Navigating The Real Estate Market Calls For A Strategic Approach This Fall
Sunshine Coast Real Estate Snapshot for October 2022
Detached Home Sales
Fully Detached Home Sales for the month of October 2022 were down 59% in dollar volume to $28,600,000 compared to last year at this time. Unit sales are down 57% to 27 homes sold. Compared to last month sales volume is down 8% and unit sales are down 25%. Our sales success ratio (the amount of sales versus available inventory) is at 10% putting the market in buyer’s hands. Our inventory has increased 145% over last year to 279 available homes for sale.
Year to date we are down 29% in dollar volume to $530,000,000 and unit sales are down 36% to 459 detached homes sold so far in 2022.
The price for a detached home is up 11% this year to $1,154,000.
Condo and Townhome Sales
Condo and Townhome Sales for the month of October were down 57% in dollar volume to $4,200,000 compared to last year at this time. Unit sales are down 70% to 6 units sold. Compared to last month we are, for all intents and purposes, dead even. Our sales success ratio is 12% putting the attached market on the cusp of a buyer’s market. Our inventory is up only 12% to 60 available attached homes.
Year to date we are down in dollar volume 38% to $79,000,000 and unit sales are down 47% to 120 condos and town homes sold so far in 2022.
The average price for a condo or town home is up 13% to $650,0000.
Land Only Sales
Land Only Sales for the month of October were down 65% to $1,350,000 and unit sales are down 80% to 2 lots sold. We are dead even with last months’ sales and our sales success ratio is approximately 1.5% making this segment a buyer’s market.
Year to date we are down in dollar volume by 38% to $70,250,000 and unit sales by 47% to 112 land only properties sold so far in 2022.
The average price for a lot on the coast is up 16% to $627,000.
Whether you are a buyer or seller this fall, there are some specific ways to set yourself up for success in this market. One way is to reach out to Russ or Jon for professional advice and a proven path to negotiating results that are in your best interests.
I was doing some math the other day and found out that a property would have to undergo a $96,0000 price drop before you could beat the interest rate increase over 2022. So, if I borrowed 500k in March, over a five year term, I would have paid $56,000 in interest. With today’s rate of 5.95% my interest accrued over the same five year term is now $140,000!!!! So, we need to see prices drop significantly to beat our interest rate rise…..Buyers, don’t wait for the market to go down when every indication is that rates will continue to rise…..
For market statistics call your realtor. For market intelligence call Russ and Jon!
REALTOR®, Assoc. Broker
Personal Real Estate Corporation