gulf islands DETACHED - AUGUST 2 0 2 4
MONTHS OF INVENTORY 13.6 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 33% VS 2023
▼ 42% VS 2023
▼ 36% VS 2023
▼ 26% VS 2023
There were 190 detached listings in the Gulf Islands in August, 1.6% above July and 33% higher than August 2023. August detached home sales decreased by 33% month-over-month, to 14, and were 26% below August 2023. The months of inventory for detached in the Gulf Islands, at 13.6, reflected a buyers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$827,643 $750,000 13.6 14 190
$1,415,984 $1,167,500 7.5 19 143
-42% -36% 80% -26% 33%
$1,134,667 $1,020,000 8.9 21 187
-27% -26% 52% -33% 1.6%
The detached median price in August was $750,000, a 26% decrease from July and 36% below August 2023.
The average sold price was $827,643, 27% below last month and down 42% to August 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
61
178
190
59
187
55
141
132
143
152
111
125
107
96
92
90
26
21
19
16
14
13
12
9
19
4
14
20
18
$1.18M
$1.17M
$1.08M
$1.07M $1.12M
$1.03M
$1.02M
$880K
$839K
$808K
$750K
$735K
$590K
Aug-23
Jul-24
Aug-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
30
21.0
21.0
25
20
15
10
6.3
6.2
5
2.7
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
3 8 2.7
4 25 6.3
5 31 6.2
0 28 n/a
1 21 21.0
1 21 21.0
0 14 n/a
0 11 n/a
0 11 n/a
0 20 n/a
Copyright © 2024 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 September 9, 2024. 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. 17 ●
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