February shows a slight slowdown in sales volume in both the detached home and condo/townhome market segments. Land only was up for sales volume in a big way, and prices are significantly higher across the board. Let’s see how it all breaks out:
Fully Detached home sales suffered a 10% decline in dollar volume to $61,100,000 and a 30% reduction in unit sales to 49 homes sold in February. Inventory is down by 33% to 88 detached homes available on Sunshine Coast. This means our success ratio (the number of sales versus available inventory) is at 55%, keeping the market in the hands of sellers. Year-to-date sales show us down 11% in dollar volume to $92,250,000 and down in unit sales by 24% to 85 homes sold in 2022 so far. The average price for a home (total dollar volume divided by units sold) in 2022 is up 18% to $1,120,000. The median price for a house (the price of the middle home sold) was $1,100,000.
Condo and townhome sales are down in dollar volume by 36% to $11,500,000 and down in unit sales by 40% to 18 condos and townhomes sold in February. Inventory in this market segment is down only 2% to 45 available units. However, based on this, our sales success ratio is still 40% keeping it a seller’s market. Year-to-date sales volume is down 34% to $17,900,000, and unit sales are down by 43% to 27. The average price for a condo/townhome (total dollar volume divided by units sold) is up 5% to $613,000, and the median price (the price of the middle home sold) was $650,000.
Land-only sales were the only market segment that was up over last year. Dollar volume was up 30% to $14,125,000 and down in units sold by 16% to 20 lots sold in February. Land-only inventory is down 57% to 56 available units. This means that, for the first time in my 20 year career, the closing ratio is at 35% and signifies a seller’s market. Year-to-date sales volume is up 22% to $21,500,000, and unit sales are down 21% to 36 lots sold so far in 2022. The average price for a piece of land (total dollar volume divided by units sold) is up 56% to $597,000, and the median price (the price of the middle property sold) was $501,000. Two high-value sales, one on Gambier for 2.5 million and another in Sechelt for 1.8 million, will skew these averages….
February is traditionally a much slower month for sales on the Sunshine Coast. That said, while we see a slowdown in demand, inventory is still not keeping pace – resulting in ever-higher prices. While strategies for purchasing and selling are often custom to the individual, this is more true than ever now. To succeed in this market, one needs to assess motivations carefully, timing and value propositions for both yourself and the person at the other end of the transaction…..for more clarity on that, please get in touch.
For market statistics contact any realtor. For market intelligence contact Russ Qureshi and Coast Lifestyles Network!