Home sales are hopping on the Sunshine Coast
Real Estate Statistics for October 2024
October saw a full ½ percentage point come off the prime rate toward the end of the month. We also saw a squeaker of a Provincial Election with the NDP winning, barely. Let’s hope this results in a more centrist approach to policy, especially around housing and real estate. Overall, the market hopped in October… let’s see how this breaks out:
Fully detached home sales were up in dollar volume by 68% to $43,650,000 and unit sales by a whopping 113% to 47 homes sold in October. Our overall inventory is up 14% to 413 available homes. This means our sales success ratio (the amount of sales versus the available inventory) is 11% making this a balanced market.
Year to date we are up 14% in dollar volume to $427,500,000 and unit sales are up 18% to 396 homes sold so far this year.
The average sale price last month was $929,000 while the median sale price (the home that sold in the middle) was $935,000.
Condo and town home sales were up in dollar volume by 54% to $11,150,000 and unit sales were up the same to 15. Inventory in this segment is up 7% to 70 available homes. This means our sales success ratio is 21%. Statistically, this is a seller’s market!
Year to date we are still down 10% in dollar volume to $63,500,000 and down 15% in unit sales to 97.
The average price for a condo or town home last month was $737,000 while the median sale (the home that sold in the middle) was $705,000.
Land only sales down 91% in dollar volume to $626,000. This is indicative of a single, land only sale last month. This time last year there were 6 sales.
Year to date we are down 26% in dollar volume to $26,500,000 and up 15% in unit sales to 51 bare land lots sold this year.
Are buyers waiting?
The Bank of Canada strongly hints at another ½ percent prime rate reduction prior to the 2025 New Year. We also have Canada Mortgage and Housing Corporation (the main insurer for mortgages – although, not the only insurer available) will raise the insurable mortgage amount from $1,000,000 to $1,500,000. This half a million dollars will make a big difference for those “on the edge” of lender approval in the 1,000,001 – 1,100,000 ish range. Buyers, work closely with your REALTOR® to come to grips with what constitutes value to the market so you will know if what you’re going after is highly negotiable or if there is little room to “play the negotiation game.”
Sellers, sharpen your pencils and come in at the “right” price, which can be a range of realistic values depending on your particular circumstances.
