Real estate infographic sign for Jason Anson, Personal Real Estate Corporation, with a 'SOLD' rider hanging above. The sign features market update information for February 2024, highlighting the average selling price of $615,000 for single-family detached homes in Youbou, which is unchanged from the previous year. It also notes 1 new listing, 4 active listings, and 1 property sold within 57 days on the market. Contact information is provided along with logos for eXp Realty and links to social media on LivingonVancouverIsland.
February 2024 Market Update for Youbou Residential Homes Displayed on a Sold Real Estate Sign.

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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