Cyclical summer slowdown softens sales in the short term on the Sunshine Coast BC. Overall, residential property sales moved at a steady pace for the month of July 2016 with number of units sold totaling 137.
The ceaseless climb of sales activity was confirmed with a total dollar volume of $62,166,587 up 29% over the same period last year and a sales success ratio of 20.5%. The average price of a residential property held steady at $453,770.
Inventory levels grew reaching 668 total properties for sale with 184 newly listed homes for sale in July. The average days on market were 52.
Detached Home Sales
Detached home sales dollar volume for the month of July 2016 on the Sunshine Coast sank 30% to $40,436,497 from last month. Similarly, unit sales dropped to just 76 sales.
The average price of a detached home fell 8% to $532,059 since last month.
The number of homes for sale jumped 10% to 310 units along with 76 homes sold for a sales success ratio of 25%.
Year-to-date sales for detached homes in 2016 doubled to $403,838,570 with 698 detached homes sold.
Condo, Townhome and Apartment Home Sales
Condo, townhome and apartment sales held steady for the month of July on the Sunshine Coast with 20 units sold totaling $6,416,450. The number of active attached homes for sale remained even at 70 units with a sale success ratio of 28%.
Prices continued a steady climb with the average price of an apartment, condo and townhome inching up 4% on the Sunshine Coast BC to $321,595 compared to last month.
Year-to-date sales volume increased 17% to $43,659,188 with 150 units sold.
Land Only Sales
Sales for the Sunshine Coast land-only real estate market for the month of July 2016 skyrocketed 57% to $15,313,640 along with 41 units sold compared to last month.
The average price of bare land property on the Sunshine Coast BC drove up 57% to $373,503 over last month with a sales-success ratio of 14%.
Year-to-date sales more than doubled to $69,399,490 a 125% increase over the same time last year matching an increase of unit sales to 287.
Summer means you have more choice when buying a home on the Sunshine Coast.
And let’s not forget the 15% Foreign Buyer’s Tax is non-applicable on the Sunshine Coast making your investment dollars go further.
Timing, pricing and location are the biggest factors in how quickly a property will sell in a busy market like the Sunshine Coast BC.
Speak with a REALTOR® licensed in your area to gain insights into current real estate market activity in your neighbourhood.
For all your real estate buying, selling and investment needs on the Sunshine Coast BC contact Russ Qureshi and his team