Oak Bay Real Estate Market Stats: August 2023 Update

In today's real estate landscape, having data at your fingertips is crucial for making well-informed decisions. Whether you're looking to buy or sell a single-family home in Oak Bay, or you're simply interested in keeping a finger on the pulse of the local market, we're here to provide you with the most current statistics. Let's examine the MLS market stats for August 2023 and see how these numbers contrast with July 2023 and August 2022.

Oak Bay's Key Market Metrics for August 2023

• Number of Active Listings: 79
• Number of Sales: 14
• Median Sale Price: $2,417,500
• Average Days on Market: 22

Number of Active Listings

August 2023 saw 79 active listings in Oak Bay, a slight uptick from 78 in July 2023 and a notable increase from 62 in August 2022. This surge in inventory indicates a greater selection for potential buyers, while sellers may face increased competition.

Number of Sales

The number of sales remained consistent at 14 between July and August 2023, a significant increase from only 5 sales in August 2022. This trend suggests that the market is more active now than it was a year ago, which may be a positive indicator for both buyers and sellers.

Median Sale Price

The median sale price in August 2023 was $2,417,500, up from $2,000,000 in July 2023 but lower than the $2,700,000 figure from August 2022. The recent rise in median sale price could suggest a favorable market for sellers, but on the other hand it’s important to note the small sample size of units sold, which can easily skew monthly numbers. 

Average Days on Market

Properties in Oak Bay are selling faster now than in the past, with the average days on the market being 22 in August 2023, as opposed to 55 in August 2022. This is slightly down from 23 days in July 2023, indicating that homes are selling quite quickly.

Implications for the Market

For Buyers 

• More Choices: An increase in listings provides you with more options.
• Increased Competition: More sales mean more active buyers; consider acting quickly.
• Higher Prices: Be prepared for a potential uptick in prices, given the recent data.

For Sellers 

• Faster Sales: With lower average days on market, expect quicker sales.
• Rising Prices: The median sale price has increased, which might enable you to set a higher asking price.
• More Competition: With more listings on the market, effective marketing and staging are key.

Conclusion

The Oak Bay single-family home market is notably active, with more listings and quicker sales than we've seen in the past. While the median sale price has experienced some fluctuations, the general trends suggest a healthy and dynamic market. As always, data-centric insights can be invaluable when navigating real estate decisions.

“More listings for Buyer’s to choose from and more people buying in the market,” said Virginia Fenton of LoyalHomes.ca “The Oak Bay real estate market is steady and strong right now.”

For personalized advice and strategies tailored to the Oak Bay market, don't hesitate to contact our team of experts.

Note: All statistics are sourced from national MLS data for August 2023 and are subject to change.