Saanich Real Estate Market Stats: August 2023 Update

British Columbia's vibrant real estate market continues to make headlines, showcasing resilient growth, especially in sought-after residential areas. Saanich, a community known for its picturesque landscapes and family-friendly amenities, has been keeping pace with this trend, attracting both homebuyers and investors alike.

Whether you are considering purchasing a new home or putting your property up for sale, it's crucial to understand the pulse of the local real estate market. So, let's dive into the latest MLS stats data for single-family homes in Saanich as of August 2023.

Key Market Metrics for Saanich in August 2023

• Number of Active Listings: 210
• Number of Sales: 56
• Median Sale Price: $1,314,950
• Average Days on Market: 22

Number of Active Listings

The number of active listings in Saanich was 210 in August 2023, very close to July's figure of 209 and an increase from 196 in August 2022. This slight growth in inventory indicates a stable yet expanding market.

Number of Sales

Saanich witnessed 56 sales in August 2023, which is a moderate drop from 65 sales in July 2023 but fairly close to 58 sales from August 2022. This suggests that while the market is robust, the high-demand phase might be cooling off a bit, or it may just be a summer fluctuation. 

Median Sale Price

The median sale price in August was an impressive $1,314,950, up from $1,226,000 in July 2023 and significantly higher than the $1,150,000 of August 2022. This indicates that home values in Saanich are not only holding but may be on an upward trajectory.

Average Days on Market

Properties were on the market for an average of 22 days in August 2023, which is longer than the rapid 14 days of July 2023 and the 19 days from August 2022. This implies that while homes are still selling relatively quickly, buyers may have a little more time to make their decisions compared to the previous month.

What Do These Trends Indicate?

For Buyers

• Stable Inventory: A slight increase in listings provides more options to choose from.
• Competitive Pricing: With a rising median sale price, buyers should brace for a sellers' market.
• Decision Time: A slightly longer average days on market means a bit more time for decision-making, but acting fast is still advisable.

For Sellers

• Price Advantage: The upward trend in median sale price suggests that sellers can aim for a higher asking price.
• Moderate Sales: Though the number of sales has slightly decreased, the market still favors sellers.
• Quick Turnover: With an average of 22 days on the market, sellers can anticipate a relatively quick sale.

Conclusion

Saanich's single-family home market continues to show promising signs, underpinned by a steady inventory and climbing sale prices. Even as the average days on market has increased slightly, the market dynamics still favor both buyers looking for options and sellers aiming for a timely and profitable sale.

“Not a whole lot has changed in the Saanich real estate market between July and August,” said Realtor Esther Fenton “In a market that has changed so much recently, that’s not such a bad thing.” 

For more detailed advice tailored to your unique real estate needs in Saanich, don't hesitate to contact our expert team today.

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