oak bay DETACHED - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 3.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 15% VS 2023
▲ 38% VS 2023
▼ 32% VS 2023
▼ 17% VS 2023
There were 38 detached listings in Oak Bay in December, 41% below November and 17% lower than December 2023. December detached home sales decreased by 31% month-over-month, to 11, and were 38% above December 2023. The months of inventory for detached in Oak Bay, at 3.5, reflected a sellers' market. The detached median price in December was $1,947,000, a 7% increase from November and 15% above December 2023. The average sold price was $2,039,818, 6% below last month and down 32% to December 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
11 38
$2,995,625 $1,695,000 5.8 8 46
-32% 15% -40% 38% -17%
16 64
-14% -31% -41%
$2,039,818 $1,947,000 3.5
$2,168,197 $1,817,500 4.0
-6% 7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
44
92
98
86
42
82
94
76
83
38
64
66
55
46
49
38
24
23
19
19
16
16
5
11
16
16
8
11
10
$2.25M
$2.12M
$2.08M
$2.03M
$2.00M
$1.88M
$1.82M $1.95M
$1.75M $1.64M
$1.70M
$1.68M
$1.58M
Dec-23
Nov-24
Dec-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
15
16.0
10
5
3.5
2.0
1.5
1.0
0.7
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
2 4 2.0
0 5 n/a
3 2 0.7
2 3 1.5
2 7 3.5
1 16 16.0
Copyright © 2025 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 13, 2025. 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. 30 ●
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