board (VIREB) released April numbers that showed the average price for a single family home was $334,680. This is down four per cent compared to April last year, but up from $324,537 in March. Fifty-nine homes sold in April, an increase from 41 in March. This is the usual spring surge compared to the low season, when only 15 homes sold in December 2012. In looking at the 12-month trend, prices have averaged $340,388 this year, compared to a year ago when the previous 12-month average was $345,372. This is a decline of one per cent. Over the last 12 months, 535 single family homes have sold, while a year ago, 573 homes sold in the 12-month period, which is a seven-per-cent decrease. A one-per-cent change in average price in conjunction with a seven-per-cent decrease in volume shows that the local market is relatively stable.
Inventory continues to increase as sellers list their homes during the spring market. Homes listed for sale have increased from 380 active listings in January to 508 in April. During the first quarter, inventory levels averaged about 12 months of supply. In April, supply decreased to 8.6 months of inventory. This means the market has been moving away from a definite seller’s market to a more balanced situation. If this continues, prices should remain stable or even start to increase if all the homes at the lower end of the market are sold. In other segments of the market, 10 lots sold in April compared to two a year ago. It was a good month for lot sales, as only 51 have sold over the last 12 months. Five condo apartments sold, while three patios condos and two townhouses were reported sold in April.
Locally, 13 homes sold in Ladysmith in April. This is up from nine sales in March and five in February. The average price was $284,500, compared to $306,400 in March. Year to date, 38 homes have sold, with over half of those selling in the $200,000 to $300,000 price range. In Chemainus, the average price was $329,167 for the six homes that sold, and one home sold in Saltair for $190,000. These stats exclude acreages with homes and single family waterfront homes. Private sales are not included.
To find out more about the local market and what your home is worth, contact a realtor. Current data is essential to determining what homes are worth for buyers and sellers. Buyers can use a realtor to check out homes with desired features and within a budgeted price range. This will ensure the buyer gets the best value for their investment. Sellers should use a realtor to determine the true value of their home based on recent sales and listings for comparable properties. Realtors are experts about the local market trends and inventory and will negotiate the best deal for you based on this knowledge and experience. Make your move.
Tom Andrews is a realtor with Coast Realty in Ladysmith. He can be reached at 250-245-0545.
