Sales up over last July, but listings continue to outstrip demand.
After several months of declining sales, the two interest rate reductions, from June 5 and July 24 seem to have given some energy back into the real estate market on the Sunshine Coast.
July had an overall increase of sales with 60 properties sold this past July, up from 55 properties sold in July 2023. Most of the activity came from single family homes, which had been up until this month, the slowest category of housing. The HPI finally aligned with market activity showing a decrease in price across every category.
Residential Detached: Sales increased from 36 in 2023 to 44 in 2024.
Residential Attached: Sales decreased from 11 in 2023 to 9 in 2024.
Land Only: Sales slightly decreased from 8 in 2023 to 7 in 2024.,
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In the Detached home category, the most active market by ratio was Pender Harbour with 10 sales versus 72 listings, bringing this community almost back to a balanced market. Sechelt had the most sales, with buyers snapping up 18 properties, however Sechelt also has the most listings with 168 homes active. The slowest market was Gibsons, with only 8 sales versus 112 listings, putting this community well into Buyer Market territory.
We have also seen an increase in buyer activity this July, as our team has been out actively showing homes to new and current clients seeking bargains in this listing heavy market. Outside of the anecdotal method of monitoring the market through our team activity, we also note that search traffic has been up across all our online media. In one month on REW. ca, daily impressions of our listings increased from 3009 on July 8 to 15,171 on Aug 6. A whopping 500% increase in online views. And as of August 7, 39 properties have been sold, nearly catching up to the 52 properties sold in all of August last year.
This is some good news for sellers who have been on the sidelines or have been on the market for a while waiting to find buyers in their price range. We do still caution against unbridled optimism as there is a ways to go before we reach a balanced market. The Sunshine Coast still has more active listings that the previous 5 years, with 707 properties available for sale. And with 60 sales, that means there is still well over 10 months of inventory, indicating that buyers still have the upper hand in negotiations. Recent news about volatility in the stock market could impact buying power, but could also spur more investors into the relatively safer haven of real estate.
Overall, the Sunshine Coast real estate market is in a state of flux, and staying informed about these trends is crucial for making well-timed and informed decisions. While this overview provides a snapshot of the Sunshine Coast market, each neighborhood may have unique driving factors influencing its real estate dynamics. For specific insights tailored to your local area, contact us for your personalized market report.
July had an overall increase of sales with 60 properties sold this past July, up from 55 properties sold in July 2023. Most of the activity came from single family homes, which had been up until this month, the slowest category of housing. The HPI finally aligned with market activity showing a decrease in price across every category.
Residential Detached: Sales increased from 36 in 2023 to 44 in 2024.
Residential Attached: Sales decreased from 11 in 2023 to 9 in 2024.
Land Only: Sales slightly decreased from 8 in 2023 to 7 in 2024.,
.
In the Detached home category, the most active market by ratio was Pender Harbour with 10 sales versus 72 listings, bringing this community almost back to a balanced market. Sechelt had the most sales, with buyers snapping up 18 properties, however Sechelt also has the most listings with 168 homes active. The slowest market was Gibsons, with only 8 sales versus 112 listings, putting this community well into Buyer Market territory.
We have also seen an increase in buyer activity this July, as our team has been out actively showing homes to new and current clients seeking bargains in this listing heavy market. Outside of the anecdotal method of monitoring the market through our team activity, we also note that search traffic has been up across all our online media. In one month on REW. ca, daily impressions of our listings increased from 3009 on July 8 to 15,171 on Aug 6. A whopping 500% increase in online views. And as of August 7, 39 properties have been sold, nearly catching up to the 52 properties sold in all of August last year.
This is some good news for sellers who have been on the sidelines or have been on the market for a while waiting to find buyers in their price range. We do still caution against unbridled optimism as there is a ways to go before we reach a balanced market. The Sunshine Coast still has more active listings that the previous 5 years, with 707 properties available for sale. And with 60 sales, that means there is still well over 10 months of inventory, indicating that buyers still have the upper hand in negotiations. Recent news about volatility in the stock market could impact buying power, but could also spur more investors into the relatively safer haven of real estate.
Overall, the Sunshine Coast real estate market is in a state of flux, and staying informed about these trends is crucial for making well-timed and informed decisions. While this overview provides a snapshot of the Sunshine Coast market, each neighborhood may have unique driving factors influencing its real estate dynamics. For specific insights tailored to your local area, contact us for your personalized market report.