Overall, residential property sales moved at a steady pace for the month of August 2016 with sales totaling 117, up 34% over August 2015.
The ceaseless climb of sales activity was confirmed with a total dollar volume of $59,002,535 up 69% over the same period last year and a sales success ratio of 18%.
The average price of a residential property grew by 26% to $504,295.
Inventory levels dropped 43% from last year to just 654 total properties for sale with 152 newly listed homes for sale in August.
The strongest activity in the Sunshine Coast real estate market for the month of August was in the $300,000-$500,000 range.
Detached Home Sales
Detached home sales dollar volume for the month of August 2016 on the Sunshine Coast edged down 8% to $37,317,585 from last month. Unit sales totalled 71.
The average price of a detached home remained steady at $525,599.
Competition was up for home sellers with the number of homes for sale totalling 317 units with 108 new homes listed for sale. Sales success ratio was 22% for the month of August.
Year-to-date sales for detached homes in August almost doubled to $441,156,155 with 769 detached homes sold.
Condo, Townhome and Apartment Sales
Condo, townhome and apartment sales remain strong for the month of August on the Sunshine Coast with 19 units sold totaling $6,069,350.
The number of active attached homes for sale remained even at 63 units with a sale success ratio of 30%, a boon for home sellers.
Prices dipped slightly to $304,131 for an apartment, condo and townhome on the Sunshine Coast BC.
Year-to-date sales volume increased 52% to $49,728,195 over last year with 169 units sold.
Land Only Sales
Sales for the Sunshine Coast land-only real estate market for the month of August 2016 remained even at $15,615,600 along with 27 units sold compared to July.
The average price of bare-land property on the Sunshine Coast BC made another leap up 27% to $578,355 over last month with a sales-success ratio of 10%.
Year-to-date sales more than doubled to $85,015,090 a 150% increase over the same time last year. Unit sales were 314.
Overall, the Sunshine Coast real estate market has made huge gains over 2015 as well as month over month.
As we transition from summer to fall we can expect market activity to remain strong for both sellers and buyers with robust pricing and increased inventory.
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.
Municipal Graphs August 2016 SunshineCoast