the victoria rennie review | July 2024

malahat DETACHED - JUNE 2 0 2 4

MONTHS OF INVENTORY 5.4 BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 14% VS 2023

▲ 28% VS 2023

▲ 4% VS 2023

▼ 4% VS 2023

There were 129 detached listings in Malahat in June, 3% above May and 28% higher than June 2023.

June detached home sales increased by 14% month-over-month, to 24, and were 4% above June 2023.

THIS MONTH No. $1,148,371 $1,117,500 5.4 24 129

PREVIOUS MONTH No.

PREVIOUS YEAR

No.

% Change

% Change

The months of inventory for detached in Malahat, at 5.4, re%ected a balanced market.

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$1,197,011 $978,000 4.4 23 101

-4% 14% 22% 4% 28%

$1,006,333 $925,000 6.0 21 125

14% 21% -10% 14% 3%

The detached median price in June was $1,117,500, a 21% increase from May and 14% above June 2023.

The average sold price was $1,148,371, 14% above last month and down 4% to June 2023.

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

41

129

114

112

125

106

106

101

35

100

84

82

28

70

65

64

24

23

22

20

20

19

24

23

7

21

21

4

16

$1.12M

$1.06M

$1.05M

$1.06M

$978K

$985K $1.05M

$975K

$925K

$899K

$868K

$850K

$810K

Jun-23

May-24

Jun-24

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY

40

9.8

9.0

30

6.5

20

4.3

3.8

2.4

10

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

4 15 3.8

4 39 9.8

4 17 4.3

8 19 2.4

2 13 6.5

1 9 9.0

0 8 n/a

0 2 n/a

0 6 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 July 8, 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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