In June 2017, 621 single-family properties sold in the Cowichan Valley compared to 712 last June, a decrease of 13 per cent. Month over month, sales dipped slightly from May, with 621 homes selling in June compared to 630 the previous month.
Inventory of single-family homes declined by 20 per cent from June 2016, with 1,297 active listings available last month compared to 1,620 one year ago. Listings of single-family homes have steadily increased each month since Vancouver Island hit its historic low of 859 in December 2016. However, demand continues to exceed supply, with well-priced properties quickly selling once they hit the market.
Last month, the benchmark price of a single-family home in the Vancouver Island area rose to $444,500, up 18 per cent from one year ago. Prices increased in every zone, ranging from 15 per cent in Mill Bay to 21 per cent in the Comox Valley. The benchmark price of an apartment in June rose 28 per cent board-wide from the previous year. The townhouse market strengthened again in June, registering a price increase of 24 per cent board-wide.
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