oak bay CONDO - APRIL 2 0 2 4
MONTHS OF INVENTORY 3.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 11% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 45% VS 2023
▼ 48% VS 2023
▼ 1.1% VS 2023
▼ 17% VS 2023
There were 16 condo listings in Oak Bay in April, 11% below March and 45% higher than April 2023.
April condo sales remained the same month-over-month, at 5, and were 17% below April 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in Oak Bay, at 3.2, re'ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$671 $733,000 $800,000 3.2 5 16
$756 $1,409,667 $809,000 1.8 6 11
-11% -48% -1.1% 75% -17% 45%
$624 $504,700 $490,000 3.6 5 18
8% 45% 63% -11% 0% -11%
The condo median price in April was $800,000, a 63% increase from March and 1.1% below April 2023. The average sold price was $733,000, 45% above last month; the average PSF sale price was $671, up 8% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
18
65
19
15
16
15
12
13
10
10
11
12
10
7
7
9
5
5
5
6
5
6
3
5
31
1
1
2
22
$1.32M
$1.20M
$925K
$910K
$809K
$800K
$725K
$622K
$625K
$595K
$550K
$490K
$468K
Apr-23
Mar-24
Apr-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
7
2.3
4+ bdrms
6
5
1.5
4
3 bdrms
1
3
2
4
2 bdrms
12
1
0
1
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 2 3 1.5 0 4 n/a 3 7 2.3 0 1 n/a 0 1 n/a
<2 bdrms
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. 31 ●
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