westshore DETACHED - MARCH 2 0 2 4
MONTHS OF INVENTORY 4.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 40% VS 2023
▲ 9% VS 2023
▼ 0.5% VS 2023
There were 347 detached listings in the Westshore in March, 8% above February and 40% higher than March 2023. March detached home sales increased by 43% month-over-month, to 87, and were 9% above March 2023. The months of inventory for detached in the Westshore, at 4.0, reflected a sellers' market.
THIS MONTH No. $1,121,026 $989,900 4.0 87 347
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,073,295 $995,000 3.1 80 247
4% -0.5% 29% 9% 40%
$1,182,531 $1,060,000 5.2 61 320
-5% -7% -24% 43% 8%
The detached median price in March was $989,900, a 7% decrease from February and 0.5% below March 2023.
The average sold price was $1,121,026, 5% below last month and up 4% to March 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
373
25
24
393
385
24
332
347
320
307
341
291
288
276
247
255
116
78
87
80
56
54
89
82
81
61
53
41
43
$1.14M
$1.14M
$1.06M $1.06M
$1.02M $1.06M
$995K
$994K $1.04M
$990K
$973K
$980K
$960K
Mar-23
Feb-24
Mar-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
70
16.0
60
50
40
7.2
30
5.8
20
4.3
3.7
2.1
10
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
0 8 n/a
11 17 1.5
34 72 2.1
19 71 3.7
12 69 5.8
5 36 7.2
2 32 16.0
4 17 4.3
0 11 n/a
0 14 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 April 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. 11 ●
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