Hello, Vancouver Island friends! Louis here bringing you the December 2023 real estate market stats. Let’s sit back and unpack what these numbers really mean for us.
Market Overview
Single-Family Homes:
Sales were at 151 homes, down 23% from last year and 36% from November. The resilience in value is clear, with the benchmark price at $753,000, up 5% year-over-year but down 1% from the previous month.
Condos:
Condos saw 39 sales, a nice lift of 11% from last year, though a 30% drop from November. The benchmark price? $384,500, growing by 3% compared to last year.
Townhouses:
With 39 townhouses sold, we’re looking at a huge 50% increase over last year, but a 22% dip from November. The average price settled at $544,200, up 2% year-over-year.
That’s December for you! What’s your takeaway on this? Seems more people are turning to condos and townhouses to get a foothold in the market, it’s how I started and with the equity you build it will help you reach your goal of owning a single family detached home in time. If you’re hesitating to make a move, call me to discuss it, we can unpack the dilemmas and go through numbers and see if waiting any longer will benefit you or if the market will pull away from you.
Whether you’re in the market or just keeping an eye on it, I’m here to help make sense of these trends. Reach out anytime for a friendly, no-pressure chat about your real estate questions.
