gulf islands DETACHED - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 12.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 65% VS 2022
▲ 46% VS 2022
▼ 12% VS 2022
▼ 36% VS 2022
There were 111 detached listings in the Gulf Islands in November, 11% below October and 12% lower than November 2022. November detached home sales decreased by 31% month-over-month, to 9, and were 36% below November 2022. The months of inventory for detached in the Gulf Islands, at 12.3, reflected a buyers' market. The detached median price in November was $1,190,000, a 62% increase from October and 46% above November 2022. The average sold price was $1,481,000, 70% above last month and up 65% to November 2022.
THIS MONTH No. $1,481,000 $1,190,000 12.3 9 111
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$896,143 $816,000 900% 14 126
65% 46% 37% -36% -12%
$871,685 $735,000 9.6 13 125
70% 62% 28% -31% -11%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
102
145
126
144
143
141
118
130
125
122
111
84
99
94
90
58
28
26
22
19
13
13
11
10
7
14
23
19
9
$1.48M
$1.22M
$1.19M
$1.17M $1.08M
$1.06M
$1.02M $1.01M
$869K
$816K
$810K
$790K
$735K
Nov-22
Oct-23
Nov-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
20
20.0
15
16.0
14.0
10
6.0
5
4.5
4.0
4.0
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
1 4 4.0
1 16 16.0
1 20 20.0
2 8 4.0
0 13 n/a
2 9 4.5
0 9 n/a
0 12 n/a
1 6 6.0
1 14 14.0
Copyright © 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 11, 2023. All data from Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
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