victoria real estate board DETACHED - MAY 2 0 2 4
MONTHS OF INVENTORY 3.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2% VS 2023
▲ 52% VS 2023
▲ 3% VS 2023
▼ 0.9% VS 2023
There were 1,399 detached listings in the Victoria Real Estate Board in May, 15% above April and 52% higher than May 2023. May detached home sales increased by 20% month-over-month, to 383, and were 3% above May 2023. The months of inventory for detached in the Victoria Real Estate Board, at 3.7, reflected a sellers' market.
THIS MONTH No. $1,339,757 $1,175,000 3.7 383 1,399
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 372 918
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
2% -0.9% 48% 3% 52%
$1,334,802 $1,236,000 3.8 319 1,220
0.4% -5% -4% 20% 15%
The detached median price in May was $1,175,000, a 5% decrease from April and 0.9% below May 2023.
$1,312,107 $1,185,750 2.5
The average sold price was $1,339,757, 0.4% above last month and up 2% to May 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
23
1,399
1,227
22
1,220
1,186
1,113
1,073
1,019
1,108
19
918
1,004
876
797
776
383
372
281
258
227
185
319
311
272
213
184
162
137
$1.24M $1.18M
$1.19M $1.19M $1.19M $1.19M $1.21M
$1.15M $1.15M
$1.12M $1.15M
$1.08M $1.06M
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
250
11.9
11.6
200
8.2
8.2
150
100
3.9
3.4
3.2
2.4
2.5
2.0
50
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
7 17 2.4
22 86 3.9
99 199 2.0
88 217 2.5
82 262 3.2
35 119 3.4
12 143 11.9
15 123 8.2
10 82 8.2
13 151 11.6
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. 5 ●
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