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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.

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