Sunshine Coast real estate market shows signs of a spring recovery

February continued to show positive signs for the Real Estate Market on the Sunshine Coast.  Sales are well ahead of last year February’s results in both the detached and land only segments.  Condos and Town home sales were up YTD  but not quite as much for February alone. Let’s see how this breaks out:

Detached sales were up 8% in dollar volume to $30,200,000 and unit sales by 29% to 31 homes sold in February! Our inventory has also increased by 32% to 262 available homes for sale.  Therefore, our sales success ratio (the amount of sales versus the available inventory) is 12% putting us, just, into balanced market territory.  

Year to date we are up in dollar volume by 17% to $55,700,000 and unit sales by 13% to 52 homes sold so far in 2024.  

Year to date the average price for a home has been $1,070,000 and the median price (the home that sold in the middle in February) was $870,000.

Condos and Town Home sales are down 7% in dollar volume to $4,800,000 and down in unit sales by 17% to 7 homes sold. Our inventory has shrunk by a considerable 41% to 43 available homes for sale. This means our sales success ratio for the attached market is 16% and, thusly, considered a balanced market.  

Year to date we are up 35% in dollar volume to $9,700,000 and 27% in unit sales to 15 homes sold in February.

Year to date the average price is $640,000 while the median price for February was $575,000.

Land only sales are up in dollar volume by 109% to $3,930,000 and unit sales by 66% to 5 bareland properties sold.  Our inventory is up by 27% to 88 lots for sale. Therefore, our sales success ratio is 6% keeping this segment of the market, seemingly, in buyers hands.  

Year to date we up 239% in dollar volume to $7,195,000 and 175% in unit sales to 11 lots sold in February.  

The average price for land this year is $650,000 while the median price for last month was $600,000.

All the statistical details taken together speak to a recovering market and all signs point to a busy spring! The sales stats aside we saw two major items in the Provincial Government’s 2024 BC Budget.  We are seeing the First Time Homebuyer’s Exemption threshold increase from $500,000 to $835,000 and the New Home Buyers Exemption threshold increase from $750,000 to $1,100,000.  These two incentives should prove to be a welcome break to the market rise we have witnessed since the last update of these thresholds.

For market intelligence contact Russ or Jon at Coast Lifestyles Network