Sunshine Coast Sales Report for August 2023

August was a quiet month overall, but we saw quite a jump in action for the detached and townhome/condo markets compared to last year. Our land-only market segment is down from last year but continues to move along regardless. Let’s see how this breaks out:

Fully detached sales are up 63% in dollar volume to $51,705,000 and 41% in unit sales to 41 homes sold. Our available inventory is up 24% to 346 homes for sale. This means our sales success ratio (the amount of sales versus the available inventory) is 12%, putting us at the lower end of the scale for a balanced market.

Year to date, we are down 30% in dollar volume to $324,200,000, and unit sales are down 27% to 286 homes sold in 2023. Our average price was skewed by two high dollar sales last month – A Roberts Creek waterfront for $4,125,000 and an entire island – Silver Island for $4,200,000 (which was $1,300,000 over asking!)

August’s average price was $1,261,000, whereas the median price (the price the middle home sold for) was $943,500.

Condo and Town Home sales are up in dollar volume by 25% to $6,450,000, and unit sales are up by 41% to 12.   Our available inventory in this market segment is 25% to 62 units. Therefore, our sales success ratio is just over 19%, putting it at the very high end of a balanced market.

Year to date, we are down 14% in dollar volume to $60,050,000 and down 8% in unit sales to 99.

August’s average price was $545,000, whereas the median price (the price the middle home sold for) was $505,000.

Land Only sales are down 37% in dollar volume to $2,100,000 and up 25% in unit sales to 5 pieces of bare land sold in August. Our available inventory is up 28% to 108; therefore, our sales success ratio is 4%, making this a buyer’s market.

Year to date, we are down in dollar volume by 61% to $26,400,000 and down in unit sales by 69% to 33.

Last month’s average price was $425,000, and the median price was $290,000.

The Bank of Canada met on September 6 to announce they will hold the interest rate at 5% for a bit longer. With three Provincial Premiers and the Federal Opposition calling for a hold, it was unsurprising that is what they did. This should provide breathing space for those needing to finance their next move.

For an informed discussion on pricing your home, call Russ and Jon with Coast Lifestyles Network and allow us to “de-risk” your next real estate transaction.

Sales volume continues to be markedly lower than last year, which is a trend that should continue through the spring, while despite the snow the market shows signs of life.

Let’s see how the month of February played out:

Fully detached home

Fully detached home dollar volume sales were down 58% from last year at this time but up 28% over last month to $27,700,000. Unit sales are down 51% from last year but up 8% over last month to 22 homes sold. Our inventory of detached homes is up 123% over last year and 6% over last month to 197 putting the sales success ratio (the number of sales versus available properties) at 12%, at the lower end of a balanced market. Year to date, we are down in dollar volume by 50% to $47,500,000 and unit sales by 45% to 46 homes sold. The median price for a home in February was $1,065,000.

Condos and townhomes

Condo and townhome dollar volume sales were down 53% from last year at this time but up 80% over last month to $5,225,000. Unit sales are down 50% from last year but up 450% from last month to 9 homes sold. Inventory of condos and townhomes is up over last year by 38% and up over last month by 12% to 73 available homes. The sales success ratio in this market segment is 12%, also putting it at the low end of a balanced market. Year-to-date dollar volume sales dropped by 63% to $6,300,000 and unit sales by 59% to 11 homes sold. The median price for a condo or townhome in February was $550,000.

Land-only sales

Land-only sales dollar volume was down 86% from last year at this time but up 87% from last month to $1,880,000. Unit sales are down 85% from last year but up 200% from last month to 3 land-only properties sold. Land inventory increased 23% from last year and 24% from last month to 69 available lots. This means the sales success ratio in this market segment is 4% keeping it generally in the hands of buyers. Year-to-date dollar volume sales decreased by 90% to $2,100,000 and unit sales by 88% to 4 lots sold. The median price for land only in February was $155,000. Last month’s biggest sale for land was a 1.87-acre development property in Sechelt for $1,600,000.

Inflation

The inflation numbers are a bit tricky this year, and one might say confusing. So, concerning an increase in the interest rate, the Bank of Canada is playing their cards closely. Several signals would lead one to believe rates are staying put for this month, as lenders offer as low as 4.59% on a 5-year fixed, insured mortgage. While much higher than last year, this rate is still quite good. We are also seeing more inventory come to market, which will help with buyer choice.

Home Buyers 

Be prepared financially to make an offer when you see something that works for you. A chat with your lender or a good mortgage broker BEFORE looking for properties is key.

Home Sellers

Depending on the type and location of your property, be prepared to be patient with the process and price your property competitively.

For market intelligence, call Russ at 604-741-7119 or Jon at 604-740-6263.

Sunshine Coast Real Estate Statistics December 2022 and Year End

After seeing record sales and prices during the pandemic, the Sunshine Coast housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation. “The headline story in our market in 2022 was all about inflation and the Bank of Canada’s efforts to bring inflation back to target by rapidly raising the policy rate. This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across Canada,” Andrew Lis, REBGV’s director of economics and data analytics, said. I concur…. let’s see how last month and 2022 as a whole breaks out:

Fully detached sales were down in dollar volume by 65% to $19,200,000, and unit sales were down 56% to 20 homes sold in December. Our available inventory is up 154% from last year to 186 homes. This means our sales success ratio is 11% putting the market in buyers’ hands.

Year to date, we are down in dollar volume by 34% to $572,800,000, and unit sales are down 39% to 502 homes sold in 2022.

The median sale price last year was $999,000.

Condos and Townhome sales were down in dollar volume by 53% to $2,750,000; unit sales were down 56% to 5 units sold in December. Our available inventory is 29% to 51 available attached homes. This means our sales success ratio is 10%, putting this market segment in buyers’ hands.

Year to date, we are down in dollar volume by 43% to $84,100,000, and unit sales were down 50% to 129 attached homes sold in 2022.

The median sale price for a condo or townhome was $605,000.

Land-only sales were at zero for December.

Year to date was down in dollar volume by 43% to $71,400,000, and unit sales were down by 51% to 114 properties sold in 2022. Our inventory for land only is up 59% to 288 available properties.

The median sale price for land-only properties was $449,000.

Many folks in the market to buy are continuing with the “wait and see” game…..unspent demand continues to build, and we’ll see how this plays out over the winter and spring months. Jon and I think we will need to see a catalyst(s) to bring confidence to buyers in the short term. For example, news stories and press releases say inflation is being held in check or is less than expected for a given month. Additionally, the Bank of Canada announced that they are holding rates steady. These factors will set a spring rush and allow us to return to a more familiar Sunshine Coast sales cycle for the foreseeable future.

Call Russ or Jon anytime for solid real estate advice backed by market intelligence!

Russ Qureshi, PREC 604-741-7119

Jon McRae, PREC 604-740-6263