esquimalt CONDO - MAY 2 0 2 4
MONTHS OF INVENTORY 6.6 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 22% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 53% VS 2023
▼ 18% VS 2023
▼ 12% VS 2023
▼ 30% VS 2023
There were 46 condo listings in Esquimalt in May, 44% above April and 53% higher than May 2023.
May condo sales decreased by 56% month-over-month, to 7, and were 30% below May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in Esquimalt, at 6.6, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$540 $497,336 $475,000 6.6 7 46
10 30
-22% -18% -12% 119% -30% 53%
16 32
-23% -29% -25% 229% -56% 44%
The condo median price in May was $475,000, a 25% decrease from April and 12% below May 2023. The average sold price was $497,336, 29% below last month; the average PSF sale price was $540, down 23% to last month.
$696 $604,900 $538,250 3.0
$706 $699,675 $637,500 2.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
78
46
36
30
29
30
32
26
28
28
28
24
23
22
16
15
12
10
8
10
3
3
2
7
6
5
5
$639K
$638K
21
$617K
$593K
$560K
$538K
$525K
$510K
$500K
$493K
$475K
$400K
$353K
10
May-23
Apr-24
May-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.
20
16.0
4+ bdrms
15
1
3 bdrms
2
10
5
5
2 bdrms
3.3
25
0
1
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 3 n/a 6 20 3.3 1 16 16.0 0 3 n/a 0 2 n/a 0 2 n/a
<2 bdrms
19
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. 24 ●
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