oak bay DETACHED - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 5.8 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 69% VS 2022
▲ 15% VS 2022
▼ 1.7% VS 2022
0.0% VS 2022
There were 46 detached listings in Oak Bay in December, 25% below November and 15% higher than December 2022. December detached home sales decreased by 33% month-over-month, to 8, and were the same in December 2022. The months of inventory for detached in Oak Bay, at 5.8, reflected a balanced market. The detached median price in December was $1,695,000, a 2% decrease from November and 1.7% below December 2022. The average sold price was $2,995,625, 40% above last month and up 69% to December 2022.
THIS MONTH No. $2,995,625 $1,695,000 5.8 8 46
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,776,125 $1,725,000 500% 8 40
69% -1.7% 15% 0% 15%
12 61
40% -2% 13% -33% -25%
$2,140,000 $1,735,000 5.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
42
70
68
77
77
72
61
70
58
58
47
46
40
40
26
26
19
17
16
12
21
17
7
14
13
8
8
11
9
$2.42M
$2.27M
$2.15M
$1.99M
$1.82M $1.95M
$1.74M $1.70M
$1.73M $1.75M $1.69M $1.60M $1.72M
Dec-22
Nov-23
Dec-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
9.0
15
6.0
10
5
2.0
1.5
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 0 n/a
2 3 1.5
1 9 9.0
1 2 2.0
0 7 n/a
0 7 n/a
3 18 6.0
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 January 22, 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.
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