Wow! February 2016 housing market on the Sunshine Coast popped just like the spring buds and bulbs.
February has proved to be the most active real estate month in years with record-breaking 10-year highs for dollar volume, sales volume and sale price. Propelling the real estate market, along with a total drop in inventory and a sales success ratio of 24%, into the seller’s hands.
Overall, the real estate market on the Sunshine Coast continues to rise and shows no sign of stopping.
Sales of detached and attached homes and bare land reached 101 units up 140.5%. The number of newly listed homes for sale was 122 in February 2016, an 8% rise over the same time last year.
Amazingly, 34 properties sold in less than 30 days, below the average days on market of 59 (down 55%), for all property types.
The average price of a residential property on the Sunshine Coast was $481,709 for the month of February, up an impressive 37.5% over February last year.
The MLS® Home Price Index (HPI) composite benchmark price for residential properties on the Sunshine Coast is up 13.8% to $399,600 compared to the same time last year.
Detached Home Sales
Detached home sales dollar volume for the month of February 2016 on the Sunshine Coast almost doubled from last month to $43,387,277. Unit sales more than doubled to 82 homes sold in February.
Average price of a detached home is up less than 1% to $529,113.
The number of active homes for sale scaled back slightly to 312 units with 82 home sold.
Year-to-date sales were $ 65,422,141 in the detached market; a huge increase of 164% and unit sales went up 87% over last year to 124 detached homes sold.
Condo, Townhome and Apartment Home Sales
Condos, townhomes and apartments total sales on the Sunshine Coast were $4,570,385 in February, an increase of 65% over last month. Unit sales climbed 50% to 18 units for the month of February 2016.
Average price of an apartment, condo and townhome was $250,871 up 11% percent compared to last month.
Sales-success ratio, not seen since 2007, soared to 19% putting the attached market firmly in the condo seller’s corner.
Year-to-date sales volume, compared to the same time last year, rose a whopping 180% to $7,327,996. Year to date unit sales of 30 townhomes, condos and apartments on the Sunshine Coast skyrocketed 253% over the same period last year.
Land Only Sales
Sales for the Sunshine Coast land-only real estate market for the month of February 2016 rose 40% to $4,735,845 compared to last month. Similarly, unit sales edged up 35%% to 23 units sold this month.
The average price of bare land property on the Sunshine Coast BC went up 2% to $205,906.
Sales-success ratio on bare land inched up to 7% remaining in the land buyer’s corner. The average days on market were 164.
Year to date sales totaled $8,119,245 with total 40 units sold. The average price of bare land dropped 36% to $202,981.
Sellers, get ready to move!
Homes on the Sunshine Coast for sales with WOW factor are moving quickly. Aggressive pricing and negotiating strategies can garner a bigger bang in the market today.
Buyers, be ready to make a quick offer.
Have your mortgage and personal financing in order along with deposit monies within easy reach.
Homes on the Sunshine Coast are moving fast and we see an increase in back-up offers and multiple offers making the buying market very competitive.
Our comprehensive packages of marketing, negotiations and local know-how will get the job done for you!