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Home sales in June react to external market changes with a sharp drop off

Sunshine Coast Real Estate Sales Stats for June 2024

The Sunshine Coast BC saw a sharp drop off in sales this past month affecting all three segments of the market – detached, condos/town homes and bare land.  Coupled with the recent Bank of Canada rate reduction this seems counter intuitive.  Lets see how this breaks out:

Fully Detached Sales were down 21% in dollar volume to $40,700,000 and down 22% in unit sales to 35 homes sold.  Our available inventory is up 38% to 345 homes available.  This means our sales success ratio (sales versus available inventory) is just over 10% putting the market in the hands of buyers (from a statistical POV).  Year to date we have actually seen a 4% increase in dollar volume to $243,200,00 and a 6% increase in unit sales to 223 homes sold in 2024 so far.  The average price last month was $1,090,575 whereas the median price (the home that sold in the middle of the pack) was $997,000.

Condo and Town Home Sales were down 52% to $7,400,000 and unit sales were down 48% to 11 units sold.  Our available inventory is up 20% to 80 available units. This means our sales success ratio is 14%.  Despite the low numbers this puts us in a balanced market for this segment.  Year to date we down 21% in dollar volume to $37,500,000 and unit sales are down 25% to 57 condos or town homes sold so far in 2024. The average price last month was $650,000 while the median price was $675,000.

Land Only Sales took a steep dive after an excellent previous month.  Dollar volume is down 83% to $1,585,000 and unit sales were down 20% to 4 bare land properties sold.  Our available inventory is up by 27% to 144 available units.  Statistically this segment of the is very much in the hands of buyers….Year to date we are down 18% in dollar volume to $17,000,000 and up 55% in unit sales to 31.  The average price for bare land last month was $548,000 and the median price was…well, with 4 sales…the second sale was $250,000 and the third sale of four was $535,000.

The market is a little wonky right now…we are seeing the trend away from being able to make statements about the market based only on statistics.  Instead we are seeing it become even more specialized in the sense of finding the right “match up” buyer for the right property.  Individuals who are ready, willing and able to make a purchase are seeing value when they see the home they are considering buying as “move in ready”, showing some lovely aesthetics (view, finishings, etc) or the location is perfect for their individual needs (or a combination of all of these factors).  Sellers are having the most success when they have a show ready home that maximizes its aesthetics. 

For market information call your realtor. For market intelligence call Russ and Jon at Coast Lifestyles Network!