oak bay CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 5.3 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 50% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 94% VS 2022
▲ 100% VS 2022
▼ 15% VS 2022
▼ 25% VS 2022
There were 16 condo listings in Oak Bay in November, 33% above October and 100% higher than November 2022. November condo sales decreased by 40% month-over-month, to 3, and were 25% below November 2022. The months of inventory for condos in Oak Bay, at 5.3, reflected a balanced market. The condo median price in November was $550,000, a 41% decrease from October and 15% below November 2022. The average sold price was $1,241,667, 9% above last month; the average PSF sale price was $915, up 10% to last month.
THIS MONTH No. $915 $1,241,667 $550,000 5.3 3 16
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
4 8
-15% 167% -25% 100%
$835 $1,139,980 $925,000 2.4 5 12
10% 9% -41% 122% -40% 33%
$609 $640,250 $648,000 200%
50% 94%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
67
16
14
12
58
10
10
10
12
11
9
10
10
8
8
7
6
7
7
5
5
6
6
4
3
3
2
2
$1.20M
$975K
$969K
14
$925K
$910K
$800K
$809K
$790K
$725K
$648K
$622K
$550K
$468K
Nov-22
Oct-23
Nov-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
6
6.0
4+ bdrms
5
4
3 bdrms
3
2
1
1.0
2 bdrms
13
1
0
2
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 0 n/a 1 6 6.0 0 3 n/a 0 3 n/a 0 2 n/a 0 1 n/a 1 1 1.0
<2 bdrms
3
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. 30 ●
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