The New Year in 2023 has brought out a slight jump in our local real estate market!
While all market segments are down from last year, we were expecting that! The Real Estate Board of Greater Vancouver’s economist, Andrew Lis, forecasts the market will look like last year’s. The takeaway is that peak pricing was last spring, and the market has come down since then, so prices will, due to the lack of inventory, remain where they are over the next year, so make sure to consider a home purchase. Here’s how the real estate market on the Sunshine Coast of BC rolled out in January 2023:
Detached home sales were down 41% in dollar volume to $19,823,000, and unit sales were down 38% to 22 units sold. Our listing inventory is up from last year by 148% to 184 available detached homes. Keep in mind, while this seems like much more inventory, our pre-Covid inventory was in the range of 325 – 375 properties. Our sales success ratio (the number of sales versus the available inventory) is 12% putting us on the cusp of a balanced market.
The average sale price for a home this past month was $900,000, while the median sale price was $765,000.
Condo and Town Home sales were down 79% in dollar volume to $1,050,000, and unit sales are down 77% to 2 homes sold in January.
Our listing inventory is up from last year by 44% to 64 available homes. The sales success ratio is 3%, meaning a buyer’s market in January for attached homes.
The average sale price for a home this past month was $456,000.
Bareland sales for January were one lot in Sandy Hook, which sold for $240,000.