Courtenay Real Estate Market Stats: August 2023 Update

When it comes to real estate, nothing is more essential than data-driven insight. For those interested in the Courtenay area's single-family homes, we've gathered the most recent MLS market data to help you make an informed decision, whether you're buying, selling, or simply keeping an eye on the market. Let's dive into the numbers for August 2023 and see how they compare to the previous month and year.

Key Courtenay Metrics at a Glance

• Number of Active Listings: 113 in August 2023, compared to 114 in July 2023 and 148 in August 2022
• Number of Sales: 23 in August 2023, down from 33 in July 2023, but slightly up from 21 in August 2022
• Median Sale Price: $830,000 in August 2023, up from $795,000 in July 2023, but down from $894,000 in August 2022
• Average Days on Market: 34 in August 2023, unchanged from July 2023, but shorter than the 48 days in August 2022

Number of Active Listings

The number of active listings slightly decreased to 113 in August 2023 from 114 in July 2023. Compared to August 2022, when there were 148 active listings, the market has contracted. This suggests that while there are fewer options available for buyers, sellers might find a quicker path to sale due to less competition.

Number of Sales

August saw a decline in sales to 23 from 33 in July. This seasonal dip is not uncommon, but when compared year-over-year, sales have slightly improved from 21 in August 2022. This indicates a somewhat stable demand for single-family homes in the Courtenay area.

Median Sale Price

The median sale price in August 2023 was $830,000, showing an upward trend compared to $795,000 in July 2023. However, this price is still lower than the median sale price of $894,000 in August 2022. This suggests that while there has been a short-term rise in prices (which could easily be attributed to skwed numbers due to the small monthly sample size), the market has adjusted downward over the last year, providing somewhat of a relief to potential buyers.

Average Days on Market

Properties are spending an average of 34 days on the market, unchanged from July 2023. This is faster compared to August 2022, when the average was 48 days. A lower average days on market can indicate a sellers' market, where properties are selling relatively quickly.

What Does This Mean for You?

For Buyers:

• You may face fewer options due to reduced listings but might find some relief in the slightly lower median sale price compared to last year.
• Be prepared to act quickly, as homes are staying on the market for fewer days than last year.

For Sellers:

• With fewer active listings and stable sales, this could be an opportune time to list your property.
• The upward trend in median sale prices from July to August suggests a favorable environment for sellers, but be mindful of pricing strategies due to the year-over-year decline.

Real estate markets are always in flux, influenced by a myriad of factors such as interest rates, economic conditions, and local developments. While this data gives us a snapshot of the Courtenay single-family homes market for August 2023, it’s essential to consult with a real estate professional for personalized advice.

When asked about the current state of the Courtenay market, Realtor Chris Fenton has this to say, “This fall is going to be very telling for the real estate market. The bank of Canada just held rates steady for September, and it will be fascinating to see how the market responds in Courtenay.”

For more information on the Courtenay real estate market or to discuss your real estate needs, feel free to contact us. We're here to help you make the most informed decisions.

Data Source: National MLS data, as of August 2023.