financial planning at home computer

A small rush of home sales on the Sunshine Coast spurred by Bank of Canada announcement

Sunshine Coast Real Estate Statistics for May 2024

Things were a little slower in May this year compared to last year in both the detached and condo/town home markets.  Bareland properties showed a bunch more sales than this time last year!  Jon and I noticed a significant drop in action after the recent federal budget. This lull took about 3 – 4 weeks to play out and, toward the end of this month, the Sunshine Coast real estate market enjoyed a small rush of home sales.  With the expected drop in the prime lending rate coming after the Bank of Canada’s announcement on June 5th our guess is the adjustment will spur sales even further!

Fully detached sales were down 4% in dollar volume to $56,250,000 and unit sales were even with 51 homes sold in May.  Our inventory rose 38% to 313 available homes for sale.  This means our sales success ratio (the amount of sales versus the available inventory) is 16% putting us a traditionally balanced market.  

Year to date we see we are up 11% in dollar volume to $202,500,000 and unit sales are up 14% to 188 homes sold in 2024 so far.  

The average home price last month was $1,077,000 while the median price (the 25th home/home in the middle) was $942,000.

Condo and Town Home sales were down 37% in sales volume to $6,100,000 and unit sales by 50% to 9 sold in May. Our inventory rose nominally by 5% to 70 available condos or town homes. This means our sales success ratio is 13% also putting the attached market in balanced territory.  

Year to date we are down 5% on dollar volume to $29,800,000 and unit sales are down 18% to 46 homes sold in 2024 so far.  

The average sale price for this type of property last month was $647,000 while the median price was $628,000.

Land only sales were up 277% in sales volume to $5,000,000 and unit sales were up 600% to a total of 7 land only properties sold.  Inventory is up 7% to 123 available properties.  Therefore our sales success ratio for this segment of the market is 6%…pushing this market into buyer territory.

Year to date we are up 39% in dollar volume to $15,400,000 and up 80% in unit volume to 27 land only properties sold.  

The average price for land last month was $570,000 and the median price was $415,000.

It was an interesting month to be sure….now that the dust has settled from the Federal Budget, inflation was down to 2.7 % for May the pundits seem quite certain the Bank of Canada will reduce its overnight rate by 25 basis points.  This will allow for some of the pent up buyer demand to play itself out without the market going crazy again….

Sellers should not take the pent up demand for granted! Make sure your home is show ready and as turn key as possible.  Most buyers just want to move in, maybe paint and then decide where the furniture is going. No one wants to take on your deferred maintenance even with a discount…keep this in mind when getting ready for market.

Buyers, be ready with all your financing hoops already jumped through prior to offer.  When you find the right one…don’t wait because things are going to speed up a bit!