Halfmoon Bay harbour, Sunshine coast, British Columbia

Record-Breaking Real Estate Market Continues To Rise On The Sunshine Coast BC

Another record-breaking month of real estate sales on the Sunshine Coast BC surpassing 10-year highs – again!

 

Residential property sales on the Sunshine Coast totaled 158 up 139.4% over March 2015, and 26.4% over the 10-year high.

 

Continued low interest rates, first-time homebuyers and excess resources of home sellers in the Greater Vancouver market fuel today’s rise in sales and price across the Sunshine Coast.

 

Total dollar volume rose a whopping 158.5% to $85,735,687 with a sales success ratio of 24.8% pushing the market further into the seller’s hands.

 

The number of homes for sale has bucked the usual spring upward trend with total inventory of properties for sale down 45.3% to just 402 listings.

 

New homes listed for sale totaled 173 down 2.3% and the average days on market dropped 26.6% to just 94 days.

 

The average price of a residential property was $542,631 up 8.0% and the MLS® Home Price Index (HPI) rose 16.3% to $413,000 in March 2016 over the same period last year.

 

Detached Home Sales

Detached home sales dollar volume for the month of March 2016 on the Sunshine Coast nearly doubled again month over month to $79,857,440 up 84% over last month. Unit sales jumped to 136 detached homes sold in March.

 

Average price of a detached home is up less than 1% to $587,187.

 

The number of active homes for sale remained even at 312 units with the number of homes sold jumping 66% to 136 units sold.

 

Year-to-date sales were $145,279,581 in the detached market; a huge increase of 159% and unit sales went up 116% over last year to 260 detached homes sold.

 

Condo, Townhome and Apartment Home Sales

Condos, townhomes and apartments total sales on the Sunshine Coast were $5,878,247 in March, an increase of 29 % over last month. Unit sales climbed 22% to 22 units for the month of March 2016.

 

Average price of an apartment, condo and townhome in March 2016 on the Sunshine Coast BC was $273,580 up 9% percent compared to last month.

 

Sales-success ratio continued to rise to 26% settling the attached market in the condo seller’s corner.

 

Year-to-date sales volume, compared to the same time last year, almost doubled to $13,206,243. Year to date unit sales of 52 townhomes, condos and apartments on the Sunshine Coast climber 73% over the same period last year.

 

Land Only Sales

Sales for the Sunshine Coast land only real estate market for the month of March 2016 continued to grow 16% to $5,502,755 compared to last month. Similarly, unit sales edged up 17% to 27 units sold this month.

 

The average price of bare land property on the Sunshine Coast BC dipped 1% to $203,805.

 

Sales-success ratio on bare land inched up to remained in the land buyer’s corner at 7%. The average days on market were 488.

 

Year to date sales totaled have almost doubled over the same period last year to $13,622,000 with total 67 units sold.

 

Summary

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.

 

Cash, along with an unconditional offer, is king!

 

Home Sellers

Home sellers, with homes selling quickly and sometimes closing in less than 30 days, you’ll want a plan in place to get you to your next home in record time.

 

Sellers, when offers come in, take the time to scrutinize all the details including price, conditions and timing.

 

Homebuyers

Homebuyers are encouraged to have pre-approved financing in place and can expect a backlog of mortgage approvals of up to 10 business days.

 

Buyers, when making conditional offers, it may be wise to have an onsite inspection done while previewing the property to speed up the offer process.

 


 

With any real estate transaction, buyers, sellers and investors are encouraged to seek out the advice of a licensed REALTOR® in their area.

For all your real estate investment needs on the Sunshine Coast BC contact Russ Qureshi and his team at coastlifestyles.ca