House prices creep up as Cowichan real estate market starts to rebound
Cliff Moberg: up substantially
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House prices are creeping up all across the island and the Cowichan Valley is showing the largest increase on the island, according to figures released by the Vancouver Island Real Estate Board.
And in more encouraging news, sales of single family properties in September, while down slightly from last month, are up significantly over September 2008 and show a 36 per cent increase, according to Multiple Listing Service sales summary data.
The average sale price of the 450 single-family unit sales across the VIREB region was $332,891, an increase of two per cent from this time last year.
The valley has seen an eight per cent increase during the same period putting the average cost of a home at $352,377.
Two areas — Parksville/Qualicum and Port Alberni — showed declines in house prices at one and two per cent, respectively.
While prices move up, the number of single-family homes for sale has dropped 22 per cent from 2008 levels as increased sales volumes diminish inventory levels.
“We’re doing well and it seems to be hanging in there,” said VIREB president-elect and valley realtor, Cliff Moberg.
“Historically over the summer, (sales) drop off, people are away vacationing and whatnot and usually August/September we see things taper off, but this year we’re doing just fine and we’re up substantially from last year.”
Over the last few months is Vancouver, the Fraser Valley and Victoria have “been on fire” with increased sales and higher house prices, said Moberg.
“They rebounded quicker than anybody thought they would, but the rest of us have enjoyed a bit of a rebound but our prices and numbers haven’t totally recovered and we’re OK with that,” he said.
The feeling is the “on fire” markets will, in all probability, slow down in the coming months.
Moberg said the valley would probably continue to maintain the status quo.
