Average home prices rise amid declining sales volume on the Sunshine Coast BC

Sunshine 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:

• 2-year ban of foreign buyers (Federal with some exemptions)
• Anti-Flipping rules (Federal for ownership less than 12 months w/some exemptions)
• Home buyer rescission period on all offers (BC – Jan 1, 2023)
• Age restrictions on strata’s (except 55+) are now banned (BC – Nov 24, 2022)
• Rental restrictions (except short term) on strata’s are now banned (BC – Nov 24, 2022)
  

  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