the Victoria rennie review | December 2023

central saanich DETACHED - NOVEMBER 2 0 2 3

MONTHS OF INVENTORY 4.6 SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 47% VS 2022

▲ 28% VS 2022

▲ 21% VS 2022

▲ 29% VS 2022

There were 41 detached listings in Central Saanich in November, 11% below October and 21% higher than November 2022. November detached home sales decreased by 25% month-over-month, to 9, and were 29% above November 2022. The months of inventory for detached in Central Saanich, at 4.6, reflected a sellers' market. The detached median price in November was $1,250,000, a 2% increase from October and 28% above November 2022. The average sold price was $1,630,278, 25% above last month and up 47% to November 2022.

THIS MONTH No. $1,630,278 $1,250,000 4.6 9 41

PREVIOUS MONTH No.

PREVIOUS YEAR

No.

% Change

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$1,110,700 $980,000 486% 7 34

47% 28% -6% 29% 21%

12 46

25% 2% 19% -25% -11%

$1,299,708 $1,221,000 3.8

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

50

41

46

49

41

42

34

38

28

28

21

18

24

21

14

19

12

14

13

9

12

7

4

8

8

8

17

6

14

$1.27M $1.24M

$1.25M $1.22M $1.25M

$1.20M

$1.17M $1.20M $1.22M $1.25M

$980K

$980K

$975K

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

14

14.0

12

10

8

6

5.0

4

2

1.5

0.7

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 0 n/a

2 3 1.5

1 14 14.0

3 2 0.7

0 3 n/a

0 2 n/a

0 5 n/a

0 2 n/a

2 10 5.0

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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