Sorrento, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $545,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $325,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $545,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $270,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $480,000 |
Demographics
| Current Population (2024) | 15,300 |
| Previous Population (2019) | 15,000 |
| Population Change | 2.0% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Sorrento, British Columbia, is currently experiencing steady growth. With a median house price of $545,000, the market has seen a year-over-year increase of 4.2%. This suggests a healthy demand for single-family homes that could be driven by factors like local economic development and demographic trends. The median apartment price stands at $325,000, with a more modest growth trend of 2.5% year-over-year. This may indicate a stable demand for smaller, more affordable housing options in the area.
Investment Opportunities and Potential
Given the current market trends, investment opportunities in Sorrento appear promising. The consistent growth in house prices reflects a solid real estate market that could offer stable returns to investors over time. With population growth at 2%, there is ongoing demand for housing which further reinforces the market’s potential for investment. Additionally, the differential growth rate between houses and apartments suggests that there might be an untapped opportunity in the apartment sector, with potential for increased demand in the future.
Future Market Outlook
The future outlook of Sorrento’s real estate market seems optimistic based on the observed data points. The persistent rise in property values coupled with steady population growth indicates that the market is likely to maintain its upward trajectory. Investors and homeowners can reasonably expect continued appreciation of property values, especially if local economic conditions remain favorable and population growth persists or accelerates. However, it is important to monitor external economic factors and housing supply dynamics that may impact these trends over time.
