North Saanich Real Estate Market Stats: August 2023 Update
North Saanich is a community that offers a blend of oceanfront beauty, suburban tranquility, and easy access to urban amenities. It's a sought-after area for those looking for a balanced lifestyle. Whether you're considering investing, buying, or selling a single-family home in this increasingly popular area, keeping an eye on real estate market trends is crucial. Here's what the latest MLS data says about North Saanich as of August 2023:
Key Market Metrics for North Saanich in August 2023
- Number of Active Listings: 64
- Number of Sales: 17
- Median Sale Price: $1,750,000
- Average Days on Market: 18
Number of Active Listings
The number of active listings in North Saanich for August 2023 was 64, a slight increase from 62 in July 2023 and up from 51 in August 2022. This indicates a slowly growing inventory, offering potential buyers more options.
Number of Sales
The community saw 17 sales in August 2023, an increase from the 11 sales in July 2023, and almost at par with the 19 sales from August 2022. This suggests a relatively consistent demand for single-family homes in the area.
Median Sale Price
The median sale price was $1,750,000 in August 2023, up from $1,590,000 in July 2023 and a significant increase from $1,275,000 in August 2022. This points to a strengthening market where home values are rising.
Average Days on Market
Homes in North Saanich were on the market for an average of 18 days in August 2023, much shorter than the 37 days in July 2023, and also shorter than the 31 days in August 2022. This indicates a faster-moving market, where listings are being snapped up more quickly.
What Do These Trends Indicate?
- Increasing Options: A growing number of active listings means more choices are available.
- Rising Prices: With the median sale price increasing, buyers should be prepared for a competitive market.
- Act Fast: The decrease in average days on market indicates that desirable properties are likely to be sold quickly.
- Favorable Demand: A higher number of sales compared to last month suggests strong demand for properties in North Saanich.
- Price Uptrend: Rising median sale prices indicate the potential for sellers to command higher asking prices.
- Quicker Sales: With the average days on the market decreasing, sellers can expect quicker transactions.
The North Saanich single-family home market is showing signs of robust health, with rising prices, quick sales, and a modest but steady increase in inventory. Whether you're a buyer or a seller, this data suggests that acting sooner rather than later might be to your advantage.
“Increased demand and increased supply in the same month, this is not something that’s being seen in many markets across Vancouver Island,” according to Nicole Dabney of Royal LePage Pacific Rim Realty – The Fenton Group.
If you're contemplating making a move in the North Saanich real estate market, contact our team of experts for personalized guidance and insight tailored to your unique needs.
Note: All statistics are sourced from national MLS data for August 2023 and are subject to change.