Home sales up, but home prices down compared to last year
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Cowichan’s housing sales improved in June compared to the same month in 2008, but the good news is marred by a hit in home prices.
In June 2008, 86 home were sold in the Cowichan Valley.
Fast forward 12 months and realtors reported 93 homes were sold.
“We remain cautiously optimistic,” said Vancouver Island Real Estate Board president Ray Francis, who noted the days of a buyers’ market aren’t as bright as they used to be.
“We are seeing the number of homes available for sale declining,” he said.
“Buyers are finding it a little more difficult to find that perfect home than they were at the beginning of the year when inventory levels were higher.”
While more homes are indeed selling, the valley saw the average price of a home drop from $417,962 in June 2008 to $366,748 last month, according to figures released Thursday by the VIREB.
That represents a 12 per cent drop in prices in just 12 months, and the third-biggest hit in island communities north of Victoria.
Only Port Alberni/West, at -22 per cent, and Campbell River at -20 per cent, realized bigger hits.
Still, the Cowichan Valley still has the highest average house prices.
Other areas on the island that saw average house prices drop were the Comox Valley (10 per cent) and Nanaimo (9 per cent).
Only Parksville/Qualicum saw an increase in prices, albeit a trifling one at 1 per cent.
Overall, the average sale price across the VIREB region was $329,436 in June 2009, down 10 per cent from the
$366,607 posted in June 2008.
Here are actual average island house prices (2008 prices in parenthesis):
Campbell River — $259,886 ($330,782)
Comox Valley — $340,036 ($376,596)
Cowichan Valley — $$366,748 ($417,962)
Nanaimo — $336,920 ($372,100)
Parksville/Qualicum — $393,958 ($391,543)
Port Alberni/West — $190,554 ($243,876)
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