the victoria rennie review | April 2024

saanich east CONDO - MARCH 2 0 2 4

MONTHS OF INVENTORY 5.1 BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 9% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 1.2% VS 2023

▲ 29% VS 2023

▼ 19% VS 2023

▼ 52% VS 2023

There were 66 condo listings in Saanich East in March, 27% above February and 29% higher than March 2023.

March condo sales decreased by 19% month-over-month, to 13, and were 52% below March 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The months of inventory for condos in Saanich East, at 5.1, reflected a balanced market.

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

13 66

27 51

9% -19% 1.2% 169% -52% 29%

16 52

5% -11% -14% 56% -19% 27%

The condo median price in March was $520,000, a 14% decrease from February and 1.2% above March 2023. The average sold price was $535,680, 11% below last month; the average PSF sale price was $641, up 5% to last month.

$641 $535,680 $520,000 5.1

$589 $661,178 $514,000 1.9

$610 $602,838 $605,000 3.3

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

66

25

62

70

69

22

51

46

52

52

48

38

38

18

35

42

33

32

27

31

22

19

16

16

15

22

13

13

13

$605K

$563K

$553K

$545K

$545K

$538K

$528K

$520K

$514K

$500K

$492K

$460K

$456K

Mar-23

Feb-24

Mar-24

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET <5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● MONTHS OF INV.

25

11.0

4+ bdrms

20

15

3 bdrms

1

5.0

10

9

2.6

2 bdrms

5

46

0

4

<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 11 11.0 9 23 2.6 3 15 5.0 0 12 n/a 0 1 n/a 0 2 n/a 0 2 n/a

<2 bdrms

19

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. 34 ●

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