Sunshine Coast real estate market shows signs of a spring recovery

February continued to show positive signs for the Real Estate Market on the Sunshine Coast.  Sales are well ahead of last year February’s results in both the detached and land only segments.  Condos and Town home sales were up YTD  but not quite as much for February alone. Let’s see how this breaks out:

Detached sales were up 8% in dollar volume to $30,200,000 and unit sales by 29% to 31 homes sold in February! Our inventory has also increased by 32% to 262 available homes for sale.  Therefore, our sales success ratio (the amount of sales versus the available inventory) is 12% putting us, just, into balanced market territory.  

Year to date we are up in dollar volume by 17% to $55,700,000 and unit sales by 13% to 52 homes sold so far in 2024.  

Year to date the average price for a home has been $1,070,000 and the median price (the home that sold in the middle in February) was $870,000.

Condos and Town Home sales are down 7% in dollar volume to $4,800,000 and down in unit sales by 17% to 7 homes sold. Our inventory has shrunk by a considerable 41% to 43 available homes for sale. This means our sales success ratio for the attached market is 16% and, thusly, considered a balanced market.  

Year to date we are up 35% in dollar volume to $9,700,000 and 27% in unit sales to 15 homes sold in February.

Year to date the average price is $640,000 while the median price for February was $575,000.

Land only sales are up in dollar volume by 109% to $3,930,000 and unit sales by 66% to 5 bareland properties sold.  Our inventory is up by 27% to 88 lots for sale. Therefore, our sales success ratio is 6% keeping this segment of the market, seemingly, in buyers hands.  

Year to date we up 239% in dollar volume to $7,195,000 and 175% in unit sales to 11 lots sold in February.  

The average price for land this year is $650,000 while the median price for last month was $600,000.

All the statistical details taken together speak to a recovering market and all signs point to a busy spring! The sales stats aside we saw two major items in the Provincial Government’s 2024 BC Budget.  We are seeing the First Time Homebuyer’s Exemption threshold increase from $500,000 to $835,000 and the New Home Buyers Exemption threshold increase from $750,000 to $1,100,000.  These two incentives should prove to be a welcome break to the market rise we have witnessed since the last update of these thresholds.

For market intelligence contact Russ or Jon at Coast Lifestyles Network

puddle jumping

Pent up housing demand on the Sunshine Coast playing itself out in a jump in sales

Sunshine Coast Real Estate Statistics for January 2024

Home Sales for January

We have enjoyed a healthy start to the market in 2024! We are well up in both dollar volume and unit sales across all segments of the market!  Let’s see how it breaks out:

Fully detached sales are up 28% in dollar volume to $25,500,000 and down 4% in unit sales to 21 (this equals one home sale…the big fish was a 10 acre waterfront sale in Wilson Creek for almost $4,000,000). Our available inventory is up 28% over last year to 236 homes for sale. This means  our sales success ratio for this month was 9% making it, statistically, a buyer’s market.

The average home price is somewhat skewed due to the large value sale…looking at the median price (the home that sold in the middle) we see it is $900,000.

Condo and Town Home sales are up in dollar volume by 172% to $4,850,000 and unit sales by 150% to 8 attached homes sold.  Our available inventory is down 20% to 51 available homes. This means our sales success ratio is 15%, putting this market in balanced territory.

The average sale price last month was $615,000 while the median sale was $580,000.

Land only sales are up in dollar volume by 1,260% to $3,265,000 and unit sales are up to 6! Our inventory in this segment is up 78% to 93 listings. This means our sales success ratio is 7% putting this segment, again, in the hands of buyers.  

The average sale price in this segment was $544,000 while the median price was $375,000.

Market Outlook

In our opinion, the market is still somewhat subdued.  Jon and I are seeing good sales volume due to some of the pent up demand that has been building playing itself out.  

Home Sellers 

Get your home “market ready” do the deferred maintenance (paint fresh or, at least, touch up, take care of dings, scratches and any non working item or system associated with the home. Buyers are expecting move in ready from my experience of late.

Home Buyers 

Consider a variable rate mortgage…we will likely see interest rates reduce a bit over this year.  DO NOT MAKE THE MISTAKE OF WAITING! You will miss the market (again?) if you wait.  If you are in the market to buy this year start looking now. Find what you want and negotiate your best deal as Jon and I both believe things are going to heat up considerably over the spring months.

For market intelligence and a thoughtful strategy for buying or selling call Russ or Jon at Coast Lifestyles Network!

wild ride horse and dog

Real estate an interesting ride in 2023 plus the outlook for 2024

Sunshine Coast Real Estate Sales Summary for December 2023 and YTD

The year has been quite an interesting ride for real estate on the Sunshine Coast (and everywhere in Canada!).  Increasing inventory, buyer reluctance due to interest rate volatility and the huge increases in inflation resulted in a year of steady yet subdued sales across all segments of the market.  Let’s see how this breaks out:

Fully detached sales were up 3% in dollar volume last month to $19,750,000 and up 10% in unit sales to 22 homes sold.  Our inventory is up 44% to 268 available, detached homes for sale. This means our sales success ratio was 8% making the market, statistically speaking, a buyers market. 2023 as a whole saw dollar volume decrease by 25% to $426,000,000 and unit sales decrease by 23% to 383 homes sold.

The average price in 2023 was $1,100,000 and the median price (the home that sold in the middle) was $950,000.

Condo and Town Home sales were down 2% in dollar volume last month to $2,700,000 and unit sales were equal with 5 homes sold.  Our inventory remains equal to last year at 51 available homes for sale.  This means our sales success ratio is just under 10% making the market a buyer’s one.  2023 as a whole saw a 7.5% decrease in dollar volume to $77,700,000 and a decrease in unit sales by a single home to 128 condos or town homes sold.

The average price in 2023 was $603,000 with the median price being $585,000.

Land only sales was funny for the month of December. We recorded no sales in December 2022 and this year we recorded $936,000 in dollar volume which translates to 2 lots sold.  The available inventory is up 92% to 98 bare land properties available.  2023 saw a decrease in dollar volume of 46% to $38,150,000 and a 57% decrease in unit sales to 48. I am happy to report that Jon and I were responsible for 8 of those sales in 2023…therefore a 16% market share on sales of bare land property.

The average price for land last year was $794,000 and the median price was $594,000. 

Looking forward to 2024

Looking forward to 2024, Jon and my thoughts are that we will see a rush of inventory come to market (as usual) over the spring months.  We are also bullish on the idea that the Bank of Canada will be lowering rates over the late spring and early summer after holding over the winter.  The holds on activity over winter will prime the spring market and we should start seeing competitive offers become common place as we work through the inventory.

Home Sellers

Sellers, this means you still need to do the work of getting the home show ready. Get onto that deferred maintenance if you are selling this year.

Home Buyers

Buyers, even in a speedy market, are VERY reluctant to buy something that is not move-in ready. Buyers…your best opportunity to get a deal will be over the next 60 days.

Watch for good mortgage rates

Watch for good mortgage rates. The BOC overnight policy rate may be at 5 % (meaning lender prime is 7.2%) but we are seeing some good competition on lender mortgage rates with some offering as low as 4.89% (as of the writing of this report). Don’t wait.

For market intelligence call Russ and Jon at Coast Lifestyles Network!

happy holidays 2023 Davis bay pier at dusk Sunshine Coast BC

Happy Holidays!

Russ and Jon

We’re celebrating our one-year anniversary!!

It’s Jon McRae and Russ Qureshi and we are touching base to provide you with an exciting update. We are celebrating our one-year anniversary as partners in Coast Lifestyles Network–ReMax City Realty!

Over the past year, we have achieved the coveted Medallion Club Membership (top 10% in sales for REALTOR® in the Real Estate Board of Greater Vancouver) with over 36 transactions so far in 2023.

Of course, these results are predicated on providing unsurpassed service and market knowledge to every client that engages our services.

And, for your continued commitment and ongoing trust in Jon and Russ, we THANK YOU!!

When asked about working with Jon, Russ says he has a deeper appreciation and understanding of Jon’s immense knowledge about and experience in all things Sunshine Coast. While Russ acknowledges Jon cannot be replaced, clients can be guaranteed the same hands on, focused experience when they work with either of us.

Jon says that it has been a great pleasure to be aligned with Russ as a partner in Coast Lifestyles Network over the past year. No learning curve was required since both Russ and I have the same values and dedication to the service of our clients.

With over sixty years of combined real estate expertise, you can rest assured you are getting the right answers, efficient and customized representation and, most importantly, a team that understands their role as professionals.

Now, and into 2024, you’re guaranteed our ongoing commitment to providing you with top notch real estate services dealing with new subdivisions/development properties, investment purchases and, of course, our “meat and potatoes” efforts helping folks buy and/or sell their residential homes.

If you’re considering a move in 2024 reach out and let us help you understand the lay of the land so you can make the best decision for you, your family and extended group of loved ones.

Thanks for celebrating with us!

Home buyers stepping up ahead of 2024 predicted rise in home pricing

Sunshine Coast Real Estate Sale Statistics for November 2023

The fully detached and the condo/townhome real estate market were both up for the month of November compared to the same time last year with an increase in sales as well.  With the continued hold on interest rates “trickling down” we are seeing an uptick in action before heading into the last month of 2023. The next BOC meeting is December 6thand a rate hold is predicted.  Let see how it breaks out for our Sunshine Coast BC region:

Fully Detached Home Sales

Fully Detached Sales were up 31% in dollar volume to $31,500,000 and 21% in unit sales to 29 homes sold.  The available inventory is up 30% to 328 homes for sale. This means our sales success ratio is 8.5% making the market, statistically speaking, a buyers market.

Year to date we are down 26% in dollar volume to $406,000,000 and 25% in unit sales to 361 homes sold so far this year.

The average price for a home last month was $1,127,000 while the median (the home that sold in the middle) price was $924,000.

Condo and Town Home Sales

Condo and Town Home Sales were up 52% to $4,700,000 and up 100% in unit sales to 8 homes sold.  The available inventory is by one unit (62 compared to 63).  The means our sales success ratio is 13% putting us on the cusp of a balanced market for this segment.

Year to date we are down only 8% in dollar volume at $75,000,000 and down only 4% in unit sales to 119.

The average price for a condo or town home last month was $583,000 and the median price (the unit that sold in the middle) was $500,000.

Bareland Sales

Bareland Sales were down 13% in dollar volume to $971,000 and even with unit sales at 2.  The available inventory is up by 56% to 117 lots for sales. This means the sales success ratio is less than 2%.

Year to date we see we are down in dollar volume by 47% to $37,000,000 and unit sales by 59% to 46 lots sold so far this year.

The average price last month was $485,000.

 

We see home buyers peaking their heads out from under the blankets and stepping up to purchase.  With rates holding, folks are, more and more, tending toward making the previously deferred purchase. With ReMax Canada in the national news this week saying the average home price will rise 2% over 2024 many buyers are deciding to “go for it” as the general belief is interest rates will not go down fast enough to offer any savings by waiting.

Sellers should be competitive on price and offer a “show ready” home to expect decent and early traction in this market….Jon and I see the market heating up again in February or March of 2024.

For market intelligence contact Russ or Jon at Coast Lifestyles Network!

rain on fall leaves

Confidence is key for home buyers and sellers this fall

Sunshine Coast Sales Statistics for October 2023

With the Bank of Canada rate hold on October 6th we are seeing some end of the month activity support what would otherwise have been a slow October.  We continue to see buyers enjoy a price relaxation upon offer but it is often less than one might expect.  Sale values, as we’ll see, are maintaining in relation to 2022’s numbers. Let’s see how this breaks out:

Fully Detached Sales were down only 9% in dollar volume to $26,000.000 and unit sales were down 18% to 22 homes sold.  Available inventory is up 29% to 361 available homes. This means our sales success ratio (amount of sales versus available inventory) is only 6%…seemingly putting this market in the hands of buyers.

Year to date we see a decrease in dollar volume of 29% to $375,000,000 and unit sales are down by 27% to 333 homes sold so far in 2023.

The “average” home price (dollar volume divided by sales) is around $1,130,000 while the median home price (the home that sold in the middle) was $910,000.

Condos and Town Home Sales were up 18% to $5,150,000 and unit sales were up 15% to 7 homes sold in October. (Skewing the stats is a high value sale of 1.7 million for a Watermark Building penthouse).  Available inventory is up only 6% to 64 available “attached” homes for sale.  This means our sales success ratio is 11% putting the market on the cusp of balanced.

Year to date we see dollar volume down only 9% to $70,000,000 and unit sales down 4% to 115 homes sold so far in 2023.

The average price last month was $717,000 while the median sale price was $600,000.

Land Only Sales was up 461% in dollar volume last month to $7,465,000 and up 200% in unit sales to 8 bareland properties sold.  Available inventory is up by 57% to 126 lots available.  This means our sales success ratio is 6% making this segment a buyers market.

Year to date we see we are down 48% in dollar volume to $36,250,000 and down 60% in unit sales to 44 sold.

The average price is unusable as it is skewed by a high value sale of 3.5 million for a very large acreage in Langdale. The median sale was $435,000.  Jon and I are happy and proud to note the fact that 4 of the 8 land only sales this month were transacted by buyers and sellers using our services! Way to go!

Confidence is key in this market!  As we see the BOC holding rates, Bond yields are trending up and inflation numbers are down (ish) we also see a renewed sense of confidence from buyers.  Notwithstanding the coming winter season I am optimistic unit sales volume across all segments will continue to be lively.  This market is more and more about match making the right buyer to the right property. This is Jon and my specialty.

Get more than just market stats… For market intelligence call Russ or Jon at Coast Lifestyles Network!

misty mountains and water west coast Vancouver

Room to breathe as Bank of Canada rate holds steady

Sunshine Coast Real Estate Sales Statistics for September 2023

There is room to breathe for home buyers and sellers this fall as the Bank of Canada’s interest rate holds steady.

In September, the detached market remained depressed compared to last year, and the attached and land-only market saw some jump! The recent Bank of Canada rate hold has allowed some room for folks to breathe, but I believe it will take another hold in late October for a sense of confidence to return. Let’s see how the numbers break out:

Fully Detached Sales

Fully Detached Sales – were down 30% in dollar volume to $24,600,000 and the same in unit sales, with 25 homes sold in September. Available inventory was up another 32% to 370 available homes for sale. This means the sales success ratio (the amount of sales versus the available inventory) was 6.75%, which put the market in buyers’ hands when using this metric.

Year to date, sales were down 30% in dollar volume to $348,750,000, and unit sales were down 28% to 311 homes sold.

The average price per home in September was $984,000, and the median price (the house that sold in the middle) was $880,000.

Condo and Townhome Sales

Condo and Townhome Sales – were up 15% in dollar volume to $5,122,000 and 33% in unit sales to 9 homes sold. Available inventory was up 10% to 63 attached units for sale. This means the sales success ratio is 14%, making this market segment balanced.

Year-to-date sales were down 12% in dollar volume to $65,200,000, and unit sales were down 5% to 108 homes sold this year.

The average price for a condo or townhome in September was $572,000, and the median price was $575,000.

Land Only Sales

Land Only Sales – enjoyed a bump in action in September! Dollar volume was up 122% to $2,380,000, and unit sales were up 150% to 5 land-only transactions. The available inventory for land was up 61% to 134 available units, making September a buyer’s market.

Year-to-date sales were down 58% in dollar volume to $28,750,000, and unit sales were down by 65% to 38.

September’s average land price was $475,000, while the median price was $450,000.

man at computer w coffee

Bank of Canada holds interest rates, for now

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.