Sunshine Coast Real Estate Statistics by Russ Qureshi
All segments of the Sunshine Coast Real Estate market have shrunk both in dollar volume and unit sales. At the time of writing this report the Bank of Canada had just announced another .50% increase in the prime rate with warnings of more increases to come. The British Columbia Financial Services Authority has made its’ recommendations to the Provincial Government with regard to consumer protection measures the government wishes to implement. Interestingly, they clearly said the recommendations will likely have unintended consequences and do very little for housing affordability. The latter will have an even more pronounced cooling effect on the market, at least temporarily, while the industry, and Buyers and Sellers, adapt to the new rules. Meanwhile, let’s see how last month rolled out.
Detached homes sales are down in dollar volume by 22% compared to this month last year to $66,600,000 and unit sales and down by 35% to 55 homes sold in May. The number of available listings is up 16% to 212...This means our sales success ratio is 26%. While we still consider this sales success ratio a “seller’s market”...,with the increase in inventory and reduction in sales, this percentage has halved since last month. Year to date shows us down 12% in dollar volume to $340,000,000 and unit sales down 26% to 283 homes sold in 2022 so far. The average home price is up by 19% to $1,200,000. Condos and Town Homes are down in dollar volume by 28% to $11,525,000 and unit sales by 33% to 20 homes sold in May. The number of available listings is down 22% to 39 condos and/or town homes available for sale. This means our sales success ratio is 51%! This segment of the market, due to lack of inventory, continues to be a sellers’ market. Year to date we see that dollar volume is down 24% to $56,000,000 and 1 - 815 North Road - Gibsons
2 bed / 1 bath single wide mobile Cozy and private Deck and storage Pad rent is $575 Asking $195,000 More at www.poplarestates.ca
2 bed / 1 bath Lovely updates Great location 55+ and no rentals Asking $589,000 More at www.northroadmanor.ca
Land only is down 67% in dollar volume to $5,150,000 and down 68% in unit sales to 9 land only property’s sold in May. Inventory is down significantly from last year. 47%, to be exact, to bring available inventory to 65 lots. This means the sales success ratio for this segment of the market is 14% putting it firmly in “balanced market” territory. Year to date we see dollar volume down by 12% to $59,000,000 and unit sales down 31% to 93 lots sold in 2022. The average price for a piece of land is up 26% to $635,000. I’ve noticed far fewer multiple offer scenarios playing out and sellers are starting to negotiate off of their asking price! The soft spot seems to be between 1.3 million and 2 million. Lower than that is brisk and, surprisingly, the higher end continues to chug along very nicely. For market information contact your realtor. For market intelligence contact Russ Qureshi at ReMax City Realty @ 604-741-7119 or russ@coastlifestyles.ca
LD
SO
170 - 1413 Sunshine Coast Hwy
unit sales are down 35% to 87 homes sold so far in 2022. The average condo/town home price is up by 15% to $644,000.
1453 Park Avenue - Roberts Creek
4 bed / 3 bath family home Built in 2008 10 out of 10 here! Walk to the beach Asking $1,599,000 More at www.robertscreekhome.ca
1166 Cedar Grove Road - Roberts Creek
3 bed / 2 bath rancher 580 sqft studio • 120 sqft separate office .57 acre property Fantastic location Asking $1,599,900 More at www.cedargroveroad.ca
Russ Qureshi 604-741-7119 www.coastlifestyles.ca
office 604-886-2670 Twitter: @CoastalHomesBC Facebook: Coast Lifestyles Network 101 - 938 Gibsons Way, Gibsons BC V0N 1V9
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