Sailing yacht in blue sea

Seasonal summer relaxing of the market

Sunshine Coast Real Estate Snap Shot for July 2023

In keeping with last month, the real estate market on the Sunshine Coast is holding steady despite the Bank of Canada bringing its’ overnight rate to 5% this past month. Small increases in both dollar and unit volume speak positively to the power of real property as an asset on the Sunshine Coast!

Let’s see how July stats breaks out:

Fully Detached Home Sales Bump Up

Fully Detached Home Sales enjoyed a 3% bump in dollar volume to $39,350,000 and a 5% bump in unit sales to 36 homes sold in July. Our available inventory took a big jump of 25% to 345 available homes for sale. This means our sales success ratio is 10.5 % and puts us into a buyers’ market.

Year to date we are down 37% in dollar volume to $272,475,000 and unit sales are down 33% to 245 homes sold so far in 2023.

The average price for a home last month was $1,112,000 and the median price (the home that sold in the middle) was not far off at $1,025,000.

Attached Home Sales Jump Significantly

Townhome and Condo Sales volume is up 23% to $6,910,000 and unit sales are up 27% to 11 units sold in July. Our available inventory is up 33% to 60 available homes for sale. This means our sales success ratio is 18% putting us in balanced market territory.

Year to date we see that we are still down in dollar volume by 18% at $53,500,000 and unit sales are down 15% to 86 homes sold so far in 2023.

The average price for an attached home last month was $573,500 and the median price (the home that sold in the middle) was not far off at $615,000.

Land Sales Holding Steady in a Buyer’s Market

Land Only Sales volume is down 5% in dollar volume to $3,500,000 and unit sales are up 33% to 8 lots sold in July. Our available inventory has increased by 39% to 117 available lots for sale. This means our sales success ratio is 7% which brings us up from last month but still a buyers’ market.

The average price for land only last month was $430,000 the median price was $357,000.

Increased Interest Rates Cooling Purchase Power

The market is slow right now with a combination of the increased interest rate cooling the purchase power of anyone requiring significant financing and the seasonal summer “relaxing of the market”…folks come and visit the Coast, often they choose to look at homes but don’t often make an offer. Look for things to ramp up across all segments of the market beginning later in August. The Bank of Canada will announce an interest rate “adjustment” in early September.