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Sunshine Coast real estate is picking up for spring

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Sunshine Coast Sales Snapshot for April 2023 and YTD

As predicted, the Sunshine Coast is picking up for spring but still showing markedly fewer sales volume than last year. Let’s break it out:

Fully Detaches Home Sales

Fully Detaches Home Sales were down in dollar volume from last year by 47% to $49,875,000 and unit sales by 40% to 43 homes sold in April. Our inventory is up 75% to 268 available detached homes for sale. This means our sales success ratio (the number of sales versus the general stock) is 16% making it a balanced market. Year to date, we see the same story playing out with 55% less dollar volume at $122,500,000 and 50% fewer unit sales at 113. The average sale price (total dollar volume divided by unit sales) is $1,084,000, while the median sale price (the price the middle home sold for) was $899,000.

Condo and Townhome Sales

Condo and Townhome Sales were down in dollar volume from last year by 10% (only) to $7,954,000; unit sales were even, with 13 sold in April. Our inventory is up 32% to 74 available condos or townhomes for sale. This means our sales success ratio for this market segment is 17%, making it a balanced market. Year to date, we see dollar volume down by 48% to $21,775,000, and unit sales are down by 43% to 38 units sold so far this year. The average sale price was $560,000, while the median was $560,000.

Land Only Sales

Land Only Sales were down in dollar volume from last year by 87% to $2,690,000, and unit sales were down 85% to 4 lots sold in April. Our available inventory is up 61% to 92 available lots for sale. This means our sales success ratio is 3% making it a buyer’s market. Year to date, we see dollar volume is down 81% to $9,725,000, and unit sales are down by 83% to 14 lots sold. The average sale price for the land last month was $695,000, and the median price was $654,000.

As inflation remains steady and the Bank of Canada holds interest rates, we see the spring market uptick taking effect. We are also seeing some pent-up demand playing out, bringing the market, as a whole, into balanced territory.

For market statistics, call your realtor. For market intelligence, call Russ or Jon at Coast Lifestyles Network.