oak bay DETACHED - AUGUST 2 0 2 4
MONTHS OF INVENTORY 7.5 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2023
▼ 13% VS 2023
▼ 12% VS 2023
▼ 21% VS 2023
There were 83 detached listings in Oak Bay in August, 12% below July and 8% higher than August 2023. August detached home sales decreased by 42% month-over-month, to 11, and were 21% below August 2023. The months of inventory for detached in Oak Bay, at 7.5, reflected a balanced 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
11 83
14 77
-13% -12% 37% -21% 8%
19 94
9% 13% 53% -42% -12%
The detached median price in August was $2,120,000, a 13% increase from July and 12% below August 2023.
$2,118,000 $2,120,000 7.5
$1,944,547 $1,875,000 4.9
$2,445,929 $2,417,500 5.5
The average sold price was $2,118,000, 9% above last month and down 13% to August 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
38
92
98
82
94
83
77
70
61
72
66
28
55
49
46
22
24
23
19
17
16
12
9
14
8
5
11
16
10
$2.42M
$2.15M
$2.12M
$2.08M
$2.03M $1.88M
$2.00M
$1.99M
$1.74M $1.70M
$1.75M $1.64M
$1.68M
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
35
30
24+
25
20
13.0
15
10
8.0
4.0
5
3.0
2.0
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 2 n/a
2 4 2.0
0 4 n/a
1 8 8.0
2 8 4.0
4 12 3.0
1 13 13.0
1 32 32.0
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. 30 ●
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