It’s time to dive deep into the numbers that matter for both buyers and sellers in Duncan, BC’s single-family housing Market. With August 2023 behind us, there’s a wealth of data to consider for those looking to make a well-informed real estate decision. All stat information is reliably sourced from national MLS data. Key Metrics for Duncan’s Single-Family Homes Here's a quick rundown of crucial statistics for single-family homes in Duncan for August 2023, compared to July 2023 and August 2022: Metric Aug-23 Jul-23 Aug-22 Number of Active Listings 298 336 291 Number of Sales 60 79 38 Median Sale Price $689,450 $670,000 $727,450 Average Days on Market 40 39 26 Number of Active Listings August 2023 saw a decrease in active listings to 298 from 336 in July 2023. This is a slight uptick compared to 291 listings in August 2022, indicating a balancing inventory. Number of Sales Sales activity slowed down a bit in August 2023 with 60 sales, compared to 79 in July 2023. However, this number still represents a significant increase from the 38 sales in August 2022, signaling increased buyer activity. Median Sale Price The median sale price for single-family homes in Duncan was $689,450 in August 2023. This is a moderate increase from $670,000 in July 2023, although it's slightly lower than the $727,450 recorded in August 2022. It’s important to note that monthly fluctuations are normal statistical occurrences when dealing with smaller markets.  Average Days on Market Homes were on the market for an average of 40 days in August 2023, which is a bit longer than the 39 days in July 2023 and significantly longer than the 26 days in August 2022. What These BC Real Estate Stats Mean for You For Buyers: Priced to Move: While prices are rising month-over-month, they are slightly lower than the prices from the same period last year. This might represent an opportunity for buyers. Slower Sales: The slower sales pace and longer time on the market could allow for more negotiation room on the final price. For Sellers: Balanced Market: The consistent number of listings and moderate price increases indicate a balanced market, making it neither a buyer's nor a seller's market. Price Carefully: With homes staying on the market slightly longer, careful pricing and home preparation are key for attracting buyers. In Summary The Duncan, BC single-family home market for August 2023 shows signs of being balanced, as indicated by the consistency in the number of listings and the moderate fluctuation in prices. However, buyers are noticeably more active compared to last year, which could affect market dynamics in the coming months. “It’s nice to see the market balancing out in Duncan,” said Chris Fenton, CEO of Royal LePage Pacific Rim Realty – The Fenton Group. “At the same time, it’s also nice to see the market activity remaining relatively high when compared to last year, showing that consumers are regaining confidence in the real estate market.”  Whether you're on the buying or selling end of the BC real estate spectrum, staying updated with the latest stats can empower you to make informed decisions. For a more personalized analysis or to discuss these trends in detail, don't hesitate to reach out to us. Stay tuned for our next deep dive into Duncan, BC real estate stats! Until then, best of luck with your buying or selling journey. Data Source: National MLS data, as of August 2023.