A welcome relief to home buyers: BoC drops the prime rate
Sunshine Coast Real Estate Stats July 2024
The Sunshine Coast real estate market in July was strong for detached home sales and slid a little bit for both attached homes and bare land. The Bank of Canada prime rate reduction of another 25 basis points is providing some relief for borrowers. Let’s see how it breaks out:
Fully detached sales – were up by 28% in dollar volume to $50,575,000 and up 22% in unit sales to 44 homes sold in July. Our existing inventory is up 40% to 486 homes for sale. This means our sales success ratio (the amount of sales versus available inventory) is 9% which, statistically speaking, puts the market in buyers hands.
Year to date we are up 7% in dollar volume to $ 294,000,000 and up 8% in unit volume to 267 homes sold so far in 2024.
The average sale price of a home last month was $1,149,000 while the median price (the home that sold in the middle) was $980,000.
Condo and Town Home sales – were down in dollar volume by 30% to $4,800,000 and down in unit sales by 18% to 9 homes sold. Our existing inventory is up by 30% to 86 available homes. This means our sales success ratio is 10% putting this segment of the market is on the cusp of balanced territory.
Year to date we see the sales volume is down by 21% to $42,000,000 and down by 24% in unit sales to 66 homes sold so far this year.
The average price of an attached home last month was $550,000 and the median sale was $515,000.
Land only sales – were down by 9% in dollar volume to $3,125,000 and down in unit sales 12% to 7 land only sales last month. Our available inventory has risen by 14% to 134 available properties. This means our sales success ratio is 5% keeping us in a buyer’s market territory.
Year to date we see a 17% reduction in sales volume to $20,100,000 and a 35% increase in unit sales to 38 lost sold in 2024 so far.
The average sale price for a lot last month was $446,000 and the median sale price was $377,000.
All in all, the real estate market continues to move forward and transactions are happening although at a much slower pace than the “Covid years”…..we, I would posit, indicates time on market is normalizing.
