Fall real estate market chugging along on the Sunshine Coast
Sunshine Coast Real Estate Market Snapshot for November 2024
The fully detached segment of the market saw a good jump in action over November while the condo/townhome and land only segments saw a drop in action compared to this month last year. The last Bank of Canada meeting for 2024 occurring December 11th and we’ll see if rates are lowered further. With the dollar losing ground over the past month, it is just as likely to see the rate stay put as it is to see another drop. Also, on the 15th of this month, the Canada Housing and Mortgage Corporation (the main mortgage insurer in Canada) will raise its insurable amount from $1,000,000 to $1,500,000 for qualified borrowers. That means the variety of homes is more accessible to more home buyers. Meanwhile, let’s see how the November real estate market played out:
Fully detached sales
Fully detached sales were up in dollar volume by 11% to $35,250,000 and unit sales by 10% to 31 homes sold. Inventory is up 10% to 328 available homes for sale. This means our sales success ratio (the amount of sales versus the available inventory) is 9.5% putting the market, from a statistical POV, in the hands of buyers.
Year to date we are up 13% in dollar volume to $462,700,000 and 18% in unit sales to 427 homes sold this year so far.
The average price for a detached home in November was $1,136,000 while the median sale price (the home that sold in the middle) was $975,000.
Condo and Townhome sales
Condo and Townhome sales were down in dollar volume by 2.5% to $4,550,000 and unit sales were actually up 11% (1 sale) to 9 units sold. The available inventory is up 14% to 72 available units for sale. This means our sales success ratio in this segment of the market is 12.5% putting this market, from a statistical POV, in balanced territory.
Year to date we are down 9% to $68,000,000 and unit sales are down 13% to 106 units sold this year so far.
The average price last month was $535,000 while the median price (the home that sold in the middle) was $484,500.
Land only sales
Land only sales were relatively unchanged from last month with $944,000 in sales volume and 2 properties sold. Available inventory is up 8% to 127 available bare land properties for sale.
Year to date we are down 26% in dollar volume to $27,500,000 and up 10% in unit sales to 53 lots sold so far this year.
Investment buyers are hard to find
All in all the market continues to chug-a-long. We are missing the investment buyers and find most sales are for an occupier/end consumer. I’m musing, but we may see a bump in action this spring with the Canadian dollar losing ground to the American dollar and the ability for foreign buyers to purchase on the Sunshine Coast.
Either way, sellers should have their homes in “show ready” condition and be flexible on price when the offer comes.
Buyers should have all their financial ducks in a row before making an offer. Buyers, if you find the right one make “your” offer rather than wait…you may just be pleasantly surprised.
For market intelligence call Russ and Jon at Coast Lifestyles Network!
