westshore DETACHED - MAY 2 0 2 4
MONTHS OF INVENTORY 4.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 68% VS 2023
▼ 4% VS 2023
▼ 3% VS 2023
▼ 4% VS 2023
There were 465 detached listings in the Westshore in May, 9% above April and 68% higher than May 2023. May detached home sales increased by 23% month-over-month, to 111, and were 4% below May 2023. The months of inventory for detached in the Westshore, at 4.2, reflected a sellers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 116 276
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
111 465
-4% -3% 76% -4% 68%
$1,146,222 $1,102,000 4.7 90 427
-0.5% -7% -12% 23% 9%
The detached median price in May was $1,030,000, a 7% decrease from April and 3% below May 2023.
$1,140,203 $1,030,000 4.2
$1,191,023 $1,058,000 2.4
The average sold price was $1,140,203, 0.5% below last month and down 4% to May 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
26
465
427
25
393
385
373
332
320
22
307
346
341
276
291
288
116
87
111
78
54
56
41
43
89
90
82
61
53
$1.14M
$1.10M $1.03M
$1.06M $1.06M
$1.02M $1.06M
$994K $1.04M
$990K
$973K
$980K
$960K
May-23
Apr-24
May-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
100
24+
22.0
80
19.0
60
11.0
11.0
40
7.8
5.7
20
2.9
2.0
2.0
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 6 2.0
5 39 7.8
45 88 2.0
32 93 2.9
18 102 5.7
3 33 11.0
1 41 41.0
1 22 22.0
1 19 19.0
2 22 11.0
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 June 10, 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. 11 ●
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