victoria real estate board CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 7.8 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 6% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 53% VS 2022
▼ 2% VS 2022
▼ 3% VS 2022
▼ 30% VS 2022
There were 705 condo listings in the Victoria Real Estate Board in November, 7% above October and 53% higher than November 2022. November condo sales decreased by 36% month-over-month, to 90, and were 30% below November 2022. The months of inventory for condos in the Victoria Real Estate Board, at 7.8, reflected a balanced market. The condo median price in November was $522,500, a 4% decrease from October and 3% below November 2022. The average sold price was $606,576, 5% below last month; the average PSF sale price was $697, down 3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 129 460
% Change
No. 140 660
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$697 $606,576 $522,500 7.8 90 705
120% -30% 53%
-3% -5% -4% 66% -36% 7%
$660 $619,008 $536,667 357%
$718 $635,473 $542,500 4.7
6% -2% -3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
35
705
660
610
30
494
476
470
460
415
504
484
475
413
360
254
245
200
164
156
140
208
18
191
129
167
90
103
94
$570K
$560K
$555K
$555K
$559K
$550K
$548K
$550K
$543K
$537K
$525K
$523K
$508K
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.
300
250
24+
4+ bdrms
1
200
2
16.0
150
3 bdrms
13.6
26
100
9.5
8.8
53
6.1
2 bdrms
50
5.7
390
0
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 7 n/a 10 57 5.7 45 274 6.1 25 219 8.8 5 68 13.6 2 32 16.0 2 19 9.5 1 29 29.0
35
<2 bdrms
288
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. 6 ●
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