gulf islands DETACHED - APRIL 2 0 2 4
MONTHS OF INVENTORY 6.6 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2023
▼ 19% VS 2023
▼ 31% VS 2023
▼ 23% VS 2023
There were 132 detached listings in the Gulf Islands in April, 23% above March and 8% higher than April 2023. April detached home sales increased by 25% month-over-month, to 20, and were 23% below April 2023. The months of inventory for detached in the Gulf Islands, at 6.6, re'ected 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
$970,710 $839,250 6.6 20 132
$1,198,744 $1,215,250 4.7 26 122
-19% -31% 41% -23% 8%
$1,115,750 $1,182,500 6.7 16 107
25% 23%
The detached median price in April was $839,250, a 28% decrease from March and 31% below April 2023.
-13% -29% -1.3%
The average sold price was $970,710, 13% below last month and down 19% to April 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
53
132
145
144
143
141
122
130
111
125
107
42
96
92
90
30
28
22
19
26
14
13
12
20
9
23
4
19
16
$1.22M
$1.18M
$1.17M
$1.08M
$1.03M
$1.02M $1.01M
$869K
$880K
$839K
$808K
$735K
$590K
Apr-23
Mar-24
Apr-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
17.0
15
10
5.0
5
4.0
3.4
3.2
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+
MOI INVENTORY SALES
3 9 3.0
5 16 3.2
5 17 3.4
4 16 4.0
1 17 17.0
0 11 n/a
0 10 n/a
2 10 5.0
0 8 n/a
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 May 8, 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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