Esquimalt Real Estate Market Stats: August 2023 Update

Esquimalt, a community adjacent to British Columbia's capital city of Victoria, is an increasingly popular location for those seeking a blend of urban convenience and natural beauty. For anyone considering buying or selling a single-family home in this thriving area, understanding the current real estate market stats is essential. Let's explore the key findings from the MLS data for August 2023 to shed light on the market's dynamics.

Key Real Estate Metrics for August 2023 in Esquimalt, BC

• Number of Active Listings: 22
• Number of Sales: 7
• Median Sale Price: $992,000
• Average Days on Market: 26

Number of Active Listings

August 2023 recorded 22 active listings, showing little change from 23 in July 2023. However, compared to only 12 active listings in August 2022, the market has seen an increase in available inventory. This could offer buyers a wider selection of properties to consider.

Number of Sales

The number of sales for single-family homes stood at 7 in August 2023, up from 4 in July 2023, and slightly better than the 5 sales from August 2022. This suggests a modest but steady demand for homes in Esquimalt.

Median Sale Price

The median sale price in August 2023 was $992,000, which represents a significant decrease from the $1,218,000 in July 2023, and also below the $1,129,000 recorded in August 2022. It’s critical for us to note that the number of houses selling per month in Esquimalt, makes it very easy for median sale price to become skewed. 

Average Days on Market

Homes spent an average of 26 days on the market in August 2023, up from 15 days in July 2023 and considerably higher than the 9 days seen in August 2022. This could signify that buyers are taking a bit more time to make decisions, or that sellers are pricing their homes more optimistically.

What Do These Trends Mean For You?

For Buyers

The increase in active listings could mean more options for you, which is always a good thing. However, even with the higher number of listings and longer average days on the market, it’s still relatively a fast-paced market. 

For Sellers

The relatively low number of sales, coupled with longer days on market and a decrease in median sale prices, suggests that accurate pricing and effective marketing are critical for attracting potential buyers. However, the increase in the number of sales compared to last month indicates that well-priced homes are still finding buyers.

Summary

Esquimalt's single-family home market is showing some interesting dynamics as of August 2023. While the number of active listings has grown, giving buyers more choices, the slower pace of sales and longer average days on market could mean that sellers need to be more strategic in pricing and marketing their homes.

“There is no doubt that balance is slowly being restored to the Esquimalt real estate market,” said Chandra Scheffers of LoyalHomes.ca. “As it is in most markets across BC.” 

If you're thinking of making a move in the Esquimalt real estate market, now might be an opportune time, whether you're looking to buy or sell. For personalized advice tailored to your unique situation, feel free to reach out to our experienced group of real estate professionals.

Note: All statistics cited in this blog post are based on national MLS data for August 2023 and are subject to change.