Tofino Real Estate Market Stats: November 2023 Update

Welcome to our latest Tofino real estate market report for November 2023. As we delve into the statistics, we'll explore the trends in single-family homes in this charming coastal community, relying on data from the national MLS to provide you with valuable insights. Tofino, located on the west coast of Vancouver Island in British Columbia, is known for its stunning natural beauty and is a popular destination for tourists and homebuyers alike.

Market Overview

The Tofino real estate market has seen some interesting shifts since October 2023. Here's a snapshot of the key statistics:

Number of Active Listings:

  • November 2023: 11
  • October 2023: 13
  • November 2022: 11

It's worth noting that while the number of active listings has decreased slightly compared to October 2023, it remains consistent with the same period last year. This suggests that the Tofino housing market continues to maintain its level of inventory.

Number of Sales

  • November 2023: 1
  • October 2023: 1
  • November 2022: 0

In November 2023, there was one reported sale of a single-family home in Tofino. While the number of sales remains relatively low, it's important to consider that Tofino is a small and unique market, which can lead to fluctuations in sales activity.

Median Sale Price

  • November 2023: $650,000
  • October 2023: $1,490,000
  • November 2022: Data not available (n/a)

The median sale price in November 2023 saw a significant decrease compared to October 2023. However, it's important to interpret this data with caution. Tofino's real estate market is known for its seasonal fluctuations, and a single high-priced transaction can skew median values.

Average Days on Market

  • November 2023: 180
  • October 2023: 137
  • November 2022: Data not available (n/a)

The average days on market increased in November 2023 compared to the previous month. This may indicate that buyers are taking more time to make decisions or that properties are being priced more competitively.

Market Insights

While the Tofino real estate market appears to have cooled off slightly in November 2023, it's important to consider the unique nature of this coastal community. Tofino's market often experiences fluctuations due to its desirability as a vacation destination, the limited inventory of single-family homes, and the influence of seasonal tourism trends.

Buyers looking to invest in Tofino should keep an eye on the market, as opportunities can arise when prices dip, as seen in November. Sellers should work closely with experienced real estate agents who understand the nuances of the local market to set realistic prices and expectations.

Conclusion

The Tofino real estate market remains an exciting and unique opportunity for those looking to own a slice of paradise on Vancouver Island's west coast. While the market has shown some fluctuations, it continues to attract both residents and investors who value the stunning natural beauty and vibrant community spirit that Tofino has to offer.

For personalized advice and assistance with your real estate needs in Tofino, please don't hesitate to contact our team of experienced professionals. We're here to help you navigate this dynamic market and find the perfect single-family home to suit your needs.

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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