rain on fall leaves

Confidence is key for home buyers and sellers this fall

Sunshine Coast Sales Statistics for October 2023

With the Bank of Canada rate hold on October 6th we are seeing some end of the month activity support what would otherwise have been a slow October.  We continue to see buyers enjoy a price relaxation upon offer but it is often less than one might expect.  Sale values, as we’ll see, are maintaining in relation to 2022’s numbers. Let’s see how this breaks out:

Fully Detached Sales were down only 9% in dollar volume to $26,000.000 and unit sales were down 18% to 22 homes sold.  Available inventory is up 29% to 361 available homes. This means our sales success ratio (amount of sales versus available inventory) is only 6%…seemingly putting this market in the hands of buyers.

Year to date we see a decrease in dollar volume of 29% to $375,000,000 and unit sales are down by 27% to 333 homes sold so far in 2023.

The “average” home price (dollar volume divided by sales) is around $1,130,000 while the median home price (the home that sold in the middle) was $910,000.

Condos and Town Home Sales were up 18% to $5,150,000 and unit sales were up 15% to 7 homes sold in October. (Skewing the stats is a high value sale of 1.7 million for a Watermark Building penthouse).  Available inventory is up only 6% to 64 available “attached” homes for sale.  This means our sales success ratio is 11% putting the market on the cusp of balanced.

Year to date we see dollar volume down only 9% to $70,000,000 and unit sales down 4% to 115 homes sold so far in 2023.

The average price last month was $717,000 while the median sale price was $600,000.

Land Only Sales was up 461% in dollar volume last month to $7,465,000 and up 200% in unit sales to 8 bareland properties sold.  Available inventory is up by 57% to 126 lots available.  This means our sales success ratio is 6% making this segment a buyers market.

Year to date we see we are down 48% in dollar volume to $36,250,000 and down 60% in unit sales to 44 sold.

The average price is unusable as it is skewed by a high value sale of 3.5 million for a very large acreage in Langdale. The median sale was $435,000.  Jon and I are happy and proud to note the fact that 4 of the 8 land only sales this month were transacted by buyers and sellers using our services! Way to go!

Confidence is key in this market!  As we see the BOC holding rates, Bond yields are trending up and inflation numbers are down (ish) we also see a renewed sense of confidence from buyers.  Notwithstanding the coming winter season I am optimistic unit sales volume across all segments will continue to be lively.  This market is more and more about match making the right buyer to the right property. This is Jon and my specialty.

Get more than just market stats… For market intelligence call Russ or Jon at Coast Lifestyles Network!