Real estate market normalizing post-COVID

Sunshine Coast Real Estate Sales Snapshot for June 2023

When we look back to June, 2022 we were starting to see the steam come off the crazy fast “Covid” market…That slow down happened very quickly last year. I preface this months’ stats with that reminder as we are starting to catch up with where we were at last year at this time. Lets see how it all breaks out:

Fully Detached Home sales

Fully Detached Home sales were down only 8% in dollar volume to $51,900,000 and 10% in unit sales to 45 homes sold in June. Our available inventory has climbed 41% to 345 available homes for sale. Therefore our sales success ratio (the amount of sales versus the available inventory) is 13%….this is the lower end of a balanced market. When we go under a 12% sales success ratio we say it is a buyer’s market and over 20% is a seller’s market.

Year to date we are 41% behind in dollar volume at $233,100,000 and down 37% in unit sales to 209 homes sold in 2023 so far.

The average price for a home on the Coast in June was $1,153,000 while the median price (the middle home to sell) was $1,021,000,

Town Home and Condo sales

Town Home and Condo sales enjoyed a huge jump in sales over last year at this time. We are up in dollar volume by 350% to $15,143,000 and 300% in unit sales to 18 attached homes sold last month. Our available inventory us up 60% to 62 town homes or condos for sale. Therefore, the sales success ratio is 29% making the attached market a seller’s market.

Year to date we are catching up! We are short on dollar volume by only 23% at $46,602,000 and unit sales are down by 18% to 76 attached homes sold so far in 2023.

The average price for a condo or town home last month was $752,000 while the median sale last month was $600,000.

Land only sales

Land only sales also enjoyed a huge jump! Dollar volume was up by 478% to $9,780,000 and unit sales were even with 5 lots sold…the one skewing the stats was a 5 acre development lot in Sechelt that sold for $6,000,000. Available inventory in this segment of the market is up 52% to 113 lots. Therefore our sales success ratio is 4%…..this is still very much a buyers market.

Year to date we are down 65% in dollar volume to $20,800,000 and units sales by 79% to 20 lots sold.

Overall, we are seeing the market return to the more “normalized” levels that we experienced consistently pre Covid.

Call your realtor for market information. Call Russ and Jon for market intelligence!