gulf islands DETACHED - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 7.9 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 59% VS 2023
▲ 19% VS 2023
▲ 32% VS 2023
▲ 62% VS 2023
There were 165 detached listings in the Gulf Islands in October, 12% below September and 32% higher than October 2023. October detached home sales decreased by 5% month-over-month, to 21, and were 62% above October 2023. The months of inventory for detached in the Gulf Islands, at 7.9, reflected a balanced market. The detached median price in October was $875,000, a 1.3% increase from September and 19% above October 2023. The average sold price was $1,385,995, 34% above last month and up 59% to October 2023.
THIS MONTH No. $1,385,995 $875,000 7.9 21 165
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$871,685 $735,000 9.6 13 125
59% 19% -18% 62% 32%
$1,031,605 $863,700 8.5 22 188
34% 1.3% -8% -5% -12%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
110
179
191
188
188
165
132
153
86
125
111
84
107
96
92
90
26
22
21
16
14
14
12
9
21
4
13
20
18
$1.18M
$1.07M $1.12M
$1.03M
$1.02M
$880K
$875K
$864K
$839K
$808K
$750K
$735K
$590K
Oct-23
Sep-24
Oct-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
30
21.0
21.0
25
18.0
20
15
9.5
10
7.3
5.5
4.4
4.0
5
1.7
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
3 5 1.7
5 22 4.4
4 29 7.3
1 21 21.0
1 21 21.0
1 18 18.0
2 11 5.5
0 11 n/a
2 8 4.0
2 19 9.5
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 November 12, 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. 17 ●
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