spring-cherry-blossoms-roberts-creek-bc

April 2018 Real Estate Market Update for the Sunshine Coast BC

The Sunshine Coast real estate market mirrored the greater Vancouver trend in April 2018 and saw fewer home buyers and more homes to choose from.

 

Compared to last April total sales went down 44.0% to $34,156,088 total dollar volume. The average price for April dropped 14.1% to $588,898 while the HPI (Housing Price Index) continued to grow 14.9% to $616,800 for the average home on the Sunshine Coast.

 

Total homes sold slipped 34.8% to 58 units and the number of homes for sale rose to 368 units not including bare land.

 

Detached home sales

Even though, the average price of a detached home went down 10% in April to $643,309 the coach is stillbreaking historical trends for price.

Month over month April reached a total dollar volume of $27,018,978down 13%.  Available homes for sale continued to grow, up 18% to 304 total detached homes for sale across the Sunshine Coast and 42 homes sold.

 

Attached home sales

The average price of an attached home (condos and townhomes) for April dipped slightly to $449,706 down 7% over last month.

 

The total dollar volume dove 25% to $3,568,700. Total attached homes for sale went up a strong 31% to 54 units which opens up choice for condo and town home buyers.

 

Land for sale

The price of a bare land on the Sunshine Coast averaged $220,152. Total dollar volume is about half of last month at $3,302,280.

 

Available listings were steady at 182 available land-only properties for sale. Total land units sold for April went up slightly to 15 properties.

 

Takeaway

While the Coast continues to enjoy a strong seller’s market we are beginning to see the fallout from the Federal “stress test” for those needing mortgage monies and uncertainty about how the Provincial government is going to roll out their proposed tax changes for empty homes and non-resident and foreign purchasers.  This will likely have a lingering effect over the next several months.

 

With that in mind the Sunshine Coast still enjoys the least expensive average home price in the Lower Mainland (including such areas as Squamish, Maple Ridge and Abbottsford where the average home price is $100,000 + compared to the coast).

 

For more information talk with your REALTOR®.

For market intelligence contact us – perspective is everything.

Contact Russ Qureshi and his team at http://coastlifestyles.ca

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Sunshine Coast real estate market humming along

The Sunshine Coast real estate market defied the greater Vancouver trend in March 2018 and continued to hum along at the start of the new spring season.

 

Compared to last March total sales went up 1% to $40,863,074. The average price jumped 22% to $665,139 and the HPI (Housing Price Index) grew by 20% to $575,583. Total homes sold dipped 13% to 63 sales and the total homes for sale remained even at 306.

 

Let’s look at how things played out month over month.

 

Detached home sales

 

The average price of a detached home edged up 2% in March to $717,746, the highest price ever on the Sunshine Coast. Incredible!!

 

Month over month March reached a total dollar volume of $31,580,840 up 24%.  Available homes for sale grew 17% to 257 total detached homes for sale across the Sunshine Coast with 44 homes sold giving home buyers more choice.

 

Attached home sales

 

The average price of an attached home (condos and townhomes) for March was $483,311 up 13% over last month. The total dollar volume reached $4,771,700 down 1%. Total attached homes for sale reached 41 up 14% which helps satisfy pent up demand.

 

Land for sale

 

The average price of a bare land on the Sunshine Coast in March was $573,799 up 80% due to the sale of a development property in Port Mellon.

Total dollar volume of $6,885,590 isup 53%. Available listings were steady at 180 available land-only properties for sale. Total land units sold for March was 12.

 

Takeaway

 

The real estate market on the Sunshine Coast remains strong going into what is traditionally our busiest season with prices remaining to grow. The pressure is off a little as more inventory comes onto the market giving home buyers more choice and sellers more competition.

 

 

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 at http://coastlifestyles.ca

 

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Sunshine Coast Real Estate Market – Sales Down and Prices Up

In February 2018, the Sunshine Coast real estate market saw fewer sales, less inventory (overall) and a significantly higher-than-average price across all segments of the market.

 

Detached homes

 

February enjoyed 35 units sold compared to 44 last year. When we look at the fact that inventory levels are nearly unchanged over the same time period (at 214 available units) and the average price has increased 6% from $660,000 to $701,000 perhaps we are seeing a lessening of demand?

 

Personally, I chalk it up to the intensely inclement weather over the past month. The reason is the year to date numbers tend to show a more accurate picture and, with that in mind, we see a total of 71 sales so far in 2018 compared to 76 last year with the average price up from $599,000 to $704,000.

Attached homes

February saw only 11 condo and town home units sell compared to last year at 25 units.  This is explained with the fact that available inventory is down from 44 units last year to only 36 units this year. The average price in this popular area of the market is approximately $430,000.  This is up significantly from last year at $386,000.

 

As demand continues to focus on the attached market, due to affordability, we will continue to see upward pressure on condos and town homes. Especially in light of the fact that inventory is at a total of 36 available total units!

Land only

February has seen 14 sales of bare land which is unchanged from last year. There are 173 active listings which is way down from last year at 225 units. The average price is soaring in bare land up to $320,000 this year from $213,000 last year.

For specific questions and more detail please contact our team at your earliest convenience. 

Cheers,
Russ

 

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Inventory Slowdown Drives Sunshine Coast Real Estate Market

January continue to show extremes in the real estate market on the Sunshine Coast BC, inventory slowdown being a key driver

 

The most notable factor driving the present market is, you guessed it, the lack of inventory.  This continues to be the variable that is becoming more extreme every month.

 

Let’s see how this is playing out across the residential market on the Sunshine Coast.

 

Detached home sales 

The month of January reached a total dollar volume of $25,455,000 which is up from this month last year by 54%!!

 

Available listings dropped 9% from this time last year to 191 available detached homes across the entire Sunshine Coast.

 

Total detached sales went up 12% to 36 units sold.  This means the closing ratio (sales versus available listings) is 19% and firmly in a seller’s market.

 

The average price this past month is also up over last year by 37% at $707,000.  Note: this does not mean the average home is selling for more than $700,000, it simply means the average price for homes sold in January was $707,000. When we look at the average home price over the entire year of 2017 it is $652,000.

 

Attached home sales 

The month of January reached a total dollar volume of $4,771,700 which is up from last year nominally by 6.5%.

 

Available listings are the factor in this surprising small jump in total sales.  We are down 40% in available units so far this year.  The minimal jump in gross dollar volume is more a condition of the lack of available attached housing rather than a lack of interest.

 

The total available attached listings on the Sunshine Coast now sits at 32 and the past month’s closing ratio is 34%, hugely in a seller’s market.

 

The average price of an attached home for January was $432,500.  The average price for an attached home in 2017 was $435,000 so we are down a wee bit.

 

Land only sales 

The month of January reached a total dollar volume of $5,339,000 which is down 48% from last year!

 

Available listings are down 21% to 176 lots on market. Units sold for January are 14 compared to last year’s 15.

 

The closing ration on bare land is 8% meaning it is a buyer’s market.  The average price of a lot on the Sunshine Coast in January was $381,000.

 

What does this mean for home sellers and buyers?

 

Sellers

Whether you are selling your detached home or condo/town home you will do well.  Make sure you have a plan for what to do after your sale!

 

Sales occur in short time frame so having a plan of where you are going and how you are going to get there brings a clarity and peace of mind. This will make the process much more simple and enjoyable for you.

 

If you are planning on improvements prior to listing then contact your REALTOR® and let them show you what will bring you the most bang for your buck and what you should not, or rather need not, do to sell.

 

Buyers

Get pre-approved and be ready to buy into the market now.

 

The Sunshine Coast is one of the last “affordable” places proximal to Vancouver.

 

If you are buying a detached home, being ready financially AND with “your story” is important.  What is your story?  How will it help you acquire the home other buyers are competing on?  In a competitive offer situation having a compelling narrative may be just the variable that gets the seller to pay attention to your offer, along with offering a significant financial incentive and minimal conditions of purchase.

 

If you are down-sizing, and become both a Seller and Buyer at the same time, keep in mind many people in the same place.  Be prepared to pay more than you think you should for that perfect condo or town home.

 

I am often asked “Are we hitting a wall for price on the Coast Russ?”  “Have prices topped out?” “How can people afford to pay this much?!”

 

All good questions and all questions that should be posed and answered in a wider perspective.

 

In the past we have often compared our region to that of Squamish and the Fraser Valley communities of Abbottsford and Maple Ridge.  Up to a few years ago our average home price closely mirrored those communities average home price.  Today the average price of a home in Squamish is $958,000. Abbottsford is $809,000. Maple Ridge is $862,000.

 

While the ferry is a factor for many buyers I believe, the Sunshine Coast has plenty of room to move up on price and will do so over the next few years.

 

If you would like a private consultation to discuss your real estate situation I am happy to oblige both with an accurate valuation and strategies for achieving your real estate goals.

 

 

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 at https://coastlifestyles.ca

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Real Estate Market On The Sunshine Coast Remains Strong

The real estate market on the Sunshine Coast remains strong while we await the effects of government changes in mortgage qualifications.

 

HPI (Housing Price Index) rose 18% to $583,100 over December last year along with the total dollar volume up 58% to $44,710,170 in total home sales.

 

Unit sales moved up 20% to 60 homes sold, along with the average price of a home on the Sunshine Coast continuing to climb by 32% to $745,170.

 

Inventory levels were lower in December with only 218 total available homes for sale and 51 newly listed homes.

 

Detached Home Sales

 

The average price of a detached home on the Sunshine Coast rose 4.6% over December to $815,848.

 

Total sales volume held steady at $39,976,570 with 49 homes sold. Inventory levels dropped 21% to 185 listings with only 40 new listings of detached homes for sale.

 

It continues to be a seller’s market with a 26% sales success ratio.

 

Townhome and Condo Sales

 

The average price of a condo and townhome rode the roller-coaster down 26% in December to $426,763 while total sales volume fell by half to $4,733,600.

 

The number of townhomes and condos sold dropped 31%to 11 attached home sales while the number of homes for sale fell to 31 units.

 

The condo and townhome market remained strong with a sales success ratio of 35% due to combination of low inventory and an affordable price point.

 

 

Land

 

Land-only property on the Sunshine Coast persists its monthly up-down trend. The average sale price of land rose again 14% to $400,272.

 

Total sales volume rose 16% to $4,403,000 5,288,500 with 11 units sold.

Total active land-only listings were 189 with 15 new listings for the month of December.

 

Sales success ratio continues its buyer’s market trend at 5%.

 

 

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 at https://coastlifestyles.ca

Happy Holidays!!

happy holidays christmas card 2017 from Russ, Ria and Terri