The real estate market on the Sunshine Coast took a seasonal dip for the month of July 2017. People are heading to the beach or staying in to avoid the heavy smoke from wildfires that is blanketing the south-west coast of British Columbia.
Condo living remains a hot item on the Sunshine Coast because of affordability and convenience. Mortgage lenders are being conservative and choosey because lending quotas for the year have already been met.
HPI (Housing Price Index) went up 25% over July last year to $513,700. Total dollar volume for July is up across the Sunshine Coast 20% compared to July last year to $56,900,400.
Unit sales are down 12% with 85 homes and property sold, while the average price of all property is up 20% to $601,089 and a sales success ratio is holding steady at 23%, a seller’s market.
The housing market continues to be competitive for home buyers with 371 total available homes for sale and 136 newly listed properties.
Detached Home Sales
The average price of a detached home fell 7% over May to $743,813.
Total sales volume dipped 22% to $62,230,917 with 65 homes sold. Inventory levels rose to 315 units with 107 newly listed detached homes for sale.
Sales success ratio dropped to 21% continuing in a seller’s market.
Townhome and Condo Sales
Townhome and condo market is remains a bargain while detached homes are leaving affordability for some out of reach.
The average price of a condo and townhome unit fell 25% in July to $356,583 and the sales volume totaled $6,862,500 down 30%. Nineteen homes sold while the number of homes for sale rose to 46 units.
The condo and townhome market is stays in the seller’s hands at 41% sales success ratio.
The average price of a land-only property on the Sunshine Coast was $301,641 edging down 6% over last month. Total sales volume of $5,429,550 and 18 units sold.
Total active listings were 236 with 26 new listings on the market for the month of July. Sales success ratio held at 7%, still a buyer’s market.
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