Homebuyers are jumping off the fence and into the market
Sunshine Coast Sales Statistics for August 2022
Transactions have increased dramatically over last month. Especially in the second half of the month as we have seen folks jump off the fence and into the market! Let’s see how it breaks out:
Fully Detached home sales
Fully Detached home sales, while up 66% from last month, are still down 56% from last year to $31,500,000 in dollar volume and 29 units sold. The inventory increased 69% to 277 available homes for sale. The sales success ratio (the amount of sales compared to available inventory) is just over 10% putting the market in buyer’s hands for the second month in a row.
The average sale price for a home on the Sunshine Coast is up 14% over last year to $1,175,000.
Year to date we are down 22% in dollar volume to $466,000,000 and unit sales are down 32% to 396 homes sold so far in 2022.
Condo and Townhome sales
Condo and Townhome sales are up over last month significantly but still down over this month last year by 71% in dollar volume to $4,800,000 and unit sales were down 72% to 7 homes sold in August. The inventory is down 18% to 46 available homes for sale. This means the sales success ratio is 15% making the “attached” market a balanced one.
The average price for a condo or town home is up 11% this year to $640,000.
Year to date we are down in 35% dollar volume to $70,200,000 and down 43% in unit sales to 108 homes sold so far in 2022.
Land only sales
Land only sales are down 81% in dollar volume to $3,400,000 and down 80% in unit sales to 4 bare land properties sold in August. Inventory is down 24% to 84 available lots so our sales success ratio is 5% making this segment a buyers’ market.
The average price for a bare land is up 15% to $628,000.
Year to date we are down in dollar volume by 32% to $68,000,000 and unit sales are down by 41% to 108.
The market as a whole is still finding its feet, so to speak.
As expected we are up from last month as buyers come out of summer mode and are getting back at it. We are still down significantly from last year and will likely remain that way throughout the remainder of 2022. I foresee we will be in a consistent balanced market zone for the next while….stay tuned.
Russ’ pro tip for the fall
If you need to buy or sell for personal circumstance (rather than “playing the market”) then there is no need to wait. With a solid plan, you can move forward with confidence now.
For market stats call a Realtor, for market intelligence call Russ Qureshi at 604-741-7119.