malahat DETACHED - MARCH 2 0 2 4
MONTHS OF INVENTORY 4.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2023
▲ 12% VS 2023
▲ 56% VS 2023
▼ 23% VS 2023
There were 84 detached listings in Malahat in March, 20% above February and 56% higher than March 2023. March detached home sales increased by 5% month-over-month, to 20, and were 23% below March 2023. The months of inventory for detached in Malahat, at 4.2, reflected a sellers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
20 84
26 54
102% -23% 56%
19 70
10% 23% 14% 5% 20%
The detached median price in March was $992,500, a 23% increase from February and 12% above March 2023.
$1,003,000 $992,500 4.2
$908,485 $810,000 3.7
$945,720 $883,500 2.1
The average sold price was $1,003,000, 10% above last month and up 6% to March 2023.
6% 12%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
114
112
34
106
92
101
30
100
84
82
70
66
65
64
54
30
23
22
20
20
26
19
20
23
16
22
7
4
16
$1.06M
$1.06M
$1.05M $1.02M
$993K
$978K
$975K $1.05M
$899K
$884K
$868K
$850K
$810K
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
8.0
15
6.0
10
2.6
2.4
2.3
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 1 n/a
3 7 2.3
7 17 2.4
7 18 2.6
2 12 6.0
1 8 8.0
0 10 n/a
0 8 n/a
0 1 n/a
0 2 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. 18 ●
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