May was another great month for detached sales on the Sunshine Coast! Attached sales were up too and the land only market is holding its own. Lets break it down.
Detached Home Sales
Detached sales for the month of May enjoyed a total dollar volume of $32,294,000 which is a whopping increase of 35% over last May’s total dollar volume of $23,755,000. Units sold are up 20% with 64 sales over last May’s 53.
Year to date results are also on good footing with an increase of total dollar volume of 14%. So far this year we have sold $87,210,000 worth of detached homes compared to last year’s total of $75,892,000. Year to date unit sales are also up. We’ve sold 200 units so far whereas last year we were at 177. This is an increase of 12%. The average price per unit is up 1% from $428,000 to $436,000. Available inventory is also up 8% from 705 available homes last year at this time to 765 available homes presently on market.
Attached Home Sales
Attached home sales are doing very well too. For the month of May we had a total dollar volume for condos and town homes at $3,861,000 compared to last May at $2,660,000 for an upswing of 32%!!! Units sold in May totaled 11 compared to 8 last year.
Year to date numbers are a little more conservative but nonetheless very bright and reason for optimism. Total dollar volume this year is at $13,530,000 compared to last year at $10,150,000 representing a boost of 25%. Unit sales are very close to that percentage with 46 units sold so far this year and only 37 sold at this point last year for a difference of 19%. The average price per unit is $291,000 which is up 7% from last year’s $272,000. Available inventory right now is 164 units whereas last year we were at 175.
Land only sales are down ever so slightly by 3% from $845,000 last May to $815,000 this May. Units sold this May were 4, last May enjoyed 5 sales.
Year to date dollar volume is down 8% to $4,138,000 this year compared to $4,500,000 last year. Unit sales for the year are 21 compared to last year’s 20. The average price per unit this year is $197,000 compared to $225,000 last year for a difference of 12%. Available inventory for land is now hovering at 441 units down 8% from last year’s 480.
Busy Spring…Is the trend continuing?
Traditionally, May is one of the strongest selling months on the Sunshine Coast, and this is the second month in a row that we have seen significant gains in both dollar volume and units sold. Dare I say we are seeing a trend….Maybe it’s a bit early to say but it looks good. Will next month see us come down slightly, as is tradition, or maintain a steady upward gain? Stay tuned and find out!
Lovely 3 bed 2 bath Bay area home on a level lot offering easy access to marinas, shopping, beaches and parks.
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Happy Mother’s Day!
Here are a few quotes that embody what mothers and motherhood mean to us:
Sometimes the strength of motherhood is greater than natural laws.
~ Barbara Kingsolver
Motherhood: All love begins and ends there.
~ Robert Browning
Cheers to an awesome day!
Real Estate Market Update for the Sunshine Coast April 2014
We’re well into May now and the statistics for April are in!
The market is swinging to it’s own tune. Remember over the last several months we have seen the detached market lag behind last years results and the attached and land only markets soar beyond last years heights. Well, we have a reverse of that situation this month.
Residential detached homes
Residential detached dollar volume is up to $20,109,000 this month over last year’s $15,422,000. This is an increase of 30%! Unit sales closely match with 52 homes sold over last year’s 38 for a 36% increase.
Year to date is more modest but up nonetheless. Total dollar volume for the year so far is $54,915,000 compared to last year at $52,137,000 for an increase of 5%. Total units sold YTD is 136 compared to 124 from last year for an increase of 10%.
The total amount of available detached listings are 731 compared to last year at 661 for a 10% increase. Total sales as a percentage against total listings available is 7.1%.
A balanced market is in the 15-20% range therefore we are still very much in a buyers market as we move into the last month of spring.
Residential attached homes
Attached housing dollar volume is $1,415,000 in April. Last year we were at $2,350,000 which is a difference of -60%. Unit sales for April are down 50% to 5 units sold compared to last year where we had 10 sold.
Year to date dollar volume is $9,682,000. Last year by this point we reached $7,500,000 so we are up 12.5%. Unit sales have totaled 35 compared to last year’s 29 for an increase of 17%. The total amount of available attached listings 164 compared to last year at 171 for a negligible difference. The sales as a percentage against total available listings is 3%!
Land only sales also “took a hit” this past April with no registered sales at all. Year to date we have total dollar volume sales of $3,323,000. Last year we had reached $3,655,000 by the same time for a small difference of -10%. YTD unit sales for 2014 equal 17 compared to last year at 15.
What do all these numbers mean?
The detached market is enjoying the usual springtime upswing and it is nice to see this surpass last year’s numbers! As a seller you still need to show your home beautifully and be ready to sharpen your pencil when the offer does come in…don’t let that buyer go! Buyers, it’s still your market, however we are seeing some robust action in detached homes sales so you can still cut a very good deal but don’t wait too long as the home you want may be gone next week!
Attached sellers need to continue along the same path of excellent showability & sharp price! I am hoping the month of April’s downward blip is short lived and we will see increased sales again in May. If you want to be one of those sales then keep working with the process of making your condo or town home available and keeping it in good shape. Consider a price reduction to add an edge of competitiveness. If you are a buyer looking to get into the attached market then you have choice. There is the right one waiting for you at a more than reasonable price!
Land only sellers….what can I say…I’ve never seen a month with no sales! That is definitely a unique situation and unlikely to be repeated anytime too soon. Depending on the kind of property you have to sell, do everything you can to make it accessible. If you have raw land consider clearing a building site. Consider doing some tree clearing or limbing to provide a view. Anything you can do to paint the picture for a potential buyer is positive.
Buyers for bare land you have excellent options available to you. Acreages that can be subdivided or allow you to build multiple dwellings are available at very good prices! More modest lots close to the beach and good for holding or building can be had as well.
Whatever your idea is about selling or purchasing real estate let Ria and Russ assist you. Call us and we can go over your goals and provide you with a strategy to attain them!
Our daughter, Athena, was the official judge and here are the results: Congratulations to Gavin, Alexa and Brielle! Great job!! Each winner received a $10 gift certificate to GreatKids Toys, Games and Books Store.
You’re invited to the Grand Opening of our
new Prudential Sussex Realty office in Gibosns Park Plaza (IGA)
Saturday April 26 11am-3pm
117-1100 Gibsons Way
Russ and I are sponsoring a colouring contest for the kids!
Prizes include a chance to win 1 of 3 gift cards to GreatKids Toys, Games, Book Store!
CKAY FM on location!
BBQ, cake and coffee served.
Bring the kids, bring your friends, everyone welcome!!
Listen to our radio ad here >>>>
Hope to see you there!
OPEN HOUSE Saturday Apr. 19, 1-3pm
683 Fairmont Rd, Gibsons
OPEN HOUSE Saturday Apr. 19, 1-3pm
3-5472 Secret Cove Rd, Secret Cove
3 beds | 2 baths | immaculate | beautiful views | bare land strata | 1,982 sq ft
Greater Vancouver real estate market has seen a steady increase in the MLS® Housing Price Index (HPI) since the market plunge in 2009 while rural areas, such as Sunshine Coast, Squamish and Whistler are struggling to catch up.
Check back next month to see how things change.
About MLS® Housing Price Index (HPI)
MLS® Housing Price Index (HPI) model uses statistical analysis to determine the current value for homes using home attributes and calculates how the value of the typical or “benchmark home” changes over time which gives a clear view of home price trends over time.
Some very interesting real estate sales statistics coming from the month of March 2014 on the Sunshine Coast, BC. Lets begin with detached homes.
Detached Home Sales
March saw 12% less dollar volume than last year – $15,500,000 vs $17,600,000. We also saw a commensurate reduction in unit sales. We’re down 10% with 34 sales this March compared to 37 from last year.
We’re down in new listings that have come on in March by 9% (129 new listing this March compared to 143 last year). This makes correlative sense with unit sales BUT our total units listed as of March 31 are 678 whereas last year at this time we only had 566 units listed. This is a 19% jump in inventory.
Year to date dollar volume we are only down 5% from last year – $34,800,000 compared to $36,700,000 from last year. Unit sales for the year are 84 compared to 86 last year.
Attached Home Sales
Attached home gross dollar sales in March was $2,379,000 compared to last year at $2,830,000 for a difference of -16%. Unit sales this past month equaled 10 versus last year’s 11.
Inventory is down slightly with 157 units available. Last year we had 166 units available for a difference of -5.5%.
Year to date we are up across the board. Dollar volume rose 37% to $8,257,000 compared to last year where we were at $5,420,000. Unit sales reflects the same increase with 30 sales year to date. Last year saw only 19 sales by the same time.
Land Only Sales
Land only sales are rocking! We’re up 220% in dollar volume with $622,000 versus $282,000 from last year. We have 4 units sales in March this year compared to 2 from March last year.
Inventory is down 5% to 389 from 410.
Year to date we have enjoyed a total of $3,328,000 in total dollar volume compared to last year at $2,280,000. This is an increase of 45%! Unit sales are up too. 16 units sold this year compared to 11 from last year.
What does this mean?
In a general sense, we’re doing just fine with two segments of the market (attached and land only) up significantly despite the relatively small numbers over all. Although we are down for detached sales we are starting to see some lovely weather that will make a positive difference for sales as we move forward into spring.
Detached sellers – Compete, compete, compete! There are a huge amount of properties for buyers to choose from. Show your home very well and lead the market on price. This will be your key to selling sooner than later!
Attached sellers – Although numbers are up, the total numbers are still quite small. Be optimistic but guardedly so. As with detached sellers you should show your home as neatly as possible and also lead the market with pricing.
Land only sellers – Again, the numbers are up in a huge way but the total numbers are still small and the competing inventory is large. Do whatever you can with your bare land to differentiate it from the competition. Is there a view you can exploit? Is there some clearing or trailblazing you can do to make the property more accessible and appealing to a buyer?
Buyers for all property types – Interest rates are down to 3.14% with some mortgages available at 2.99%! When you’re ready to purchase get pre-approved first. With all the inventory there is something out there for you and sellers will be eager to entertain an offer!
Whether you are buying or selling talk to Russ or Ria and we can create an action plan that will work for you on many different levels.
Remember, there is no obligation when you chat with us. We’re here to help you achieve your real estate goals!!
Russ Qureshi, REALTOR®, Associate Broker
Royal LePage Sussex
117-1100 Sunshine Coast Hwy
Gibsons, BC V0N 1V7