gulf islands DETACHED - MAY 2 0 2 4
MONTHS OF INVENTORY 5.8 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 30% VS 2023
▲ 23% VS 2023
▲ 17% VS 2023
▼ 7% VS 2023
There were 152 detached listings in the Gulf Islands in May, 15% above April and 17% higher than May 2023.
May detached home sales increased by 30% month-over-month, to 26, and were 7% below May 2023.
THIS MONTH No. $1,352,099 $1,070,000 5.8 26 152
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
The months of inventory for detached in the Gulf Islands, at 5.8, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,039,554 $869,407 4.6 28 130
30% 23% 26% -7% 17%
$970,710 $839,250 6.6 20 132
39% 27% -11% 30% 15%
The detached median price in May was $1,070,000, a 27% increase from April and 23% above May 2023.
The average sold price was $1,352,099, 39% above last month and up 30% to May 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
145
53
143
152
141
51
132
144
130
111
125
42
107
96
92
90
22
28
19
26
14
13
12
9
23
4
20
19
16
$1.18M
$1.17M
$1.08M
$1.07M
$1.02M $1.01M
$1.03M
$880K
$869K
$839K
$808K
$735K
$590K
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
25
21.0
20
15
11.0
9.5
10
8.3
8.0
6.5
4.5
5
3.4
3.3
3.2
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+
MOI INVENTORY SALES
2 9 4.5
6 19 3.2
3 25 8.3
5 17 3.4
1 21 21.0
3 10 3.3
2 13 6.5
1 11 11.0
1 8 8.0
2 19 9.5
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. 17 ●
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