Real Estate Market Taking a Breather, for Now
Sunshine Coast Real Estate Sales Statistics for January 2022
Leading off the year, real estate unit sales in January 2022 on the Sunshine Coast, BC, took a breather due to low inventory. Notably, the Bank of Canada did not raise the interest rates but may play catch up in March. Therefore, now is a good time for home buyers to lock in an interest rate for the next 120 days.
Let’s dive into the stats:
As we get through the first month of 2022 with no market-shaking surprises, we see the market has been continuing in a robust way. Inventory continues to be the greatest deciding factor in value across all market segments.
Detached home sales reached $34,175,000 in dollar volume, which is 12% lower than last year at this time. Unit sales are down 14% to 36 homes sold in January. The total available homes for sale are 74, down 42%. This means our sales success ratio (the number of sales versus the available inventory) is 49%….The average price (dollar volume divided by units sold) for a home in January was $950,000. The median price (what the middle home sold for) was $862,000.
Condo and townhome sales reached $5,141,000 in dollar volume, which is 46% lower than last year at this time. Unit sales were down 50% to 9 condos or townhomes sold in January. The total number of available homes in this segment of the market is 36, which is down 42%. This means our sales success ratio is 25%. The average price for a condo or townhome was $510,000, and the median price was $525,000.
Land only sales reached $7,400,000 in dollar volume, which is 9% higher than last year at this time. Unit sales are down 23% to 16 lots sold in January. The total available lots are 58, which is down 56% from last year. This means our sales success ratio is 28%. The average price for a lot was $462,000, and the median price was $449,000.
The statistics for the first month of this year seem to show the real estate market taking, what might be termed as, a breather…..Prices are up, but the slower pace of unit sales reflects the low inventory. This month, a notable (non) event was the Bank of Canada holding steady with the present overnight lending/interest rate. Economists expected at least a nominal rate hike to rein in the rapid inflation we are experiencing. This did not happen, which left many scratching their heads in disbelief. The next BOC announcement on rates will occur on March 2nd. We will likely see them playing “catch up” at that point. If you’re a buyer, lock in your best interest rate now for 120 days if possible.
For market statistics call your realtor. For market intelligence call Russ Qureshi with Coast Lifestyles Network!
