gulf islands DETACHED - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 6.9 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 86% VS 2023
▼ 18% VS 2023
▼ 45% VS 2023
▼ 9% VS 2023
There were 90 detached listings in the Gulf Islands in February, 2% below January and 9% lower than February 2023. February detached home sales increased by 44% month-over-month, to 13, and were 86% above February 2023. The months of inventory for detached in the Gulf Islands, at 6.9, reflected a balanced market. The detached median price in February was $820,000, a 39% increase from January and 45% below February 2023. The average sold price was $1,112,423, 38% below last month and down 18% to February 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
13 90
$1,349,500 $1,480,000 1414% 7 99
-18% -45% -51% 86% -9%
$1,786,444 $590,000 10.2 9 92
-38% 39% -32% 44% -2%
$1,112,423 $820,000 6.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
157
145
144
143
141
118
130
125
122
111
121
99
90
96
92
87
28
26
22
19
13
12
11
9
23
4
13
19
7
$1.48M
$1.22M
$1.17M $1.08M
$1.03M
$1.02M $1.01M
$880K
$869K
$820K
$790K
$735K
$590K
Feb-23
Jan-24
Feb-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
13.0
15
10.0
9.0
10
7.0
6.0
5
1.6
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
1 6 6.0
5 8 1.6
1 13 13.0
3 4 1.3
1 10 10.0
0 9 n/a
0 6 n/a
1 9 9.0
1 7 7.0
0 18 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 March 7, 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. 16 ●
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