the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 19 SUB-MARKETS IN GREATER VICTORIA
published November 2023
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
04 VICTORIA REAL ESTATE BOARD
Each month, we release the rennie review, a detailed look at the real estate marketplace in Greater Victoria. This report examines the market stats by sub-market, provides updates on current rennie projects, and more.
NEIGHBOURHOOD PROFILES
07 10 13 16 17 18 19 21 24 27 28 29 31 34 37 41 43 45 46
Victoria Core
Westshore Peninsula
Gulf Islands
Malahat
Central Saanich
Colwood
Esquimalt Langford Metchosin
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
North Saanich
Oak Bay
Saanich East Saanich West
Sidney Sooke
Victoria
Victoria West
View Royal
49 AREA MAPS
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 November3, 2023. All data from the 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 shouldtakestepsastherecipientmaydeemnecessarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfromarennieand 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2
finding balance in Greater Victoria’s housing market The emergence of counter-seasonal trends in both sales and listings has yielded conditions not seen in almost 4 years and that, in turn, should alleviate some of the upward pressure on the region’s rising home prices.
each balanced, with MOIs of 6.8 and 5.6, respectively, while conditions continued to favour sellers within the condo segment (per its MOI of 4.8). With the macroeconomic landscape driving (or should we say, stalling) housing market activity in Greater Victoria, expect these counter-seasonal trends to continue through November and December. Indeed, while both home sales and listings typically decline at the end of the year—as would-be buyers and sellers become more focused on the holidays than on real estate—we’re likely to see steeper-than-usual declines in transaction counts and a contraction in inventory that’s less than we’re used to. As a result, balanced conditions—relatively rare until last month—should prevail for some months ahead and, in turn, alleviate some of the ongoing upward pressure on home prices that has come to characterize this market.
The overall dynamics driving Greater Victoria’s housing market remained much the same in October as in September: high interest rates designed to quash high inflation have put the brakes on market activity (or, more specifically, on buying activity). As a result, last month looked a lot more like September than it did a more typical October. When it comes to transaction counts, the typical seasonal pattern is one of a small September-to-October increase in MLS sales (of 1.2%); in contrast to this, last month’s sales count totalled 363—a 21% drop from September. This, in turn, marked not only the fifth consecutive monthly decline, but it was 21% below the past-decade October average, and 20% lower than last year’s October sales count. Similarly, inventory didn’t follow its typical path into October, which would have seen
total listings shrink by 8% from September; instead, the 2,141 homes available for purchase at the end of October represented a 1.0% increase over September. This was the tenth consecutive monthly increase in supply, putting total listings at their highest level in any month since September 2019. October’s inventory was also 27% higher than 12 months ago and 9% above the past 10-year October average. With falling sales and rising listings, the months-of-inventory (MOI) metric expanded in October to 5.9, denoting an overall balanced market (an MOI of less than 5 reflects conditions more favourable to sellers; 5-8 MOI reflects balanced conditions; and an MOI over 8 reflects a buyers’ market). Of significant note is that October was the first month since April 2020 that Greater Victoria’s housing market has been balanced. On a home-type basis, the detached and townhome segments were
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 November3, 2023. All data from the 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 shouldtakestepsastherecipientmaydeemnecessarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfromarennieand 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. 3
victoria realestateboard DETACHED -OCTOBER 2 0 2 3
MONTHS OF INVENTORY 6.5 BALANCEDMARKET
▶ MARKETSUMMARY Therew ere 1,188 detached listingsin the V ictoriaReal EstateBoard in O ctober,3% below Septem berand 25% higherthan October2022. O ctoberdetached hom esalesdecreased by 20% m onth-over-m onth,to 182,and were18% below O ctober 2022. Them onthsofinventory fordetached in theVictoria RealEstate Board,at6.5,reflected abalanced m arket. Thedetachedm edian pricein Octoberwas$1,115,000,a 8% decreasefrom Septem berand 4% aboveO ctober 2022. Theaveragesold pricewas$1,247,070,8% below last m onth and up 1.1% toOctober2022.
AVERAGEPRICE
MEDIAN PRICE
TOTALLISTINGS
SALES
▲ 1.1% VS 2022
▲ 4% VS 2022
▲ 25% VS 2022
▼ 18% VS 2022
THISMONTH No. $1,247,070 $1,115,000 6.5 182 1,188
PREVIOUSMONTH No.
PREVIOUSYEAR
No. 221 954
% Change
% Change
TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE
1.1% 4% 51% -18% 25%
$1,355,621 $1,210,000 5.4 227 1,227
-8% -8% 21% -20% -3%
$1,233,903 $1,070,000 432%
▶ MEDIAN DAYSON MARKET
▶ RECENTTRENDS
● SALES ● TOTALINVENTORY ● MEDIAN PRICE
29
1,227
1,13
1,188
26
1,108
954 886
1,019
784
23
918
816
713
675
652
372
289
258
227
181
318
312
221
273
182
197
139
17
$1.20M $1.19M $1.19M $1.20M $1.19M $1.21M
$1.15M $1.08M
$1.12M
$1.07M $1.06M $1.05M $1.07M
Oct-22
Sep-23 Oct-23
▶ TOTALLISTINGS&SALESBYPRICERANGE
SEL ERS'MARKET < 5
BALANCED 5 - 8
BUYERS'MARKET 8+
● SALES ● TOTALINVENTORY ● MONTHSOFINVENTORY
200
24+
24+
150
100
12.8
12.6
9.3
7.5
50
4.7
4.0
3.7
3.0
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+ 5 124 24.8
MOI INVENTORY SALES
4 12 3.0
15 70 4.7
53 195 3.7
48 192 4.0
26 194 7.5
11 139 12.6
10 93 9.3
8 102 12.8
2 67 33.5
Copyright© 2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber3,2023.Aldatafrom VictoriaRealEstateBoard& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor. Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
●
4
victoria realestateboard TOWNHOME-OCTOBER 2 0 2 3
MONTHS OF INVENTORY 5.4 BALANCEDMARKET
▶ MARKETSUMMARY Therewere293 townhom elistingsin theVictoriaReal EstateBoard in O ctober,4% aboveSeptem berand 19% higherthan October2022. O ctobertownhom esalesdecreased by32% m onth-over-m onth,to 54,and were28% below O ctober 2022. Them onthsofinventory fortownhom esin theVictoria RealEstate Board,at5.4,reflected abalanced m arket. Thetownhom em edian pricein Octoberwas$776,250,a 0.2% increasefrom Septem berand 1.5% aboveO ctober 2022. Theaveragesold pricewas$846,261,0.7% below last m onth;theaveragePSF salepricewas$516,down 5% to lastm onth.
AVERAGEPRICE
AVERAGE PSF PRICE ▼ 7% VS 2022
MEDIAN PRICE
TOTALLISTINGS
SALES
▲ 1.3% VS 2022
▲ 1.5% VS 2022
▲ 19% VS 2022
▼ 28% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No.
% Change
No.
% Change
TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$516 $846,261 $776,250 5.4 54 293
$557 $835,546 $765,000 329% 75 247
-7% 1.3% 1.5% 65% -28% 19%
$545 $852,609 $775,000 3.6 79 282
-5% -0.7% 0.2% 52% -32% 4%
▶ MEDIAN DAYSON MARKET
▶ RECENTTRENDS
● SALES ● TOTALINVENTORY ● MEDIAN PRICE
28
293
27
253
282
239
232
247
256
216
21
237
23
212
188
174
122
12
89
79
71
99
75
55
90
84
54
50
47
$847K
$825K $790K $777K $775K $776K
$799K $755K $760K
$765K $765K $760K
$669K
Oct-22
Sep-23 Oct-23
▶ NUMBEROFBEDROOMS
▶ TOTALLISTINGS&SALESBYPRICERANGE
SEL ERS'MARKET < 5
BALANCED 5 - 8
BUYERS'MARKET 8+
● SALES ● TOTALINVENTORY
● SALES ● TOTALINVENTORY ● MONTHSOFINV.
70
9
18.0
60
4+ bdrms
74
50
33
40
3 bdrms
157
9.5
30
7.0 7.4
6.3
12
20
4.2
2 bdrms
3.7
59
3.0
10
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 5 15 3.0 12 44 3.7 16 67 4.2 7 49 7.0 5 37 7.4 4 38 9.5 1 18 18.0 4 25 6.3
3
Copyright© 2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber3,2023.Aldatafrom VictoriaRealEstateBoard& Rennie.W hilethe inform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.ren iegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces ary toverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanyproperty m aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 5 ●
victoria realestateboard CONDO -OCTOBER 2 0 2 3
MONTHS OF INVENTORY 4.7 SELLERS'M ARKET
▶ MARKETSUMMARY Therewere660 condo listingsin theVictoriaRealEstate Board in O ctober,8% aboveSeptem berand 36% higher than October2022. O ctobercondosalesdecreased by10% m onth-over-m onth,to 140,and were10% below O ctober 2022. Them onthsofinventory forcondosin theVictoriaReal Estate Board,at4.7,reflected aselers'm arket. Thecondom edian pricein Octoberwas$542,500,a3% decreasefrom Septem berand 0.5% below O ctober2022. Theaveragesold pricewas$635,473,3% below last m onth;theaveragePSF salepricewas$718,up 3% to lastm onth.
AVERAGEPRICE
AVERAGE PSF PRICE ▲ 5% VS 2022
MEDIAN PRICE
TOTALLISTINGS
SALES
▲ 2% VS 2022
▼ 0.5% VS 2022
▲ 36% VS 2022
▼ 10% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. 155 487
% Change
No. 156 610
% Change
TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
140 660
5% 2% -0.5% 50% -10% 36%
3% -3% -3% 21% -10% 8%
$718 $635,473 $542,500 4.7
$681 $620,847 $545,000 314%
$699 $655,056 $558,500 3.9
▶ MEDIAN DAYSON MARKET
▶ RECENTTRENDS
● SALES ● TOTALINVENTORY ● MEDIAN PRICE
30
660
610
494
476
470
460
487
504
415
484
475
22
413
360
254
245
200
18
164
156
129
208
155
191
140
167
103
94
$570K $548K $555K $560K $555K $550K $559K $543K
$545K $537K $508K
$525K $550K
Oct-22
Sep-23 Oct-23
▶ NUMBEROFBEDROOMS
▶ TOTALLISTINGS&SALESBYPRICERANGE
SEL ERS'MARKET <5
BALANCED 5 - 8
BUYERS'MARKET 8+
● SALES ● TOTALINVENTORY
● SALES ● TOTALINVENTORY ● MONTHSOFINV.
250
9.4
4+ bdrms
1
200
7.3
2
150
3 bdrms
27
4.7
4.5
100
3.2 3.3
2.5
80
2 bdrms
50
371
0
58
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 2 5 2.5 15 48 3.2 77 251 3.3 23 216 9.4 13 61 4.7 4 29 7.3 0 23 n/a 6 27 4.5
<2 bdrms
261
Copyright© 2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber3,2023.Aldatafrom VictoriaRealEstateBoard& Rennie.W hilethe inform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.ren iegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces ary toverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanyproperty m aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 6 ●
victoria core DETACHED -OCTOBER 2 0 2 3
MONTHS OF INVENTORY 6.3 BALANCEDMARKET
▶ MARKETSUMMARY Therewere442 detached listingsin theVictoriaCorein O ctober,2% below Septem berand 37% higherthan October2022. O ctoberdetached hom esalesdecreased by 36% m onth-over-m onth,to 70,and were41% below O ctober 2022. Them onthsofinventory fordetached in theVictoria Core,at6.3,reflected abalanced m arket. Thedetachedm edian pricein Octoberwas$1,200,000,a 8% decreasefrom Septem berand 1.5% aboveO ctober 2022. Theaveragesold pricewas$1,429,201,9% below last m onth and up 5% toOctober2022.
AVERAGEPRICE
MEDIAN PRICE
TOTALLISTINGS
SALES
▲ 5% VS 2022
▲ 1.5% VS 2022
▲ 37% VS 2022
▼ 41% VS 2022
THISMONTH No. $1,429,201 $1,200,000 6.3 70 442
PREVIOUSMONTH No.
PREVIOUSYEAR
No. 118 323
% Change
% Change
TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE
5% 1.5% 131% -41% 37%
109 453
-9% -8% 52% -36% -2%
$1,569,635 $1,299,000 4.2
$1,367,539 $1,182,500 274%
▶ MEDIAN DAYSON MARKET
▶ RECENTTRENDS
● SALES ● TOTALINVENTORY ● MEDIAN PRICE
26
442
398
453
23
400
22
310
297
354
323
314
282
258
233
219
161
144
139
109
151
18
12 102
70
94
73
58 52
$1.25M $1.25M $1.30M $1.27M $1.25M $1.34M $1.30M $1.17M $1.21M
$1.20M
$1.18M
$1.12M $1.10M
Oct-22
Sep-23 Oct-23
▶ TOTALLISTINGS&SALESBYPRICERANGE
SEL ERS'MARKET < 5
BALANCED 5 - 8
BUYERS'MARKET 8+
● SALES ● TOTALINVENTORY ● MONTHSOFINVENTORY
80
70
24+
60
50
15.0
40
13.0
12.0
30
10.0
7.4
20
4.7
3.3
10
2.9
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+ 4 60 15.0
MOI INVENTORY SALES
0 1 n/a
1 10 10.0
18 53 2.9
20 66 3.3
10 74 7.4
5 65 13.0
7 33 4.7
4 48 12.0
1 32 32.0
Copyright© 2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber3,2023.Aldatafrom VictoriaRealEstateBoard& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor. Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
●
7
victoria core TOWNHOME-OCTOBER 2 0 2 3
MONTHS OF INVENTORY 4.0 SELLERS'M ARKET
▶ MARKETSUMMARY
AVERAGEPRICE
AVERAGE PSF PRICE ▼ 7% VS 2022
MEDIAN PRICE
TOTALLISTINGS
SALES
▲ 6% VS 2022
▲ 5% VS 2022
▲ 22% VS 2022
▼ 31% VS 2022
Therewere107 townhom elistingsin theVictoriaCorein O ctober,3% aboveSeptem berand 22% higherthan October2022. O ctobertownhom esalesdecreased by25% m onth-over-m onth,to 27,and were31% below O ctober 2022. Them onthsofinventory fortownhom esin theVictoria Core,at4.0,reflected aselers'm arket. Thetownhom em edian pricein Octoberwas$863,000,a 3% increasefrom Septem berand 5% aboveO ctober 2022. Theaveragesold pricewas$961,906,5% abovelast m onth;theaveragePSF salepricewas$520,down 12% tolastm onth.
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No.
% Change
No.
% Change
TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$520 $961,906 $863,000 4.0 27 107
39 88
-7% 6% 5% 76% -31% 22%
$589 $913,640 $834,950 2.9 36 104
-12% 5% 3% 37% -25% 3%
$559 $905,751 $820,000 226%
▶ MEDIAN DAYSON MARKET
▶ RECENTTRENDS
● SALES ● TOTALINVENTORY ● MEDIAN PRICE
30
102
107
97
28
104
27
88
93
77
90
68
77
61
59
59
39
36
46
32
45
42
40
38
27
32
28
21
16
$890K $835K
$864K $844K $857K $850K
$820K $785K $765K
$822K $864K $835K $863K
Oct-22
Sep-23 Oct-23
▶ NUMBEROFBEDROOMS
▶ TOTALLISTINGS&SALESBYPRICERANGE
SEL ERS'MARKET < 5
BALANCED 5 - 8
BUYERS'MARKET 8+
● SALES ● TOTALINVENTORY
● SALES ● TOTALINVENTORY ● MONTHSOFINV.
7
20
9.0
4+ bdrms
31
7.3
15
6.0
15
3 bdrms
51
4.0
10
3.6
2.8
2.8
5
2.0
2 bdrms
5
24
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 4 4.0 4 8 2.0 6 17 2.8 5 18 3.6 3 18 6.0 4 11 2.8 1 9 9.0 3 22 7.3
1
Copyright© 2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber3,2023.Aldatafrom VictoriaRealEstateBoard& Rennie.W hilethe inform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.ren iegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces ary toverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanyproperty m aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 8 ●
victoria core CONDO -OCTOBER 2 0 2 3
MONTHS OF INVENTORY 4.6 SELLERS'M ARKET
▶ MARKETSUMMARY Therewere496 condolistingsin theVictoriaCorein O ctober,10% aboveSeptem berand 31% higherthan October2022. O ctobercondosalesdecreased by8% m onth-over-m onth, to107,and were8% below October2022.
AVERAGEPRICE
AVERAGE PSF PRICE ▲ 8% VS 2022
MEDIAN PRICE
TOTALLISTINGS
SALES
▲ 4% VS 2022
▲ 1.8% VS 2022
▲ 31% VS 2022
▼ 8% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. 116 379
% Change
No. 116 450
% Change
Them onthsofinventory forcondosin theVictoriaCore, at4.6,reflected aselers'm arket.
TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
107 496
8% 4% 1.8% 42% -8% 31%
4% -5% -2% 19% -8% 10%
Thecondom edian pricein Octoberwas$549,000,a2% decreasefrom Septem berand 1.8% aboveO ctober2022. Theaveragesold pricewas$647,194,5% below last m onth;theaveragePSF salepricewas$744,up 4% to lastm onth.
$744 $647,194 $549,000 4.6
$689 $620,328 $539,500 327%
$713 $682,955 $562,500 3.9
▶ MEDIAN DAYSON MARKET
▶ RECENTTRENDS
● SALES ● TOTALINVENTORY ● MEDIAN PRICE
31
496
450
365
379
349
344
342
315
370
24
344
338
31
287
195 197
157
19
129
16
95
155
148
16
107
12
70
69
$565K $543K $550K $553K $569K $545K $563K $549K
$540K $560K
$520K $545K
$503K
Oct-22
Sep-23 Oct-23
▶ NUMBEROFBEDROOMS
▶ TOTALLISTINGS&SALESBYPRICERANGE
SEL ERS'MARKET <5
BALANCED 5 - 8
BUYERS'MARKET 8+
● SALES ● TOTALINVENTORY
● SALES ● TOTALINVENTORY ● MONTHSOFINV.
8.2
4+ bdrms
1
150
7.0
2
4.8
3 bdrms
100
4.7
13
3.2 3.3
58
2.0
50
2 bdrms
269
0
47
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 2 2.0 14 45 3.2 55 180 3.3 18 147 8.2 10 47 4.7 4 28 7.0 0 23 n/a 5 24 4.8
<2 bdrms
213
Copyright© 2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber3,2023.Aldatafrom VictoriaRealEstateBoard& Rennie.W hilethe inform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.ren iegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces ary toverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanyproperty m aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 9 ●
westshore DETACHED -OCTOBER 2 0 2 3
MONTHS OF INVENTORY 7.0 BALANCEDMARKET
▶ MARKETSUMMARY Therew ere 386 detached listingsin theW estshore in O ctober,1.8% below Septem berand 27% higherthan October2022. O ctoberdetached hom esalesincreased by 4% m onth-over-m onth,to55,and were31% aboveO ctober 2022. Them onthsofinventory fordetached in theW estshore, at7.0,reflected abalanced m arket. Thedetachedm edian pricein Octoberwas$960,900,a 8% decreasefrom Septem berand 5% aboveO ctober 2022. Theaveragesold pricewas$1,054,875,0.3% abovelast m onth and up 4% toOctober2022.
AVERAGEPRICE
MEDIAN PRICE
TOTALLISTINGS
SALES
▲ 4% VS 2022
▲ 5% VS 2022
▲ 27% VS 2022
▲ 31% VS 2022
THISMONTH No. $1,054,875 $960,900 7.0 55 386
PREVIOUSMONTH No.
PREVIOUSYEAR
No.
% Change
% Change
TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE
$1,018,024 $917,500 726% 42 305
4% 5% -3% 31% 27%
$1,051,599 $1,040,000 7.4 53 393
0.3% -8% -5% 4% -1.8%
▶ MEDIAN DAYSON MARKET
▶ RECENTTRENDS
● SALES ● TOTALINVENTORY ● MEDIAN PRICE
35
386
393
332
307
341
305
281
236
276
26
255
247
241
24
229
16
80
78
58
55
89
82
81
55
27
42
53
40
$1.14M
$1.14M
$1.13M
$1.07M $1.04M $995K
$1.06M $1.06M
$994K $1.04M
$978K
$961K
$918K
Oct-22
Sep-23 Oct-23
▶ TOTALLISTINGS&SALESBYPRICERANGE
SEL ERS'MARKET < 5
BALANCED 5 - 8
BUYERS'MARKET 8+
● SALES ● TOTALINVENTORY ● MONTHSOFINVENTORY
80
19.0
60
11.0
40
9.7
5.4
20
4.3
3.8
1.5
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
2 3 1.5
7 30 4.3
21 80 3.8
14 75 5.4
7 68 9.7
2 38 19.0
0 37 n/a
2 22 11.0
0 15 n/a
0 18 n/a
Copyright© 2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber3,2023.Aldatafrom VictoriaRealEstateBoard& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor. Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
●
10
westshore TOWNHOME-OCTOBER 2 0 2 3
MONTHS OF INVENTORY 8.0 BUYERS'MARKET
▶ MARKETSUMMARY Therewere144 townhom elistingsin theW estshorein O ctober,9% aboveSeptem berand 11% higherthan October2022. O ctobertownhom esalesdecreased by28% m onth-over-m onth,to 18,and were40% below O ctober 2022. Them onthsofinventoryfortownhom esin the W estshore,at8.0,reflected abuyers'm arket. Thetownhom em edian pricein Octoberwas$720,000,a 1.6% decreasefrom Septem berand 8% aboveO ctober 2022. Theaveragesold pricewas$704,042,5% below last m onth;theaveragePSF salepricewas$478,up 0.3% to lastm onth.
AVERAGEPRICE
AVERAGE PSF PRICE ▼ 14% VS 2022
MEDIAN PRICE
TOTALLISTINGS
SALES
▲ 1.8% VS 2022
▲ 8% VS 2022
▲ 11% VS 2022
▼ 40% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No.
% Change
No.
% Change
TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$478 $704,042 $720,000 8.0 18 144
$559 $691,289 $664,950 433% 30 130
-14% 1.8% 8% 85% -40% 11%
$477 $743,259 $732,000 5.3 25 132
0.3% -5% -1.6% 52% -28% 9%
▶ MEDIAN DAYSON MARKET
▶ RECENTTRENDS
● SALES ● TOTALINVENTORY ● MEDIAN PRICE
27
144
132
130
123
122
25
130
18
18
108
17
1
102
91
18
43
42
39
25
24
41
30
36
30
18
26
25
18
$795K
$735K
$713K $712K $720K $719K $759K $754K $747K $732K $720K
$665K
$608K
Oct-22
Sep-23 Oct-23
▶ NUMBEROFBEDROOMS
▶ TOTALLISTINGS&SALESBYPRICERANGE
SEL ERS'MARKET < 5
BALANCED 5 - 8
BUYERS'MARKET 8+
● SALES ● TOTALINVENTORY
● SALES ● TOTALINVENTORY ● MONTHSOFINV.
2
12.5
4+ bdrms
40
38
30
14
3 bdrms
87
5.6 5.6
20
2
2 bdrms
10
19
1.7
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 3 5 1.7 5 28 5.6 8 45 5.6 2 25 12.5 0 14 n/a 0 23 n/a 0 3 n/a 0 1 n/a
Copyright© 2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber3,2023.Aldatafrom VictoriaRealEstateBoard& Rennie.W hilethe inform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.ren iegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces ary toverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanyproperty m aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 11 ●
westshore CONDO -OCTOBER 2 0 2 3
MONTHS OF INVENTORY 5.3 BALANCEDMARKET
▶ MARKETSUMMARY Therewere121 condolistingsin theW estshorein O ctober,3% below Septem berand 44% higherthan October2022. O ctobercondosalesdecreased by15% m onth-over-m onth,to23,and were53% aboveO ctober 2022. Them onthsofinventory forcondosin theW estshore,at 5.3,reflected abalanced m arket. Thecondom edian pricein Octoberwas$535,900,a1.1% increasefrom Septem berand 5% below O ctober2022. Theaveragesold pricewas$529,413,1.5% below last m onth;theaveragePSF salepricewas$596,down 8% to lastm onth.
AVERAGEPRICE
AVERAGE PSF PRICE ▼ 6% VS 2022
MEDIAN PRICE
TOTALLISTINGS
SALES
▼ 5% VS 2022
▼ 5% VS 2022
▲ 44% VS 2022
▲ 53% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No.
% Change
No.
% Change
TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$596 $529,413 $535,900 5.3 23 121
15 84
-6% -5% -5% -6% 53% 44%
$651 $537,530 $530,000 4.6 27 125
-8% -1.5% 1.1% 14% -15% -3%
$633 $554,593 $565,000 560%
▶ MEDIAN DAYSON MARKET
▶ RECENTTRENDS
● SALES ● TOTALINVENTORY ● MEDIAN PRICE
41
17
121
10
125
96
106
89
84
99
65
76
63
45
43
37
45
25
20
20
23
19
27
26
24
15
22
18
16
$573K $560K $560K $539K
$565K
$525K $491K
$499K $484K
$505K $530K $536K
$457K
Oct-22
Sep-23 Oct-23
▶ NUMBEROFBEDROOMS
▶ TOTALLISTINGS&SALESBYPRICERANGE
SEL ERS'MARKET <5
BALANCED 5 - 8
BUYERS'MARKET 8+
● SALES ● TOTALINVENTORY
● SALES ● TOTALINVENTORY ● MONTHSOFINV.
60
11.8
4+ bdrms
50
10.0
40
3 bdrms
30
12
20
3.4
16
2 bdrms
2.0
76
10
0
7
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 2 2.0 0 3 n/a 17 57 3.4 4 47 11.8 1 10 10.0 0 2 n/a
<2 bdrms
33
Copyright© 2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber3,2023.Aldatafrom VictoriaRealEstateBoard& Rennie.W hilethe inform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.ren iegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces ary toverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanyproperty m aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 12 ●
peninsula DETACHED -OCTOBER 2 0 2 3
MONTHS OF INVENTORY 5.2 BALANCEDMARKET
▶ MARKETSUMMARY Therewere129 detached listingsin thePeninsulain O ctober,0.8% aboveSeptem berand 19% higherthan October2022. O ctoberdetached hom esalesdecreased by 17% m onth-over-m onth,to 25,and were7% below O ctober 2022. Them onthsofinventory fordetached in thePeninsula,at 5.2,reflected abalanced m arket. Thedetachedm edian pricein Octoberwas$1,200,000,a 4% decreasefrom Septem berand 12% aboveO ctober 2022. Theaveragesold pricewas$1,446,192,6% abovelast m onth and up 13% toOctober2022.
AVERAGEPRICE
MEDIAN PRICE
TOTALLISTINGS
SALES
▲ 13% VS 2022
▲ 12% VS 2022
▲ 19% VS 2022
▼ 7% VS 2022
THISMONTH No. $1,446,192 $1,200,000 5.2 25 129
PREVIOUSMONTH No.
PREVIOUSYEAR
No.
% Change
% Change
TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE
$1,274,930 $1,070,000 400% 27 108
13% 12% 29% -7% 19%
$1,368,500 $1,252,500 4.3 30 128
6% -4% 21% -17% 0.8%
▶ MEDIAN DAYSON MARKET
▶ RECENTTRENDS
● SALES ● TOTALINVENTORY ● MEDIAN PRICE
24
129
128
125
108
124
106
12
91
90
20
68
17
68
65
47
62
37
33
28
27
27
34
33
25
30
28
14 15
$1.55M
$1.38M
$1.34M $1.25M
$1.26M $1.33M
$1.25M $1.20M
$1.21M $1.24M
$1.07M $1.13M
$1.07M
Oct-22
Sep-23 Oct-23
▶ TOTALLISTINGS&SALESBYPRICERANGE
SEL ERS'MARKET < 5
BALANCED 5 - 8
BUYERS'MARKET 8+
● SALES ● TOTALINVENTORY ● MONTHSOFINVENTORY
30
24+
25
20
15
13.0
10.0
10
9.0
6.0
5
3.8
2.6
2.2
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+ 1 28 28.0
MOI INVENTORY SALES
0 2 n/a
5 13 2.6
9 20 2.2
5 19 3.8
1 13 13.0
1 6 6.0
2 18 9.0
1 10 10.0
Copyright© 2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber3,2023.Aldatafrom VictoriaRealEstateBoard& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor. Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
●
13
peninsula TOWNHOME-OCTOBER 2 0 2 3
MONTHS OF INVENTORY 4.1 SELLERS'M ARKET
▶ MARKETSUMMARY Therewere29townhom elistingsin thePeninsulain O ctober,nochangetoSeptem berand 32% higherthan October2022. O ctobertownhom esalesdecreased by50% m onth-over-m onth,to 7,and were17% aboveO ctober 2022. Them onthsofinventoryfortownhom esin thePeninsula, at4.1,reflected aselers'm arket. Thetownhom em edian pricein Octoberwas$729,900,a 16% decreasefrom Septem berand 10% below O ctober 2022. Theaveragesold pricewas$879,771,2% below last m onth;theaveragePSF salepricewas$608,up 1.6% to lastm onth.
AVERAGEPRICE
AVERAGE PSF PRICE ▲ 15% VS 2022
MEDIAN PRICE
TOTALLISTINGS
SALES
▼ 20% VS 2022
▼ 10% VS 2022
▲ 32% VS 2022
▲ 17% VS 2022
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No.
% Change
No.
% Change
TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$608 $879,771 $729,900 4.1 7 29
$528 $1,100,500 $810,000 367% 6 22
15% -20% -10% 13% 17% 32%
14 29
1.6% -2% -16% 100% -50% 0%
$598 $901,789 $868,125 2.1
▶ MEDIAN DAYSON MARKET
▶ RECENTTRENDS
● SALES ● TOTALINVENTORY ● MEDIAN PRICE
34
31
29
29
29
25
25
23
21
21
22
22
17
19
14
23
16
15
10
13
9
1
8
8
6
7
15
4
4
$983K
$904K $888K
$900K $913K $900K
$868K
$810K
$792K
$782K
$731K
$730K
$671K
Oct-22
Sep-23 Oct-23
▶ NUMBEROFBEDROOMS
▶ TOTALLISTINGS&SALESBYPRICERANGE
SEL ERS'MARKET < 5
BALANCED 5 - 8
BUYERS'MARKET 8+
● SALES ● TOTALINVENTORY
● SALES ● TOTALINVENTORY ● MONTHSOFINV.
6
2.0
2.0
4+ bdrms
5
5
1.5 1.5
4
4
3 bdrms
16
3
2
3
2 bdrms
7
1
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 2 n/a 2 3 1.5 2 3 1.5 0 6 n/a 2 4 2.0 0 3 n/a 0 6 n/a 1 2 2.0
1
Copyright© 2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber3,2023.Aldatafrom VictoriaRealEstateBoard& Rennie.W hilethe inform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.ren iegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces ary toverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanyproperty m aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 14 ●
peninsula CONDO -OCTOBER 2 0 2 3
MONTHS OF INVENTORY 5.3 BALANCEDMARKET
▶ MARKETSUMMARY
AVERAGEPRICE
AVERAGE PSF PRICE ▲ 17% VS 2022
MEDIAN PRICE
TOTALLISTINGS
SALES
▲ 25% VS 2022
▲ 11% VS 2022
▲ 75% VS 2022
▼ 67% VS 2022
Therewere42 condolistingsin thePeninsulain O ctober, 24% aboveSeptem berand 75% higherthan O ctober 2022. O ctobercondosalesdecreased by38% m onth-over-m onth,to 8,and were67% below O ctober 2022. Them onthsofinventory forcondosin thePeninsula,at 5.3,reflected abalanced m arket. Thecondom edian pricein Octoberwas$601,500,a7% increasefrom Septem berand 11% aboveO ctober2022. Theaveragesold pricewas$833,750,28% abovelast m onth;theaveragePSF salepricewas$780,up 16% to lastm onth.
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No.
% Change
No.
% Change
TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$780 $833,750 $601,500 5.3 8 42
24 24
425% -67% 75%
13 34
101% -38% 24%
$669 $664,767 $543,500 100%
$670 $650,207 $560,000 2.6
16% 28% 7%
17% 25% 11%
▶ MEDIAN DAYSON MARKET
▶ RECENTTRENDS
● SALES ● TOTALINVENTORY ● MEDIAN PRICE
21
42
37
35
33
32
29
34
31
24 24
28
17 27
20
25
18
23 18
14
14
13
12
16
14
13
8
9
6
$784K $776K
$745K
$655K
$639K
$595K
$578K $585K
$582K
$560K $602K
$544K $581K
Oct-22
Sep-23 Oct-23
▶ NUMBEROFBEDROOMS
▶ TOTALLISTINGS&SALESBYPRICERANGE
SEL ERS'MARKET <5
BALANCED 5 - 8
BUYERS'MARKET 8+
● SALES ● TOTALINVENTORY
● SALES ● TOTALINVENTORY ● MONTHSOFINV.
20
22.0
4+ bdrms
15
3 bdrms
2
10
5
2 bdrms
5
26
3.5
2.0
1.0
0
3
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 4 14 3.5 1 22 22.0 2 4 2.0 0 1 n/a 1 1 1.0
<2 bdrms
14
Copyright© 2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber3,2023.Aldatafrom VictoriaRealEstateBoard& Rennie.W hilethe inform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.ren iegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces ary toverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanyproperty m aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 15 ●
gulfislands DETACHED -OCTOBER 2 0 2 3
MONTHS OF INVENTORY 9.6 BUYERS'M ARKET
▶ MARKETSUMMARY Therewere125 detached listingsin theG ulfIslandsin O ctober,11% below Septem berand 11% lowerthan October2022. O ctoberdetached hom esalesdecreased by 32% m onth-over-m onth,to 13,and were13% below O ctober 2022. Them onthsofinventory fordetached in theG ulfIslands, at9.6,reflected abuyers'm arket. Thedetachedm edian pricein Octoberwas$735,000,a 32% decreasefrom Septem berand 22% below O ctober 2022. Theaveragesold pricewas$871,685,28% below last m onth and down 17% toOctober2022.
AVERAGEPRICE
MEDIAN PRICE
TOTALLISTINGS
SALES
▼ 17% VS 2022
▼ 22% VS 2022
▼ 11% VS 2022
▼ 13% VS 2022
THISMONTH No.
PREVIOUSMONTH No.
PREVIOUSYEAR
No.
% Change
% Change
TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE
$871,685 $735,000 9.6 13 125
$1,046,000 $940,000 933% 15 140
-17% -22% 3% -13% -11%
$1,214,684 $1,079,000 7.4 19 141
-28% -32% 30% -32% -11%
▶ MEDIAN DAYSON MARKET
▶ RECENTTRENDS
● SALES ● TOTALINVENTORY ● MEDIAN PRICE
84
140
145
126
144
143
141
18
125
130
122
99
94
90
55
28
26
22
19
14
13
38
1
10
7
15
23
13
19
$1.48M
$1.22M
$1.17M $1.08M
$1.06M
$1.02M $1.01M
$940K
$869K
$816K
$810K
$790K
$735K
Oct-22
Sep-23 Oct-23
▶ TOTALLISTINGS&SALESBYPRICERANGE
SEL ERS'MARKET < 5
BALANCED 5 - 8
BUYERS'MARKET 8+
● SALES ● TOTALINVENTORY ● MONTHSOFINVENTORY
20
13.0
15
8.0
7.0
10
3.5
5
2.6
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
2 7 3.5
5 13 2.6
3 21 7.0
0 10 n/a
1 13 13.0
2 16 8.0
0 8 n/a
0 12 n/a
0 8 n/a
0 17 n/a
Copyright© 2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber3,2023.Aldatafrom VictoriaRealEstateBoard& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor. Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
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malahat DETACHED -OCTOBER 2 0 2 3
MONTHS OF INVENTORY 5.6 BALANCEDMARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
TOTALLISTINGS
SALES
▲ 16% VS 2022
▲ 13% VS 2022
▲ 36% VS 2022
0.0% VS 2022
Therew ere 106 detached listingsin M alahatin O ctober, 5% below Septem berand 36% higherthan October2022. O ctoberdetached hom esalesincreased by 19% m onth-over-m onth,to 19,and were thesam ein O ctober 2022. Them onthsofinventory fordetached in M alahat,at5.6, reflected abalanced m arket. Thedetachedm edian pricein Octoberwas$1,049,900,a 8% increasefrom Septem berand 13% aboveO ctober 2022. Theaveragesold pricewas$1,127,258,8% abovelast m onth and up 16% toOctober2022.
THISMONTH No. $1,127,258 $1,049,900 5.6 19 106
PREVIOUSMONTH No.
PREVIOUSYEAR
No.
% Change
% Change
TOTALLISTINGS TOTALSALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE
19 78
16% 13% 36% 0% 36%
$1,047,938 $975,000 7.0 16 112
8% 8% -20% 19% -5%
$971,206 $930,000 411%
▶ MEDIAN DAYSON MARKET
▶ RECENTTRENDS
● SALES ● TOTALINVENTORY ● MEDIAN PRICE
41
41
14
12
106
92
101
100
79
78
32
66
54 26
50
48 48
30
23
22
17
19
19
10 10
23
22
16
12
$1.06M
$1.05M $1.02M $978K
$975K $1.05M
$970K
$930K
$933K $884K
$899K
$833K
$818K
Oct-22
Sep-23 Oct-23
▶ TOTALLISTINGS&SALESBYPRICERANGE
SEL ERS'MARKET < 5
BALANCED 5 - 8
BUYERS'MARKET 8+
● SALES ● TOTALINVENTORY ● MONTHSOFINVENTORY
30
7.5
25
7.0
6.7
20
4.7
4.5
4.2
15
10
5
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 1 n/a
2 15 7.5
6 28 4.7
5 21 4.2
3 20 6.7
1 7 7.0
2 9 4.5
0 2 n/a
0 2 n/a
0 1 n/a
Copyright© 2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber3,2023.Aldatafrom VictoriaRealEstateBoard& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor. Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
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17
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