October was a record-breaking month for residential home sales on the Sunshine Coast, BC surpassing ten-year averages across the board.
The upcoming mortgage stress test, starting January 2018, along with the rising price of homes and low inventory put pressure on home-buyers to get-it-done-now.
HPI (Housing Price Index) jumped 21% to $588,500 over October last year and total dollar volume almost doubled to $53,478,700 in total home sales.
Unit sales moved up almost 50% to 86 homes sold, while the average price of homes grew by 24% to $621,845.
Inventory continues to drop with only 308 total available homes for sale and 75 newly listed homes in October.
Detached Home Sales
The average price of a detached home dropped 10% over September to $676,240 which follows the usual seasonal trend for October.
Total sales volume remained even at $43,955,600 with 65 homes sold. Inventory levels slipped 15% to 257 listings with 58 newly listed detached homes for sale.
It continues to be a seller’s market with a 25% sales success ratio.
Townhome and Condo Sales
The average price of a condo and townhome edged up 5% in October $452,676 along with a growing sales volume of $9,558,100.
The number of townhomes and condos sold jumped 30% to 21 attached home sales while the number of homes for sale edged down to 43 units.
The condo and townhome market remained strong with a sales success ratio of 49%.
The land only market on the Sunshine Coast continues to vary month to month. October sales dipped dramatically to an average sale price of $296,000 down 40%. Total sales volume dove 60% to $3,848,000 with 13 units sold.
Total active land-only listings were 202 with 11 new listings on the market for the month of October. Sales success ratio dropped to 6%, still a buyer’s market.
Graphs for those who love visuals:
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