The latest Graph Stats for our area are attached for your review. You may notice these statistics are in a different format than what I have sent you in the past. This is due to new statistical modelling which now includes categories of homes previously excluded in the “Single Family Home Sales Graph” The addition of these housing types has increased the number monthly sales and reduced the average selling price. Sound confusing? It is!
We have questioned the reasoning of changing the statistical model for single family dwellings that has been in places since I started in Real Estate 25 years ago. I have left messages for the three members of our Real Estate Board in charge of making this decision. As of the time of writing this newsletter, neither Larry, Curly, or Moe has returned my call…
Suffice to say, the average selling price in the Cowichan Valley continues to rise. The new model shows the average selling price of a single-family home in the Cowichan Valley is $539,903. This is up about 4.5% from the same time last year. Inventory remains at record low levels. The average time on the market for homes that sold in August was 46 days.
