Consumer confidence is high as the real estate market on the Sunshine Coast rises
Sunshine Coast Sales Summary for May 2023
In 2022 the market remained astronomically strong for sellers through to the end of June. In 2023 the detached home market was very strong for May and the condo/townhome and land only markets continue to limp along although the condo/town home market is getting stronger compared to recent months.
Lets see how this all breaks out:
Fully detached sales were down in dollar volume only 11% from last year to $58,750,000 with unit sales doing even better, only down 7% to 51 homes sold in May. Available inventory is up 48% from last year to 313 homes for sale. This means our sales success ratio (the amount of sales versus the available inventory) is 16% which is balanced territory.
Year to date we are down 46% in dollar volume to $181,200,000 and down 42% in unit sales to 164 homes sold so far this year. The average home price (total dollar volume divided by sales) is $1,151,000.
The median sale (the 26th home to sell of 51) was $950,000.
Condo & Town Home sales are down in dollar volume by 13% to $9,700,000 and unit sales are down by 18% to 18 homes sold in May. Available inventory is up 42% to 67 attached homes for sale. This means our sales success ratio is 26% putting the attached market in the hands of sellers…statistically.
Year to date we see this segment of the market down in dollar volume by 43% to $31,500,000 and unit sales by 35% to 56 attached homes sold in 2023.
The average attached home price is $555,000 while the median sale price was $517,500.
Land only sales were very slow in May with only 1 recorded sale at $1.3 million….Jon and I have subject deals on several land only properties as we begin June so we will see better numbers for this segment of the market next month.
We are truly seeing a lot of mixed signals…the detached market is actually very strong with steady increases in inventory and consistent sales week in and week out. The attached market, while moving much more slowly, is showing signs of picking up relative to the earlier part of the year. The land only market, despite only a single sale last month, is also starting to move but it is all stops and starts (one week nothing and the next week we can’t keep up…)
Consumer confidence is higher and this is reflected in a jump in the latest inflation numbers….this has caused some pundits to think the Bank Of Canada (BOC) will raise rates this month but every mortgage broker I’ve spoken to seems to think that is not going to happen and I, personally, doubt it as well. In my own experience I am noticing way more buyers being able to have some choice under the 1 million mark and sales and acute interest in the $2 – $2.5 million range too…give us a ring to discuss the market in more depth.
For market statistics call your realtor. For market intelligence call Russ or Jon at www.coastlifestyles.ca
