gulf islands DETACHED - MARCH 2 0 2 4
MONTHS OF INVENTORY 6.7 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 25% VS 2023
▲ 50% VS 2023
▲ 45% VS 2023
▼ 9% VS 2023
There were 107 detached listings in the Gulf Islands in March, 19% above February and 9% lower than March 2023. March detached home sales increased by 14% month-over-month, to 16, and were 45% above March 2023. The months of inventory for detached in the Gulf Islands, at 6.7, reflected a balanced market.
THIS MONTH No. $1,115,750 $1,182,500 6.7 16 107
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$889,182 $790,000 10.7 11 118
25% 50% -38% 45% -9%
14 90
2% 46% 4% 14% 19%
The detached median price in March was $1,182,500, a 46% increase from February and 50% above March 2023.
$1,089,464 $807,500 6.4
The average sold price was $1,115,750, 2% above last month and up 25% to March 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
130
145
144
143
141
130
118
125
122
107
111
96
92
90
85
28
26
22
19
14
13
12
9
16
23
4
11
19
$1.22M
$1.18M
$1.17M
$1.08M
30
$1.03M
$1.02M $1.01M
$869K
$880K
$808K
$790K
$735K
$590K
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
11.0
15
10
5.0
4.3
3.3
3.3
5
3.0
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
0 8 n/a
3 13 4.3
4 12 3.0
4 13 3.3
3 10 3.3
1 11 11.0
1 5 5.0
0 11 n/a
0 7 n/a
0 17 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. 17 ●
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