In February 2024, the West Duncan area witnessed notable changes in real estate dynamics, particularly in residential single-family detached homes. This report dives into the specifics of these changes, highlighting trends in listings, sales volume, and price movements, offering a comprehensive view of the market’s current state.
Market Overview of February 2024
The real estate landscape in West Duncan, as detailed by the Vancouver Island Real Estate Board, has experienced fluctuations across several key indicators. This period saw a decrease in units listed compared to the previous year, hinting at a tighter market with limited availability for prospective buyers. Conversely, the sales volume and pricing trends indicate a market that remains resilient and competitive.
Comparative Activity by Property Type for February 2024
Current Month Analysis:
- Units Listed saw a decline of 7.69% from the previous year, with 12 new listings.
- Units Reported Sold increased by 28.57%, with 9 sales.
- The Sell/List Ratio significantly improved to 75.00% from last year’s 53.85%.
- Reported Sales Dollars surged by 56.73%, reaching $6,888,200.
- Average Sell Price/Unit rose by 21.90%, standing at $765,356.
- Median Sell Price observed a slight increase to $710,000.
- Sell Price/List Price Ratio was at 96.87%, slightly lower than the previous year’s 99.02%.
- Days to Sell decreased significantly by 46.75%, averaging 41 days.
12 Months to Date and Year to Date Analysis:
- A 17.37% decrease in units listed over the last 12 months indicates a contracting inventory.
- Year to date, units listed grew by 22.73%, showing early signs of market recovery.
- Sales performance year to date improved by 18.18%.
Impact on Buyers and Sellers These dynamics suggest a market with growing buyer interest and competition, potentially leading to quicker sales but also highlighting the importance of strategic pricing for sellers to capture maximum value.
Regional Highlights West Duncan’s market dynamics reflect a robust demand, especially for residential single-family homes. The Sell/List Ratio and Days to Sell improvements underscore a market leaning towards sellers, indicating a potentially advantageous position for those considering selling their homes.
Active Listings Active listings in February 2024 have slightly increased compared to the previous year, offering more options for buyers, albeit still indicating a relatively tight market.
Market Insights The increase in the average sell price/unit by 21.90% year-over-year suggests a market where demand continues to outpace supply, pushing prices upward. This trend is critical for buyers and sellers to consider when entering the market.
Listings and Sales Volume Despite a slight decrease in listings, the sales volume and the reported sales dollars show healthy market activity, reflecting sustained interest in West Duncan’s real estate.
Pricing Trends The significant rise in both the average and median sell prices indicates a robust market that benefits sellers, with buyers willing to pay premium prices for desirable properties.
Market Efficiency The reduced Days to Sell and the improved Sell/List Price Ratio demonstrate a market that is becoming more efficient, with properties moving faster and sellers achieving near or above list prices.
Conclusion February 2024 has showcased a dynamic West Duncan real estate market, with trends indicating a strong seller’s market. Buyers and sellers must navigate these conditions carefully, leveraging insights such as the increased average sell price and quicker sales times. Whether considering buying or selling, now is a critical time to engage with the market to capitalize on current trends.
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