Courtenay Real Estate Market Stats: November 2023 Update

Are you considering buying or selling a single-family home in Courtenay, British Columbia? If so, you've come to the right place for the latest updates on the local real estate market with data sourced from the national MLS. In this blog post, we'll dive into the November 2023 data, comparing it with data from October 2023 and November 2022 to provide you with a comprehensive overview of what's happening in the Courtenay area.

Courtenay Key Metrics:

Number of Active Listings:

  • November 2023: 115
  • October 2023: 117
  • November 2022: 129

Number of Sales:

  • November 2023: 16
  • October 2023: 28
  • November 2022: 22

Median Sale Price:

  • November 2023: $835,000
  • October 2023: $855,000
  • November 2022: $739,250

Average Days on Market (DOM):

  • November 2023: 54 days
  • October 2023: 35 days
  • November 2022: 63 days

Number of Active Listings:

As of November 2023, there are 115 active listings for single-family homes in Courtenay. This marks a slight decrease from 117 in October 2023 and a more substantial drop from 129 in November 2022. While the inventory has decreased compared to last year, there remains a healthy number of options to choose from.

Number of Sales:

In November 2023, there were 16 single-family homes sold in Courtenay. This is a decrease from the 28 homes sold in October 2023 and less than the 22 homes sold in November 2022. The drop in sales from the previous month could be attributed to seasonality and market dynamics, but it's essential to keep an eye on this trend in the coming months.

Median Sale Price:

The median sale price for single-family homes in Courtenay in November 2023 stands at $835,000. This is slightly lower than the median sale price of $855,000 in October 2023. However, it represents a significant increase compared to the median sale price of $739,250 in November 2022. This demonstrates the overall appreciation in property values in the Courtenay area over the past year.

Average Days on Market:

The average days on market (DOM) for single-family homes in Courtenay in November 2023 is 54 days. This is an increase from the 35 days in October 2023 but a decrease from the 63 days recorded in November 2022. A longer DOM suggests a more balanced market where homes take a bit longer to sell, potentially giving buyers more negotiating power.

Key Takeaways

  • Courtenay's real estate market is showing stability with a healthy number of active listings.
  • Sales activity dipped slightly in November, possibly due to seasonal factors.
  • Property values continue to appreciate, with the median sale price up significantly from last year.
  • The average days on market indicate a market that offers both buyers and sellers opportunities.

What Does This Mean for You?

  • If you're a buyer, the current market conditions provide you with ample choices and potentially more favorable negotiating positions.
  • For sellers, the market remains strong, with property values on the rise. Proper pricing and marketing strategies can help you make the most of this market.
  • As always, it's advisable to consult with a local real estate expert who can provide personalized insights and guide you through your specific situation.

Conclusion

If you're considering buying or selling a single-family home in Courtenay, it's essential to stay informed about these market trends and work with a knowledgeable local real estate agent who can help you make informed decisions. As we move into the winter months, it will be interesting to see how the market evolves in Courtenay, and we'll continue to provide you with updates to keep you informed. Feel free to contact us with any question! We love talking real estate.

Data sourced from National MLS as of December 2023. All information is believed to be accurate but is not guaranteed and should be independently verified.

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