4 minute read
Sunshine Coast Real Estate Statistics for July 2022
by Russ Qureshi Has the market fallen o a cli ?! Is the end nigh?!! I certainly don’t think so. I believe we are seeing buyers and sellers adjusting to some new realities “out there”. Usually change is accompanied by confusion or, at least, a wait and see attitude by those active in the market. We see this on the buyer’s side, clearly, by the lack of completed deals. When we add the time of year to the mix, and the fact that many are simply opting for the beach and vacation mode over house hunting and selling, then we see the slow down as being even more pronounced. I believe we’ll see a big jump in activity over the month of August and into September as many folks who are deferring their purchase today will only wait “so long”. Let’s see how July breaks out:
Fully Detached home sales – were down by 87% in dollar volume to $10,050,000 and down 88% in unit sales to 9 units sold in July. Our inventory climbed 41%, compared to the same time last year, giving us 261 available homes on market. Year to date is a bit more rosy with only a 23% reduction in dollar volume to $406,400,000 and a 34% reduction in unit sales to 342 homes sold. The average price for a detached home so far in 2022 has risen 16% to $1,188,000. Condo and Townhome sales – were down 94% to $480,000 in dollar volume and down 94% in unit sales to 1 unit sold in July. Our inventory fell 23% to 50 available attached homes on market. Year to date we see dollar volume is down by 31% to $60,800,000 and unit sales are down by 34% to 113. The average price for a condo or town home is up 14% to $640,000.
Land only sales – were down 91% in dollar volume to $700,000 and down 85% in unit sales to 2 lots sold in July. Year to date we have seen a decrease in dollar volume by 25% to $61,500,000 and unit sales by 39% to 100 lots sold so far in 2022. The average price for a piece of bareland has risen by 22% to $615,000.
Sellers – Competitive pricing is more important than ever. To get a sale done in 2022 may require a deeper cut to your asking price than you first imagined. If you have bought recently this can have a concerning, negative impact. However, if
you bought prior to 2020 then you are likely still in a very good position when it comes to
equity. My thoughts are that you deal with any deferred maintenance on your home and sharpen your pencil with regard to your bottom line and “what you need” to move forward. Buyers – This is a great market for you to achieve the kind of deal you want! Within reason one can create favourable terms through an o er on the “right one”. On that note, don’t let the lack of action frighten you. If you find “the perfect place” (and they are out there), don’t flounder around with indecision. You know what you want so if you find it, buy it. Just do it on your terms. If you are looking but also “waiting and seeing” you will likely miss out and regret the indecision/fear.
With regard to exte rnal factors we will see the BC Government introduce the buyer cooling o period as law moving forward on January 1, 2023. Rather late, and certainly inane tinkering, with citizens ability to transact with one another…. The cooling o period will amount to 3 business days and, if a buyer backs out of a deal during that time, they will be on the hook for a .25% penalty (think $2500 on a million dollar home). There are many other factors at play and this legislation raises questions around the process of buying and selling. I will have answers as our industry is informed by government….
170 - 1413 Sunshine Coast Hwy 1 - 815 North Road - Gibsons SOLD
**Due to publishing schedules this market report does not contain the month of August. For a more detailed analysis contact me.
Lot 6 Twin Isles Drive - Gibsons SOLD
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 1453 Park Avenue - Roberts Creek
2 bed / 1 bath Lovely updates Great location 55+ and no rentals Asking $569,000
More at www.northroadmanor.ca 1166 Cedar Grove Road - Roberts Creek
.505 acres Lovely views Fantastic location & easy to build Asking $599,000
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4 bed / 3 bath family home Built in 2008 10 out of 10 here! Walk to the beach Asking $1,599,000
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3 bed / 2 bath rancher 580 sqft studio • 120 sqft separate office .57 acre property Fantastic location Asking $1,499,000
More at www.cedargroveroad.ca Russ Qureshi
