In February 2024, the Youbou real estate market, as reported by the Vancouver Island Real Estate Board, showcased a mix of stability and growth in certain aspects. The analysis for Zone 3 – Cowichan Valley, specifically focusing on residential single-family detached homes (excluding acreage and waterfront properties), reveals key trends and changes over the past 12 months.
Market Overview:
- Listings and Sales: In the current month, the number of units listed remained stable with one listing, mirroring the previous year’s figure. The 12-month comparison shows a slight decrease in listings from 23 to 19, marking a 17.39% drop. However, sales activity indicates a positive shift, with one unit sold this month compared to none last year, and a year-to-date comparison showing consistent sales numbers.
- Sell/List Ratio: An impressive sell/list ratio of 100% was observed this month, a significant improvement from last year. The 12-month data reveals a rise from 30.43% to 42.11%, indicating a stronger market activity.
- Sales Dollars and Prices: The reported sales dollars for the current month stood at $615,000, up from $0 last year. The 12-month cumulative sales dollars also increased by 8.74%. The average selling price per unit this month shows a slight decrease compared to the 12-month average, yet year-to-date figures highlight a substantial 39% growth in average sell price per unit.
- Median Sell Price: The median sell price for February 2024 is $615,000, showing an increase compared to the previous year’s data.
- Price Negotiation: The sell price to list price ratio this month exceeded 100%, suggesting that homes sold for more than their listing price, a trend that contrasts with the broader 12-month observation.
- Market Time: The average days to sell a property in February was 57, showing an improvement in the pace of sales compared to the longer period last year.
- Active Listings: The month closed with four active listings, an increase from three in the previous year, indicating a slight expansion in available inventory.
Market Insights:
The Youbou real estate market in February 2024 illustrates a stable yet evolving landscape. While listings have slightly decreased over the past 12 months, sales activity and prices have shown notable improvements. The sell/list ratio and the sell price to list price ratios are particularly encouraging, reflecting a competitive market environment. Prospective buyers and sellers in the Cowichan Valley area, particularly in Youbou, should consider these trends as they plan their real estate transactions.
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