oak bay CONDO - MAY 2 0 2 4
MONTHS OF INVENTORY 1.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 6% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 70% VS 2023
▲ 86% VS 2023
▼ 24% VS 2023
▼ 4% VS 2023
There were 17 condo listings in Oak Bay in May, 6% above April and 70% higher than May 2023.
May condo sales increased by 160% month-over-month, to 13, and were 86% above May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in Oak Bay, at 1.3, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
13 17
$654 $840,143 $622,000 1.4 7 10
-6% -24% -4% -8% 86% 70%
$671 $733,000 $800,000 3.2 5 16
-9% -13% -26% -59% 160% 6%
The condo median price in May was $595,000, a 26% decrease from April and 4% below May 2023. The average sold price was $635,646, 13% below last month; the average PSF sale price was $614, down 9% to last month.
$614 $635,646 $595,000 1.3
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
18
65
19
17
15
16
13
15
12
13
10
12
9
10
10
7
6
7
5
5
5
3
5
5
1
1
2
25
18
$1.32M
$1.20M
$925K
$910K
$800K
$725K
$622K
$625K
$595K
$595K
$550K
$490K
$468K
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.
7
1.7
4+ bdrms
6
1.3
5
1
4
3 bdrms
2
3
0.3
2
9
2 bdrms
11
1
0
3
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 1 n/a 7 2 0.3 3 4 1.3 3 5 1.7 0 1 n/a 0 2 n/a 0 2 n/a
<2 bdrms
4
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. 31 ●
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