January brought us snow and freezing weather (along with a few spring-like days) and the months results for real estate sales show we are at the very bottom of our annual sales cycle here on the Sunshine Coast.
This is how it breaks down:
Detached sales reached $16,944,000 in dollar volume surpassing this month last year by 25%. Sales volume was only up 10% to 21 units sold. Two large sales between $2 – 3 million are skewing the dollar volume results. Available inventory is down 14% to 235 units. With that in mind, our sales success ratio is approximately 9% which is “Buyer’s Market” territory. The median sale price (the home that sold in the middle of the value range) for a detached home in January was $650,000.
Condo and Town Home sales were down 38% in dollar volume to $2,703,000. Unit sales were dead even with 7 units sold. Available inventory is up to 115 units which are an increase of 121% over last year. This means our sales success ratio in the attached market is 6%. This is not unusual for January but does indicate a strong buyer’s market. The median sales price (the home that sold in the middle of the value range) for a condo/townhome was $345,000.
Land only sales in January were down 85% in dollar volume to $487,000 and down in unit sales by 72% to 3 sales. Available inventory is up 14% over this time last year to 208 land only properties for sale. The median sales price for the land was $139,000. With a 1.25% sales success ratio, we are definitely in the trough of the annual Sunshine Coast sales cycle.