Oak Bay Real Estate Market Stats: November 2023 Update

Welcome to our monthly Oak Bay, BC real estate market report, where we provide you with the latest insights and trends in the local housing market. In this edition, we'll be analyzing the data from November 2023 and comparing it to the previous month and year. Oak Bay, situated on Vancouver Island, continues to be a highly desirable community for those seeking the perfect blend of natural beauty and urban convenience.

Market Overview

Let's dive into the key statistics for November 2023:

Number of Active Listings:

  • November 2023: 63
  • October 2023: 73
  • November 2022: 60

Number of Sales:

    • November 2023: 12
    • October 2023: 9
    • November 2022: 5

Median Sale Price:

  • November 2023: $1,735,000
  • October 2023: $2,150,000
  • November 2022: $2,800,000

Average Days on Market:

  • November 2023: 21
  • October 2023: 21
  • November 2022: 47

      Key Takeaways

      • Steady Inventory: The number of active listings in Oak Bay decreased slightly from October 2023 to November 2023, which may suggest that some buyers are finding their dream homes and taking them off the market. However, compared to November 2022, there are more homes available for potential buyers.
      • Increased Sales: The number of home sales saw a notable increase from both the previous month and the same period last year. This could indicate a strong demand for single-family homes in Oak Bay.
      • Median Sale Price Decrease: The median sale price decreased from October 2023 to November 2023, but it's important to note that this is a typical seasonal trend as we head into the winter months. Compared to November 2022, the median sale price is lower, which might be appealing to buyers looking for more affordable options.
      • Quick Turnaround: Homes in Oak Bay are spending an average of just 21 days on the market, which is consistent with the previous month. However, it's significantly lower than November 2022, indicating that homes are selling faster than they were a year ago.

      Market Outlook

      The Oak Bay real estate market remains active and competitive, making it essential for both buyers and sellers to stay informed and work with experienced real estate professionals. As we head into the holiday season, we anticipate a continuation of the seasonal slowdown, but the overall market remains robust.

      For sellers, pricing your home competitively and showcasing its unique features will be key to attracting buyers in this dynamic market. For buyers, it's essential to be pre-approved for a mortgage and act quickly when you find a property that meets your criteria.

      If you're interested in exploring the Oak Bay real estate market, please don't hesitate to reach out to our experienced agents. We're here to help you navigate this exciting and ever-changing market.

      Conclusion

      Oak Bay, BC, continues to be an attractive community for those seeking the perfect blend of natural beauty and urban convenience. With a strong real estate market characterized by increased sales and a reasonable median sale price, it's an excellent time for both buyers and sellers to make their move in this picturesque Vancouver Island locale. Stay tuned for our next market update, and remember, we're here to help you with all your real estate needs in Oak Bay.

      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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