The real estate market on the Sunshine Coast has been a roller-coaster ride over the past few months but continues to climb overall.
Condos remain a hot item because of affordability and convenience. Mortgage lenders are being conservative and choosey because the Bank of Canada’s tightening grip on rates.
According to the HPI (Housing Price Index) the average price of a home grew 26% to $575,700 over August last year and total dollar volume was up 30% to $56,052,888.
Unit sales held steady at 93 homes and property sold, while the average price of all property edged up 25% to $602,719.
It remains a competitive seller’s market across the coast with 366 total available homes for sale and only 114 newly listed properties.
Detached Home Sales
The average price of a detached home fell 15% over last month to $648,418.
Total sales volume dipped 22% to $40,850,388 with 63 homes sold. Inventory levels dropped to 311 units with 78 newly listed detached homes for sale.
Sales success ratio held steady at 20% continuing in a seller’s market.
Townhome and Condo Sales
The average price of a condo and townhome jumped a whopping 43% in August to $504,868 and the sales volume more than doubled to $14,664,000 mainly due to the sale of 4 waterfront homes at Edgewater development in Sechelt.
A total of 29 homes sold while the number of homes for sale held steady at 48 units. The condo and townhome market continues to be brisk and remains in the seller’s hands at 60% sales success ratio.
The average price of a land-only property on the Sunshine Coast was $470,926 jumping 56% over last month. Total sales volume of $8,947,600 up 65% and 19 units sold.
The big jump in activity was related to a 40-acre waterfront parcel that sold in Egmont for $1,650,000.
Total active land-only listings were 236 with 24 new listings on the market for the month of August . 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