oak bay DETACHED - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 5.6 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2022
▲ 120% VS 2022
▼ 24% VS 2022
▼ 38% VS 2022
There were 62 detached listings in Oak Bay in November, 11% below October and 9% higher than November 2022. November detached home sales increased by 22% month-over-month, to 11, and were 120% above November 2022. The months of inventory for detached in Oak Bay, at 5.6, reflected a balanced market. The detached median price in November was $1,750,000, a 19% decrease from October and 38% below November 2022. The average sold price was $2,220,455, 9% below last month and down 24% to November 2022.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
11 62
$2,920,000 $2,800,000 1140% 5 57
-24% -38% -51% 120% 9%
$2,448,556 $2,150,000 7.8 9 70
-9% -19% -28% 22% -11%
$2,220,455 $1,750,000 5.6
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
47
70
68
77
77
72
70
58
57
62
58
47
40
40
26
19
17
16
8
17
7
11
21
21
14
14
11
5
9
$2.80M
$2.42M
$2.27M
$2.00M
$1.99M $2.15M
$1.82M
$1.75M
$1.73M $1.75M $1.69M $1.60M $1.72M
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
25
23.0
20
15
10
10.0
5
3.0
1.8
1.3
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
0 1 n/a
4 5 1.3
1 10 10.0
1 3 3.0
0 13 n/a
4 7 1.8
1 23 23.0
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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