November continues on a positive trend for residential home sales on the Sunshine Coast, BC while overall inventory continuing to drop.
The jump to buy now continues because of the upcoming mortgage stress test for all mortgages including uninsured mortgage purchases, starting January 2018.
HPI (Housing Price Index) rose 21% to $592,300 over November last year along with the total dollar volume up 20% to $48,187,677 in total home sales.
Unit sales moved up 12% to 67 homes sold, along with the average price of a home on the Sunshine Coast continuing to climb by 7% to $719,219.
Inventory dropped with only 277 total available homes for sale and 78 newly listed homes in November 2017.
Detached Home Sales
The average price of a detached home on the Sunshine Coast rose 15% over October to $779,961.
Total sales volume fell slightly to $38,998,077 with just 50 homes sold. Inventory levels matched, dropping 9% to 235 listings with 61 new listings of detached homes for sale.
It continues to be a seller’s market with a 21% sales success ratio.
Townhome and Condo Sales
The average price of a condo and townhome skyed 28% in November to $573,009 while total sales volume held steady at $9,089,600.
The number of townhomes and condos sold dropped 24% to 16 attached home sales while the number of homes for sale remained level at 41 units.
The condo and townhome market remained strong with a sales success ratio of 39%.
Land-only property on the Sunshine Coast persists its monthly up-down trend. The average sale price of land grew 19% to $352,566.
Total sales volume rose 37% to $5,288,500 with 15 units sold.
Total active land-only listings were 198 with 20 new listings offering more choice in the marketplace for the month of November.
Sales success ratio continues its buyer’s market trend at 7%.
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