Action remains flat on Sunshine Coast homes for sale

Sunshine Coast Real Estate Market Snapshot for August 2024

Generally, things are very close to last year at this time when it comes to sales statistics.  The Bank of Canada decision to reduce rates by another .25 will, in my opinion, keeps things going in the same direction without any major jumps in transactions.  Let’s see how the numbers shake out:

Fully detached sales were statistically dead even with $52,100,000 in dollar volume and up 7% in unit sales to 44 homes sold in August.  Our listing inventory is up 34% to 465 available detached homes on the market.  This means our sales success ratio (the amount of sales versus the available inventory) is 9.5% putting the market in buyer’s hands.  

Year to date we are up 6% in dollar volume to $345,900,000 and up 8% in unit sales to 311 homes sold this year.  

The average price for a home sold last month was $1,185,000 while the median price (the home that sold in the middle) was $980,000.

Condo and Town Home sales were down 8.5% in dollar volume to $5,975,000 and down 25% in unit sales to 9 homes sold in August.  Our listing inventory is up 17% to 75 available homes.  This means our sales success ratio is 12% showing this segment of the market to be balanced.  

Year to date we are 20% down in dollar volume to $48,100,000 and down 25% in unit sales to 75 condos or town homes sold this year.  

The average price for a condo or town home last month was $660,000 while the median price was $650,000.

Land only sales were up 6% in dollar volume to $2,255,000 and even for unit sales at 5.  Our listing inventory is up 26% to 137 bare land properties.  This means our sales success ratio is 3.5% making this segment a buyer’s market.  

Year to date we are down 15% in dollar volume to $22,350,000 and unit sales are up 30% to 43.  

The average price for land only last month was $520,000 while the median price was $475,000.

Buyers seem to be content on the side lines in a general sense.  We are seeing much more of a “match up” market as compared to shopping by price point.

Sellers, while reluctant to reduce expectations on price out of the gate, are doing so and enjoying success.  Although, as many sellers are pricing it right and experiencing very little action.  Keep at it, keep positive and remain creative.