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
Consumer confidence is high as the real estate market on the Sunshine Coast rises
/0 Comments/in Sunshine Coast Real Estate /by russqureshiSunshine Coast Sales Summary for May 2023
In 2022 the market remained astronomically strong for sellers through to the end of June. In 2023 the detached home market was very strong for May and the condo/townhome and land only markets continue to limp along although the condo/town home market is getting stronger compared to recent months.
Lets see how this all breaks out:
Fully detached sales were down in dollar volume only 11% from last year to $58,750,000 with unit sales doing even better, only down 7% to 51 homes sold in May. Available inventory is up 48% from last year to 313 homes for sale. This means our sales success ratio (the amount of sales versus the available inventory) is 16% which is balanced territory.
Year to date we are down 46% in dollar volume to $181,200,000 and down 42% in unit sales to 164 homes sold so far this year. The average home price (total dollar volume divided by sales) is $1,151,000.
The median sale (the 26th home to sell of 51) was $950,000.
Condo & Town Home sales are down in dollar volume by 13% to $9,700,000 and unit sales are down by 18% to 18 homes sold in May. Available inventory is up 42% to 67 attached homes for sale. This means our sales success ratio is 26% putting the attached market in the hands of sellers…statistically.
Year to date we see this segment of the market down in dollar volume by 43% to $31,500,000 and unit sales by 35% to 56 attached homes sold in 2023.
The average attached home price is $555,000 while the median sale price was $517,500.
Land only sales were very slow in May with only 1 recorded sale at $1.3 million….Jon and I have subject deals on several land only properties as we begin June so we will see better numbers for this segment of the market next month.
We are truly seeing a lot of mixed signals…the detached market is actually very strong with steady increases in inventory and consistent sales week in and week out. The attached market, while moving much more slowly, is showing signs of picking up relative to the earlier part of the year. The land only market, despite only a single sale last month, is also starting to move but it is all stops and starts (one week nothing and the next week we can’t keep up…)
Consumer confidence is higher and this is reflected in a jump in the latest inflation numbers….this has caused some pundits to think the Bank Of Canada (BOC) will raise rates this month but every mortgage broker I’ve spoken to seems to think that is not going to happen and I, personally, doubt it as well. In my own experience I am noticing way more buyers being able to have some choice under the 1 million mark and sales and acute interest in the $2 – $2.5 million range too…give us a ring to discuss the market in more depth.
For market statistics call your realtor. For market intelligence call Russ or Jon at www.coastlifestyles.ca
Sunshine Coast real estate is picking up for spring
/in Sunshine Coast Real Estate /by russqureshiSunshine Coast Sales Snapshot for April 2023 and YTD
As predicted, the Sunshine Coast is picking up for spring but still showing markedly fewer sales volume than last year. Let’s break it out:
Fully Detaches Home Sales
Fully Detaches Home Sales were down in dollar volume from last year by 47% to $49,875,000 and unit sales by 40% to 43 homes sold in April. Our inventory is up 75% to 268 available detached homes for sale. This means our sales success ratio (the number of sales versus the general stock) is 16% making it a balanced market. Year to date, we see the same story playing out with 55% less dollar volume at $122,500,000 and 50% fewer unit sales at 113. The average sale price (total dollar volume divided by unit sales) is $1,084,000, while the median sale price (the price the middle home sold for) was $899,000.
Condo and Townhome Sales
Condo and Townhome Sales were down in dollar volume from last year by 10% (only) to $7,954,000; unit sales were even, with 13 sold in April. Our inventory is up 32% to 74 available condos or townhomes for sale. This means our sales success ratio for this market segment is 17%, making it a balanced market. Year to date, we see dollar volume down by 48% to $21,775,000, and unit sales are down by 43% to 38 units sold so far this year. The average sale price was $560,000, while the median was $560,000.
Land Only Sales
Land Only Sales were down in dollar volume from last year by 87% to $2,690,000, and unit sales were down 85% to 4 lots sold in April. Our available inventory is up 61% to 92 available lots for sale. This means our sales success ratio is 3% making it a buyer’s market. Year to date, we see dollar volume is down 81% to $9,725,000, and unit sales are down by 83% to 14 lots sold. The average sale price for the land last month was $695,000, and the median price was $654,000.
As inflation remains steady and the Bank of Canada holds interest rates, we see the spring market uptick taking effect. We are also seeing some pent-up demand playing out, bringing the market, as a whole, into balanced territory.
For market statistics, call your realtor. For market intelligence, call Russ or Jon at Coast Lifestyles Network.
Condo and townhome sales are on the rise on the Sunshine Coast
/in Sunshine Coast Real Estate /by russqureshiSunshine Coast Sales Snapshot for March 2023
March was a semi-slow month with numbers showing us to be well down in volume from last year. Compared to February we are down slightly in the detached market and up in both the condo/townhome and land-only markets. Let’s see how this breaks out:
Fully detached home sales
Fully detached home sales dollar volume was down compared to last year by 69% to $25,100,000 and unit sales were down by 66% to 24 homes sold. When we compare to last month we see dollar volume is down 9% and unit sales are even with last month. Our available inventory is up 72% from last year to 230 homes. This means our sales success ratio ( the number of sales versus the available inventory) is just over 10% putting the market in the buyer’s hands for the most part.
Year to date we are down 59% in dollar volume to $72,600,000 and unit sales by 55% to 70 sold so far this year.
The average cost of a home in March (all the sales prices added up and divided by 24 sales) was down 9% to 1,037,000 however, the median price (the price the middle home sold for) was $849,000.
Condo and Townhome sales
Condo and Townhome sales were down in dollar volume compared to last year by 60% to $7,525,000 and unit sales are down by 49% to 14 homes sold in March. Compared to last month things are looking brighter with dollar volume up by 30% and unit sales up 35%. Our available inventory is up 39% from last year to 73 available attached units for sale. This means our sales success ratio is 19% putting us at the very high end of a balanced market.
Year to date we are down in dollar volume by 61% to $13,800,000 and unit sales are down by 52% to 25 sold so far this year.
The average cost of a condo or townhome in March was $530,500 and the median price was $492,000.
Land-only sales
Land-only sales were down in dollar volume compared to last year by 52% to $4,900,000 and unit sales by 70% to 6 lots sold in March. Compared to last month we are up 61% in dollar volume and 50% in unit sales.
Year to date we are down 77% in dollar volume to $7,000,000 and 82% in unit sales to 10 lots sold this year so far. There was an acreage on Pratt Rd in Gibsons that is throwing the numbers off with a sale price of $2,150,000.
The average price for a lot last month was $819,000 and the median was $580,000.
Settling Inflation Numbers
Jon and I are seeing a significant uptick in action over the past several weeks. With the combination of settling inflation numbers, a hold on the interest rate, and some sunny days we are seeing more buyer activity.
Home Buyers
Be prepared to make your offer ie. Have your financial ducks in a row. You will be able to negotiate a good deal but very few, if any, sellers are letting a buyer get “the steal”.
Home Sellers
Tthe market continues to become more competitive and, generally, favour buyers so make sure your home is showing well and you understand well your financial situation to move forward – so you can negotiate meaningfully and with confidence.
Sunshine Coast Real Estate Snapshot for February 2023
/in Sunshine Coast Real Estate /by russqureshiSales 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 Snapshot for January 2023
/in Sunshine Coast Real Estate /by russqureshiThe New Year in 2023 has brought out a slight jump in our local real estate market!
While all market segments are down from last year, we were expecting that! The Real Estate Board of Greater Vancouver’s economist, Andrew Lis, forecasts the market will look like last year’s. The takeaway is that peak pricing was last spring, and the market has come down since then, so prices will, due to the lack of inventory, remain where they are over the next year, so make sure to consider a home purchase. Here’s how the real estate market on the Sunshine Coast of BC rolled out in January 2023:
Detached home sales were down 41% in dollar volume to $19,823,000, and unit sales were down 38% to 22 units sold. Our listing inventory is up from last year by 148% to 184 available detached homes. Keep in mind, while this seems like much more inventory, our pre-Covid inventory was in the range of 325 – 375 properties. Our sales success ratio (the number of sales versus the available inventory) is 12% putting us on the cusp of a balanced market.
The average sale price for a home this past month was $900,000, while the median sale price was $765,000.
Condo and Town Home sales were down 79% in dollar volume to $1,050,000, and unit sales are down 77% to 2 homes sold in January.
Our listing inventory is up from last year by 44% to 64 available homes. The sales success ratio is 3%, meaning a buyer’s market in January for attached homes.
The average sale price for a home this past month was $456,000.
Bareland sales for January were one lot in Sandy Hook, which sold for $240,000.
Looking back at 2022-A year of caution in the real estate market
/in Sunshine Coast Real Estate /by russqureshiSunshine 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
Average home prices rise amid declining sales volume on the Sunshine Coast BC
/in Sunshine Coast Real Estate /by russqureshiSunshine Coast Real Estate Statistics for November 2022
All segments of the Sunshine Coast real estate market continue to decline for sales volume, inventory is fluctuating slightly and the average cost for a home continues to rise. Let’s see how it breaks out:
Fully detached home sales
Fully detached home sales were down in dollar volume from last year by 65% to $24,000,000 and units sales are down 58% to 23 homes sold. This is also down 16% in dollar volume and 15% in unit sales from last month. Inventory is up 142% over last year to 252 homes available. Inventory is down from last month by 9%. Our sales success ratio, the amount of sales versus the available inventory, is 9% putting the market firmly in the hands of buyers.
Year to date is pretty much as one might expect, down in dollar volume by 32% to $554,000,000 and down in unit sales by 37% to 482 homes sold so far in 2022. The average price for a home is up by 8% to $1,148,600. The median sale price, (the price the 12th of the 23 homes sold for), was $850,000.
Condos and Town Home sales
Condos and Town Home sales are down to some of the lowest levels I’ve seen in 20 years. Dollar volume for November was down 84% to $2,475,000 and unit sales are down 83% to 4 homes sold. Inventory is up by 39% to 61 available units. This means our sales success ratio is 6.5% putting this segment of the market in buyer’s hands.
Year to date we have seen a drop in dollar volume of 42% to $81,300,000 and units sales are down by 50% to 124 homes sold so far in 2022. The average price for an attached living option is up 12% to $652,000. The median sale price was $582,000.
Land only sales
Land only sales were down 85% in dollar volume last month to $1,125,000 and unit sales are down 85% to 2 lots sold. Inventory is down by 12% to 75 units…buyers…..where are you?
Year to date we are down 41% in dollar volume to $71,400,000 and down in unit sales by 49% to 114 lots sold in 2022. The average price for a piece of bare land so far this year is up 15% to $626,000.
Sellers take heart!
While we are seeing prices adjust down (keep in mind median prices rather than average prices) the drop is relatively minimal. Selling a home is, once again, a match making endeavor rather than a list and “manage the line-up” scenario. Matchmaking buyers and sellers is something at which that Jon and I excel!
Buyers should get their financial ducks in a row.
The Bank of Canada will meet one more time this year and likely raise the prime by another .25%. It is unlikely to go up beyond that in 2023 so, when you find the right place, make the offer that works for you. While prices remain “up there” you can still wrangle the terms & timing you want and need for your offer to work. There is a lot of pent up demand building…consider your timing as this demand will create another run on homes in the spring of 2023.
Things to watch out for in 2023:
For up-to-date market intelligence that advises beyond just the numbers contact Sunshine Coast REALTORs® Russ and Jon at Coast Lifestyles Network!
Call direct:
Russ 604-741-7119
Jon 604-740-6263
Navigating The Real Estate Market Calls For A Strategic Approach This Fall
/in Sunshine Coast Real Estate /by russqureshiSunshine Coast Real Estate Snapshot for October 2022
Detached Home Sales
Fully Detached Home Sales for the month of October 2022 were down 59% in dollar volume to $28,600,000 compared to last year at this time. Unit sales are down 57% to 27 homes sold. Compared to last month sales volume is down 8% and unit sales are down 25%. Our sales success ratio (the amount of sales versus available inventory) is at 10% putting the market in buyer’s hands. Our inventory has increased 145% over last year to 279 available homes for sale.
Year to date we are down 29% in dollar volume to $530,000,000 and unit sales are down 36% to 459 detached homes sold so far in 2022.
The price for a detached home is up 11% this year to $1,154,000.
Condo and Townhome Sales
Condo and Townhome Sales for the month of October were down 57% in dollar volume to $4,200,000 compared to last year at this time. Unit sales are down 70% to 6 units sold. Compared to last month we are, for all intents and purposes, dead even. Our sales success ratio is 12% putting the attached market on the cusp of a buyer’s market. Our inventory is up only 12% to 60 available attached homes.
Year to date we are down in dollar volume 38% to $79,000,000 and unit sales are down 47% to 120 condos and town homes sold so far in 2022.
The average price for a condo or town home is up 13% to $650,0000.
Land Only Sales
Land Only Sales for the month of October were down 65% to $1,350,000 and unit sales are down 80% to 2 lots sold. We are dead even with last months’ sales and our sales success ratio is approximately 1.5% making this segment a buyer’s market.
Year to date we are down in dollar volume by 38% to $70,250,000 and unit sales by 47% to 112 land only properties sold so far in 2022.
The average price for a lot on the coast is up 16% to $627,000.
Whether you are a buyer or seller this fall, there are some specific ways to set yourself up for success in this market. One way is to reach out to Russ or Jon for professional advice and a proven path to negotiating results that are in your best interests.
I was doing some math the other day and found out that a property would have to undergo a $96,0000 price drop before you could beat the interest rate increase over 2022. So, if I borrowed 500k in March, over a five year term, I would have paid $56,000 in interest. With today’s rate of 5.95% my interest accrued over the same five year term is now $140,000!!!! So, we need to see prices drop significantly to beat our interest rate rise…..Buyers, don’t wait for the market to go down when every indication is that rates will continue to rise…..
For market statistics call your realtor. For market intelligence call Russ and Jon!
Russ Qureshi
REALTOR®, Assoc. Broker
604-741-7119
Jon McRae
Personal Real Estate Corporation
604-740-6263
Home prices continue to rise despite market volume correction on the Sunshine Coast BC
/in Sunshine Coast Real Estate /by russqureshiSunshine Coast Real Estate Update for September 2022
All segments of the Sunshine Coast Real Estate Market are down for this September compared to last year. The fully detached homes and land-only segments of the market are up from last month, while condos and townhomes are a little less successful than last month.
Here’s how it breaks out:
Fully detached home sales were down 54% in dollar volume to $35,150,000, and unit sales were down 48% to 36 homes sold in September. Our inventory of available homes is up 105% from last year to 279 homes on the market. This means our sales success ratio (the number of sales versus the available inventory) is 13% putting the market in balanced territory. Year to date, we are down 26% to $501,000,000, and unit sales are down 34% to 432 homes sold in 2022 so far…The average price for a detached house on the Sunshine Coast in September was $1,160,000, up 12% from last year.
Condo and townhome sales were down in dollar volume by 52% to $4,350,000, and unit sales were down 60% to 6 units sold in September. Our inventory of available condos and townhomes is down slightly by 7% to 57 available units. This means our sales success ratio is 11%, putting this market segment in the Buyer’s hands. Year to date, sales are down in dollar volume by 46% to $74,700,000, and unit sales are down 44% to 114 condos or townhomes sold so far in 2022. In September, the average price for a condo or townhome on the Sunshine Coast was up 13% to $652,000.
Land-only sales were down 89% in dollar volume to $1,050,000, and unit sales were down 88% to 2 lots sold in September. Our inventory of land only is down 16% to 83 available lots. This means our sales success ratio is 2.5%, putting this market segment firmly in the Buyer’s hands. Year to date, sales are down 37% in dollar volume to $69,000,000, and unit sales are down 45% to 110 lots sold in 2022. The average land price only is up 14% to $625,000.
Interestingly, when we look at pre-pandemic numbers for September 2019, we see very close to the same activity as this year for the detached market and numbers significantly lower (this year in 2022) for both the attached and land-only markets. The market is correcting for volume in a big way but notice the average sale prices continue to climb…. Sellers should also consider how long they want to be on the market to “get their price.” Have a frank and honest discussion about pricing with your realtor because the market will draw a line along the “highly motivated vs just motivated.” Highly motivated sellers will lead the market with a value price/offering.
Buyers, when you find the right home, don’t wait to make an offer thinking you will save money with a lower purchase price. Any potential drops in price will be negated by higher interest rates. You are much better served to find the right place now, make an offer that works for you, and move forward. Prices do not seem to be dropping as one might think they should, so don’t be, figuratively, left in the cold.
For market stats call your realtor. For market intelligence call Russ Qureshi at Remax City Realty, 604-741-7119 or russ@coastlifestyles.ca
Homebuyers are jumping off the fence and into the market
/in Sunshine Coast Real Estate /by russqureshiSunshine Coast Sales Statistics for August 2022
Transactions have increased dramatically over last month. Especially in the second half of the month as we have seen folks jump off the fence and into the market! Let’s see how it breaks out:
Fully Detached home sales
Fully Detached home sales, while up 66% from last month, are still down 56% from last year to $31,500,000 in dollar volume and 29 units sold. The inventory increased 69% to 277 available homes for sale. The sales success ratio (the amount of sales compared to available inventory) is just over 10% putting the market in buyer’s hands for the second month in a row.
The average sale price for a home on the Sunshine Coast is up 14% over last year to $1,175,000.
Year to date we are down 22% in dollar volume to $466,000,000 and unit sales are down 32% to 396 homes sold so far in 2022.
Condo and Townhome sales
Condo and Townhome sales are up over last month significantly but still down over this month last year by 71% in dollar volume to $4,800,000 and unit sales were down 72% to 7 homes sold in August. The inventory is down 18% to 46 available homes for sale. This means the sales success ratio is 15% making the “attached” market a balanced one.
The average price for a condo or town home is up 11% this year to $640,000.
Year to date we are down in 35% dollar volume to $70,200,000 and down 43% in unit sales to 108 homes sold so far in 2022.
Land only sales
Land only sales are down 81% in dollar volume to $3,400,000 and down 80% in unit sales to 4 bare land properties sold in August. Inventory is down 24% to 84 available lots so our sales success ratio is 5% making this segment a buyers’ market.
The average price for a bare land is up 15% to $628,000.
Year to date we are down in dollar volume by 32% to $68,000,000 and unit sales are down by 41% to 108.
The market as a whole is still finding its feet, so to speak.
As expected we are up from last month as buyers come out of summer mode and are getting back at it. We are still down significantly from last year and will likely remain that way throughout the remainder of 2022. I foresee we will be in a consistent balanced market zone for the next while….stay tuned.
Russ’ pro tip for the fall
If you need to buy or sell for personal circumstance (rather than “playing the market”) then there is no need to wait. With a solid plan, you can move forward with confidence now.
For market stats call a Realtor, for market intelligence call Russ Qureshi at 604-741-7119.