malahat DETACHED - MAY 2 0 2 4
MONTHS OF INVENTORY 5.7 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 36% VS 2023
▼ 7% VS 2023
▼ 8% VS 2023
▼ 27% VS 2023
There were 125 detached listings in Malahat in May, 18% above April and 36% higher than May 2023. May detached home sales decreased by 8% month-over-month, to 22, and were 27% below May 2023. The months of inventory for detached in Malahat, at 5.7, reflected a balanced market.
THIS MONTH No. $1,015,136 $932,500 5.7 22 125
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
30 92
-7% -8% 85% -27% 36%
$1,192,208 $1,050,000 4.4 24 106
-15% -11% 29% -8% 18%
The detached median price in May was $932,500, a 11% decrease from April and 8% below May 2023.
$1,092,993 $1,016,750 3.1
The average sold price was $1,015,136, 15% below last month and down 7% to May 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
34
125
114
112
106
106
101
92
100
84
82
25
23
70
65
64
24
23
30
22
20
20
19
22
23
7
21
4
16
$1.06M
$1.06M
$1.02M
$978K
$975K $1.05M
$985K $1.05M
$933K
$899K
$868K
$850K
$810K
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
30
9.0
25
8.0
20
15
4.5
4.3
10
2.2
5
1.0
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
1 1 1.0
6 13 2.2
7 30 4.3
4 18 4.5
3 24 8.0
0 11 n/a
0 12 n/a
1 9 9.0
0 2 n/a
0 5 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 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. 18 ●
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