Condo and townhome sales are on the rise on the Sunshine Coast
Sunshine Coast Sales Snapshot for March 2023
March was a semi-slow month with numbers showing us to be well down in volume from last year. Compared to February we are down slightly in the detached market and up in both the condo/townhome and land-only markets. Let’s see how this breaks out:
Fully detached home sales
Fully detached home sales dollar volume was down compared to last year by 69% to $25,100,000 and unit sales were down by 66% to 24 homes sold. When we compare to last month we see dollar volume is down 9% and unit sales are even with last month. Our available inventory is up 72% from last year to 230 homes. This means our sales success ratio ( the number of sales versus the available inventory) is just over 10% putting the market in the buyer’s hands for the most part.
Year to date we are down 59% in dollar volume to $72,600,000 and unit sales by 55% to 70 sold so far this year.
The average cost of a home in March (all the sales prices added up and divided by 24 sales) was down 9% to 1,037,000 however, the median price (the price the middle home sold for) was $849,000.
Condo and Townhome sales
Condo and Townhome sales were down in dollar volume compared to last year by 60% to $7,525,000 and unit sales are down by 49% to 14 homes sold in March. Compared to last month things are looking brighter with dollar volume up by 30% and unit sales up 35%. Our available inventory is up 39% from last year to 73 available attached units for sale. This means our sales success ratio is 19% putting us at the very high end of a balanced market.
Year to date we are down in dollar volume by 61% to $13,800,000 and unit sales are down by 52% to 25 sold so far this year.
The average cost of a condo or townhome in March was $530,500 and the median price was $492,000.
Land-only sales were down in dollar volume compared to last year by 52% to $4,900,000 and unit sales by 70% to 6 lots sold in March. Compared to last month we are up 61% in dollar volume and 50% in unit sales.
Year to date we are down 77% in dollar volume to $7,000,000 and 82% in unit sales to 10 lots sold this year so far. There was an acreage on Pratt Rd in Gibsons that is throwing the numbers off with a sale price of $2,150,000.
The average price for a lot last month was $819,000 and the median was $580,000.
Settling Inflation Numbers
Jon and I are seeing a significant uptick in action over the past several weeks. With the combination of settling inflation numbers, a hold on the interest rate, and some sunny days we are seeing more buyer activity.
Be prepared to make your offer ie. Have your financial ducks in a row. You will be able to negotiate a good deal but very few, if any, sellers are letting a buyer get “the steal”.
Tthe market continues to become more competitive and, generally, favour buyers so make sure your home is showing well and you understand well your financial situation to move forward – so you can negotiate meaningfully and with confidence.