Home buyers stepping up ahead of 2024 predicted rise in home pricing

Sunshine Coast Real Estate Sale Statistics for November 2023

The fully detached and the condo/townhome real estate market were both up for the month of November compared to the same time last year with an increase in sales as well.  With the continued hold on interest rates “trickling down” we are seeing an uptick in action before heading into the last month of 2023. The next BOC meeting is December 6thand a rate hold is predicted.  Let see how it breaks out for our Sunshine Coast BC region:

Fully Detached Home Sales

Fully Detached Sales were up 31% in dollar volume to $31,500,000 and 21% in unit sales to 29 homes sold.  The available inventory is up 30% to 328 homes for sale. This means our sales success ratio is 8.5% making the market, statistically speaking, a buyers market.

Year to date we are down 26% in dollar volume to $406,000,000 and 25% in unit sales to 361 homes sold so far this year.

The average price for a home last month was $1,127,000 while the median (the home that sold in the middle) price was $924,000.

Condo and Town Home Sales

Condo and Town Home Sales were up 52% to $4,700,000 and up 100% in unit sales to 8 homes sold.  The available inventory is by one unit (62 compared to 63).  The means our sales success ratio is 13% putting us on the cusp of a balanced market for this segment.

Year to date we are down only 8% in dollar volume at $75,000,000 and down only 4% in unit sales to 119.

The average price for a condo or town home last month was $583,000 and the median price (the unit that sold in the middle) was $500,000.

Bareland Sales

Bareland Sales were down 13% in dollar volume to $971,000 and even with unit sales at 2.  The available inventory is up by 56% to 117 lots for sales. This means the sales success ratio is less than 2%.

Year to date we see we are down in dollar volume by 47% to $37,000,000 and unit sales by 59% to 46 lots sold so far this year.

The average price last month was $485,000.

 

We see home buyers peaking their heads out from under the blankets and stepping up to purchase.  With rates holding, folks are, more and more, tending toward making the previously deferred purchase. With ReMax Canada in the national news this week saying the average home price will rise 2% over 2024 many buyers are deciding to “go for it” as the general belief is interest rates will not go down fast enough to offer any savings by waiting.

Sellers should be competitive on price and offer a “show ready” home to expect decent and early traction in this market….Jon and I see the market heating up again in February or March of 2024.

For market intelligence contact Russ or Jon at Coast Lifestyles Network!