Sooke Real Estate Market Stats: August 2023 Update

In the fast-paced world of real estate, having the latest information is crucial for making well-thought-out decisions. If you're contemplating entering the single-family home market in Sooke, BC, look no further. We’ve assembled the most recent MLS statistics for August 2023 to aid you in your property endeavors—be it buying, selling, or simply gauging the market landscape. Let’s break down this month's key data and see how it compares to July 2023 and August 2022.

Sooke’s Single-Family Home Metrics for August 2023

• Number of Active Listings: 118
• Number of Sales: 18
• Median Sale Price: $830,000
• Average Days on Market: 38

Number of Active Listings

In August 2023, there were 118 active listings for single-family homes in Sooke, an increase from 104 in July 2023 and 100 in August 2022. This trend suggests a growing inventory for potential buyers, providing more options but also indicating a slightly less competitive market for sellers.

Number of Sales

There were 18 sales in August 2023, a modest uptick from 16 sales in July 2023 but a drop from 24 sales in August 2022. Although the number of sales has increased month-over-month, the yearly decline may signal a market that’s becoming slightly less heated.

Median Sale Price

The median sale price settled at $830,000 in August 2023, down from $881,250 in July 2023 but up from $782,500 in August 2022. This suggests that while prices have dipped slightly from last month, they are still higher than they were a year ago, potentially favorable news for sellers.

Average Days on Market

The average days on the market in August 2023 were 38, a decrease from 42 in July 2023 but relatively stable compared to 41 in August 2022. The slight reduction in days on the market month-over-month could indicate an increasingly fast-paced market.

What Does This Mean for You?

For Buyers 

• More Choices: The increased number of listings gives you more options.
• Time to Decide: Slightly higher days on market allow for a bit more decision-making time.
• Watch the Price: While the median sale price dipped this month, it’s still higher year-over-year.

For Sellers 

• Price Sensitively: With a slight dip in median sale price from last month, careful pricing is key.
• Slight Cooling: Less sales compared to last year could mean a less frantic market.
• Faster Transactions: A decrease in average days on market month-over-month suggests quicker sales are possible.

Final Thoughts

The Sooke single-family home market appears to be in a state of moderate flux, with more homes available for sale but fewer actual sales compared to last year. While prices have receded a bit compared to last month, they are up year-over-year, suggesting a market that could benefit both buyers and sellers in different ways.

“Listings are coming on in higher numbers than we might have expected,” comments Realtor Chris Fenton, “It will be fascinating to see what supply and demand does during the traditional fall market this year.”

For a tailored strategy that aligns with Sooke's current market conditions, feel free to connect with our knowledgeable team.

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