oak bay DETACHED - APRIL 2 0 2 4
MONTHS OF INVENTORY 3.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 14% VS 2023
▲ 1.7% VS 2023
▲ 41% VS 2023
▼ 8% VS 2023
There were 82 detached listings in Oak Bay in April, 24% above March and 41% higher than April 2023.
April detached home sales increased by 50% month-over-month, to 24, and were 8% below April 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
The months of inventory for detached in Oak Bay, at 3.4, re'ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
24 82
26 58
14% 1.7% 53% -8% 41%
16 66
-17% -13% -17% 50% 24%
The detached median price in April was $1,750,000, a 13% decrease from March and 1.7% above April 2023.
$2,149,333 $1,750,000 3.4
$2,582,750 $2,002,000 4.1
$1,887,485 $1,720,000 2.2
The average sold price was $2,149,333, 17% below last month and up 14% to April 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
19
77
77
82
18
70
68
72
61
70
66
58
55
49
46
26
11
24
17
16
16
12
17
16
5
14
13
9
8
$2.42M
$2.27M
$2.15M
$2.08M
$2.00M
$1.99M
$1.82M $1.95M
$1.74M $1.70M
$1.75M
$1.72M
$1.68M
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
40
12.3
30
20
5.5
10
2.8
1.4
1.4
1.4
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
0 1 n/a
5 7 1.4
5 7 1.4
5 7 1.4
4 11 2.8
2 11 5.5
3 37 12.3
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. 30 ●
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