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Is the Sunshine Coast real estate market normalizing? 

Is the Sunshine Coast real estate market normalizing?

 

Sales in the month of June on the Sunshine Coast prove my inclination that the market was/is slowing. With statistics this month showing we are still ahead in all sections of the market compared to last year’s numbers we have seen a marked decrease in sales compared to last month.  Let’s see how this breaks out:

Detached home sales

Detached home sales are up in dollar volume by 9% over last year to a total of $63,945,000.  The average price is well up too as the total units sold this month is down 18% to 61.  Compared to last month, the market has slowed considerably.  We are down 25% in dollar volume and down 28% in unit sales.

 

Year to date shows we are still enjoying a huge increase over 2020.  Up in dollar volume for 2021 by 171% to $450,900,000, unit sales are up 97% to 445 homes sold this year.

 

While inventory is still 40% less than last year at 197 available homes, it has increased by 15 units since last month.  This is another factor taking the edge off some of the buying frenzies that we’ve experienced until recently.  Nonetheless, the sales success ratio (the number of sales versus the available inventory) is at 31%, continuing a seller’s market.

Condos and townhome sales

Condos and townhome sales are up 35% in dollar volume over last year to $10,000,000.  Unit sales are up 28% to 18 sales; however, compared to last month, we are down 38% in dollar volume and 40% in unit sales.

 

Year to date shows we are still well up from last year.  Our dollar volume for this market segment is up 344% to $84,000,000, and unit sales are up 306% to 153 condos or townhomes sold this year.  Inventory is still down 53% from last year to 56 units but is up 12% from last month.  Nonetheless, the sales success ratio is 32% maintaining a seller’s advantage for this portion of the market.

Land only sales

Land only sales are up 23% in dollar volume from last year to $6,500,000.  Unit sales are dead even with last year at 16 lots sold in June.  We are down in dollar volume by 49% and unit sales by 45% compared to last month.

 

Year to date shows we are still ahead of last year’s pace by 457% in dollar volume to $74,350,000 and unit sales by 277% to 151. Inventory is down 43% from last year to 123 lots available but even with last month’s inventory.  This puts the sales success ratio at 13%, which is considered a balanced market.

The market is changing

We can see the market is changing. From a historical point of view, it is still solid.  But from the relative point of view of (comparing to last month), we have seen the market has settled by about 30% on average.

Home Sellers

Home Sellers – start thinking about price and keeping your expectations in check.  Certain highly desirable properties are going under multiple offers; however, the vast majority of properties coming to market are not receiving multiple offers and are having to negotiate price! Imagine that!:) As always, the more turn-key / ready-made your property is will result in a quicker sale for more money.

Home Buyers

Home Buyers – the immediate market over the summer is your best time to get a deal; as I predict (with Covid in the rearview mirror), the market will start to get very busy again.  If you see the right property for you, don’t wait to make an offer….go for it today!

 

 

Madeira Park arial

Is the real estate market on the Sunshine Coast pausing? No way, here’s why

May 31, 2021

Is the real estate market on the Sunshine Coast pausing? The sales statistics say no way….

We continue to see a high volume of transactions across all property types on the Sunshine Coast. In speaking with my colleagues, we are noticing a marked slowdown in calls of interest on our listings and that properties are generally taking longer to sell. The stats have yet to coincide with those observations, but the general sense is: the market is slowly changing. Let’s see how it breaks out:

Fully detached home sales

Fully detached home sales increased in dollar volume by 355% to $86,065,000 and unit sales by 203% to 85 units sold in May. Active listings are up by 6 over last month to a total of 182. This is down 41% compared to last year. The sales success ratio (the number of sales versus the available inventory) is 45% keeping the market in the seller’s hands.

Year to date, we are up in dollar volume by 259% to $387,000,000, and unit sales by 156% to 384 units sold so far in 2021.

The average price for a home on the Sunshine Coast is $1,007,000.

Condo and townhome sales

Condo and townhome sales increased in dollar volume by 172% to $16,050,000 and unit sales by 1000% to 30 units sold in May. Active listings are up by 1 unit to 51 available condos or townhomes for sale. This is down by more than 50% from the same time last year and puts the sales success ratio for this segment of the market at 60%…firmly in the hands of the seller.

Year to date, we have seen a 415% increase in sales dollar volume to $74,000,000 and an increase in unit sales by 365% to 135 units sold in 2021.

The average price for a condo or townhome is $547,500.

Land only sales

Land only sales have increased in dollar volume by 800% to $15,850,000 and unit sales by 314% to 29 units sold in May. Active listings decreased by 6 units to 123 available lots/land only units available. This is down 45% from last year. This means the sales success ratio for this segment of the market is 24%!!! Unheard of territory for land only.

Year-to-date dollar volume is up 742% to 67,850,000, and unit sales are up 462% to 135 units sold so far in 2021.

The average price for land-only is $502,000.

Home Sellers: offer a home that is move-in ready

As has been the cemented trend over the previous 12 months, make sure your home shows well. Buyers expect a move-in ready home when they’re paying these recent prices…so give them move-in ready and save yourself time on the market.

Home Buyers: get preapproved

As of June 1st, the Federal Government has increased the stress test for insured and uninsured mortgages, making it even more difficult for those most benefited by entering the market. If you have all or mostly cash, you will be fine. Be as liquid (financially) as possible and be prepared to act quickly on the home you love.

COVID19 long view

With the country on the way to getting through the pandemic, we will see much of the built-up cash reserves (accumulated over the recent months by folks not travelling, going out or finding ways to easily spend) get spent. It won’t all be on real estate but be prepared for a relatively calm summer and then another wild ride this fall.

Real estate slow-down due to latest Provincial Government response to the ongoing COVID19 pandemic

I have noticed over the past several weeks prior to writing this blog, that calls and inquiries on properties have slowed down considerably.  Rather than a market fluctuation or correction, I am pinning the slow-down in action mostly on the latest Provincial Government response to the ongoing Pandemic.

 

That said, the statistics for April show another huge increase in sales and something I didn’t think would happen on the Sunshine Coast – the average price for a home this past month, and indeed for the year to date, has surpassed one million dollars.

 

Let’s see how the statistics break out for April 2021:

Fully detached home sales on the Sunshine Coast BC

 

Fully detached home sales on the Sunshine Coast BC surpassed last April’s dollar volume by 326% to reach $87,600,000 and unit sales were up 207% to a total of 80 homes sold in April alone! A big culprit for rising prices has been the severe lack of inventory…down again this month by 37% to 171 homes available.

This means our sales success ratio (the number of sales versus the available inventory) is 47% putting us deeply into a sellers’ market for the twelfth month in a row.

Year to date the dollar volume is up by 239% to $301,000,000 (1/3 of ONE BILLION dollars in the first quarter of 2021…oh my) and unit sales are up 145% to 299 homes sold since the New Year.

The average price for a fully detached home has reached $1,006,331 (year-to-date average).

Condos and townhome sales

 

Condos and townhome sales are up in dollar volume by 769% to $16,600,000 and unit sales are up 1000% to 30 units sold in April.  Available inventory is down, of course, by 55% to a total of 50 homes available.

The sales success ratio for this segment of the market remains high at 60% keeping it a seller’s market.

Year to date the dollar volume is up 342% to $57,900,000 and unit sales are up 309% to 105 units sold in 2021.

The average price of a condo or townhome has reached $550,000 (year-to-date average).

Land-only sales

 

Land-only sales are interesting as we had zero land-only sales in April of 2020.  Our dollar volume this year is $15,000,000 unit sales are 25 lots/bare land sold. The available inventory is as low as I’ve seen it for land at 129 available properties.  This is down 42% from last year.

This puts the sales success ratio at 19%… almost unheard of territory for this segment of the market.

The average price for a piece of land has reached $490,000 (year-to-date average).

 

My real estate advice for May is short and sweet

 

Home Buyers – be ready with preapproval, a large down payment if possible, and be ready to act immediately on your choice of purchase.  You may be in a situation where you will have to compete with other buyers for the same property so decide how much risk you are comfortable with regarding waiving certain conditions.

 

Home Sellers – while the statistics paint a very rosy picture for sellers the fact remains that each home is truly unique (especially on the Sunshine Coast) and to effect a quick, competitive, sale your home must have the deferred maintenance looked after and try to make your home look great when you show it!  Buyers are willing to pay for turn-key situations, not necessarily furnished, but rather, clean, no fixing, and move-in ready will get your home sold faster and for more money.  If you decide to sell as-is…or sell a rental property….then expect it to take longer.

 

How long can this real estate rise last – Sunshine Coast update for March 2021

For the tenth month in a row, we have seen continued increases in property sales and prices on the Sunshine Coast, BC.

I’ve personally noticed this past week that I see fewer calls than previous weeks and fewer viewing requests, too….with that little caveat aside, the volume of contact requests is still way above usual.  Let’s see how this breaks out:

 

Detached home sales in March increased by 242% in dollar volume over last year to $106,175,000. Unit sales increased by 140% to 106 units sold.  The amount of available fully detached homes sits at 149….47% less than last year.  With that in mind, we see our sales success ratio (the number of sales versus the available inventory) is as high as I’ve ever seen it at 71%….golly, we consider it a sellers’ market when this figure is at 20%!!! The year-to-date numbers paint a similar picture with an increase of dollar volume by 212% to $213,300,000 and unit sales increasing by 128% to 219 homes sold so far this year.  The average price for a home has increased by 37% to $975,000 so far this year.

 

Condo and Townhome sales in March increased by 223% to $14,100,000, and unit sales increased by 192% to 27 units sold.  The amount of condos and townhomes for sale is 52….66% less than last year. With that in mind, we see our sales success ratio (the number of sales versus the available inventory) is 52%…truly a mind-boggling ratio in my experience. The year-to-date numbers are up 153% in dollar volume to $18,500,000, and unit sales are up 142% to 34 sold so far this year. The average price for a condo or townhome has increased by 10% to $550,000.

 

Land only sales in March increased by…wait for it….898% in dollar volume to $19,500,000 and unit sales by 337% to 35 lots sold in March.  The available inventory for land only is down 37% to 131 lots available.  With that in mind, we see our sales success ratio (the number of sales versus the available inventory) is 26%. This puts the land-only category into a sellers’ market again this month!  The year-to-date numbers for dollar volume are up 489% to $37,100,000 and up for unit sales by 376% to 81 lots sold this year.  The average price for land only is up 23% to $458,000.

 

How long can this rise last?

 

One might ask the question, at this point, how long can this rise last? Where is the point where folks simply cannot afford to buy at home? Of course, that is relative, and many individuals have already realized that the market has “left them behind.”  Some lucky buyers can still go out and get what they want, and, let’s face it, compared to many of the Lower Mainland areas, we still offer a deal on price here on the Sunshine Coast.  We also have to look at the low inventory as a major culprit for rising prices.

 

The coming months should see (as we have seen this cycle consistently in the past) an increase in inventory, and this should have a cooling effect on rising prices.  I don’t think we will see prices reduce in any significant way, but I don’t think we’ll see the same rapid rise in values that we’ve experienced for the last while.

 

Home Buyers – take heart! If you’ve been struggling in this market, don’t worry. Remain focused and prepared to go after the one you want.  Be pre-approved financially and, if there is more than one decision-maker, make sure you are on the same page for what’s important to you for a purchase because you will (in all likelihood) pay more for something that doesn’t quite check all the boxes.

 

Home Sellers – indeed, you are in the driver’s seat.  Make sure the home is ready to sell and move into…complete deferred maintenance and make your home “show ready.” Buyers just want to move in for the most part…they don’t want to have to take on your deferred maintenance and repairs…you will sell regardless, but the difference when preparing your home for the market versus not preparing can be measured in the tens of thousands of dollars range.

 

 

Strongest seller’s market since … ever! And, what to do about it.

SELLER’S MARKET OVERVIEW FOR THE NEXT 3 MONTHS

 

Did you know it is the strongest “seller’s market” on the Sunshine Coast since….ever?

We usually measure a “seller’s market” when 20 or more houses per 100 available sell in a given month. In the last three months, we have seen 50+ houses sell for every 100 available.

This is also happening, to a lesser degree, in the condo and townhome market

With high demand and low inventory, this trend looks like it will continue for at least the next 3 months

WHAT ARE THE KEYS TO SELLER’S MARKET SUCCESS? (Broad strokes)

HAVE A PLAN!

Know why you are selling and have somewhere to go! Are you downsizing? Upsizing? Moving off Coast?  These scenarios, and others, require sound planning and execution. THIS IS WHERE WE EXCELL!

GET SHOW HOME READY!

While it seems like everything is flying off the shelves what I’m finding is that homes that are “move-in ready” are the ones that are selling in a few days for amounts well over the asking price. Complete that deferred maintenance, put on a coat of paint, DECLUTTER (especially personal belongings and photos).  While this process can seem a bit overwhelming WE MAKE IT SIMPLE!

GET READY TO MOVE!

The contracts are signed, due diligence is complete, deposits have been made – this is where most realtors disappear – not me! WE HAVE A PLAN! We help you with a step-by-step process to make sure you “wind down” your old address and “wind up” your new one.

 

Even with a strong real estate market, there can be points along the process that require an experienced, calm, confident hand of a seasoned. real estate agent and excellent negotiating skills.  When you work with Russ Qureshi you will understand the value of a clear plan and an organized execution.  The results are a highly satisfying experience and peace of mind!!

 

Call Russ today! 604-741-7119

standsome-worklifestyle-work-at-home-baby-web

Home-buying frenzy continues on the Sunshine Coast BC

The home-buying frenzy continues, hand in hand with a severe shortage of inventory, here on the Sunshine Coast through the second month of 2021.

Let’s see how things look:

 

Detached home sales

 

Detached home sales show an increase in dollar volume by 235%, or $68,100,000, over last year in February. Unit sales are up by 129% to 71 homes sold.

 

Available inventory is down by 50% to 133 available homes for sale.  This means our sales success ratio (the number of sales versus the available inventory) is 53%…. which is previously unheard of seller’s market.

 

The year-to-date totals are up 187% in dollar volume to $107,150,000 and up 117% in unit sales to 113 homes sold this year so far.

 

The average home price has vaulted up by 32% to $950,000.

Condos and Townhome sales

 

Condos and Townhome sales show an increase in dollar volume of 33% to $18,000,000 and an increase in unit sales by 300% to 30 homes sold.

 

Available inventory is down 63% to 49 available homes for sale.  This means the sales success ratio is 61%…putting the condo and townhome market in the seller’s hands again.

 

Year-to-date we see an increase in dollar volume by 107% to $12,200,000 and an increase in unit sales by 90% to 21 homes sold this year.

 

The average price for a condo or townhome has increased by 12% to $567,500.

Land only sales

 

Land only sales show an increase in dollar volume by 180%, or $10,800,000, over last year.  Unit sales are up 300% to 24 units sold.

 

Available inventory is down by 37% to 131 properties for sale.  This means the sales success ratio (amount of sales versus available inventory) is 18%.  This is even more of a seller’s market for land than last month.

 

The year-to-date totals paint the same kind of picture. We are up 305% in dollar volume to $17,600,000 and up 411% in unit sales to 46 lots sold in 2021.

 

Counter-intuitively, the average price for bare land has dropped by 20% this year.  This anomaly can be accounted for by some high dollar sales last year compared to the volume of sales this year.

 

So, what to do and how to strategize a plan of action during the home-buying frenzy?

 

Home Sellers should consider all variables in the transaction

 

If you’re a seller, CALL ME and we will strategize your path through this market and help you make the right decisions for YOU! Dollar value is one thing but there are other variables that can, and do, bring value to the transaction and the overall home selling experience.

Home Buyers be ready to compete with multiple offers 

 

Buyers, if you can access cash then, do so. I’m seeing “average priced” homes in the 700-800k price range sell under multiple offers for tens and, in some cases hundreds, of thousands of dollars more than asking with little or no due diligence contingencies.

 

Another option is to keep to a holding pattern and hope things balance out (as they always do) sooner than later.  That said, even a trifecta of cooling variables (think increased lending rates, an influx of inventory, and decreased demand) will only result in a small drop in the huge market gain we’ve seen over the past 12 months.

 

Coast Lifestyles and Russ Qureshi offer more than just market information. If you want market intelligence and a sound real estate buying, selling and investment strategy reach out to Russ at 604-741-7119 or email russ@coastlifestyles.ca

 

 

log cabin snowed in

January 2021 was one of the busiest on record for real estate sales on the Sunshine Coast BC

The real estate statistics for January 2021 show a continued rise in action here on the Sunshine Coast.

Truly one of the busiest Januarys I have experienced in my 17-year real estate career!

 

Let’s see how it breaks out:

Detached home sales

Detached home sales were up 130% in dollar volume to $39,000,000. Unit sales are up 100% to 42 homes sold in January.  The available inventory of fully detached homes is down 45% from last year at this time to 128 homes for sale! Wow! This means our sales success ratio (the number of sales versus the available inventory) is 33% showing that this continues to be a market that is in the seller’s hands.

The average price of a detached home on the Sunshine Coast in January was $929,821.

Condo and Townhome sales

Condo and Townhome sales were up 330% in dollar volume to $9,100,000 and up 257% in unit sales to a total of 18 homes sold in January.  The available inventory of condos and townhomes is down 54% to 62 available homes for sale.  This means our sales success ratio (the number of sales versus the available inventory) is 29 % putting this segment of the market into the seller’s hands.

The average price of an attached home on the Sunshine Coast in January was $503,583.

Land only sales

Land only sales were up 1289% in dollar volume to $6,750,000, and unit sales were up 633% to 22 lots sold in January!  The available inventory for land-only is down 35% to 134 available units.  This means our sales success ratio is 16 % bringing this segment of the market into a balanced territory for two or three months running now.

Detached home sellers are in an enviable position

Make sure your home is in show condition and that there will be no surprises upon inspection (deal with that deferred maintenance!).  Buyers expect a “move-in ready” situation if they are going to compete and/or pay full price.  Make it easy for your buyer and make your home show well!  This suggestion is the same for condo and townhome sellers.

Land only sellers should clear the land (if pragmatic) to expose what you are selling……perhaps have a surveyor insert new corner pegs if there are presently none.

Home Buyers should be preapproved

Understand the lending market is changing.  While cash flow is king, assets and equity (unless accessing a Home Equity Line of Credit) mean less than they used to.  Also, if you see something that “ticks the boxes,” don’t think about the offer overnight, make the offer now.

 

Get the advice you need to make an informed real estate purchase, sale or investment. Call Russ Qureshi for trusted guidance, call or text directly at 1-604-741-7119.

2020 A Record-breaking Year In Real Estate On The Sunshine Coast BC

Sunshine Coast Sales Statistics December 2020 and Year-End

 

It has been a crazy real estate ride on the Sunshine Coast BC for 2020, and we ended the year on another high note! Despite the Covid 19 Pandemic….or maybe because of it…the Sunshine Coast was one of the busiest regions in the province for real estate sales and market gains/increases last year.  Let’s see how it breaks out:

Fully detached home sales

Fully detached sales increased by 174% in December to $61,500,000 in dollar volume! Unit sales follow suit with an increase of 96% to 63 units sold last month.  The available inventory is down by 47% to 125 available properties.  Despite the traditionally slow time of year, this is a marked decrease in available inventory.  Our sales success ratio (the number of sales versus the available inventory) is just over 50%.  It’s a seller’s market when this ratio is over 20%.

Year to date, we have surpassed 2019’s totals by a whopping 79% in dollar volume to $643,500,000 and by 53% in unit sales to 773.

The average price for a home on the Sunshine Coast increased by 16% in 2020 to $832,000.

Condo and townhome sales

Condo and townhome sales increased by 229% to $8,700,000 in dollar volume.  Unit sales follow suit with an increase of 257% to 18 units sold last month. The available inventory is down by 56% to 67 available condos or townhomes.  This means our sales success ratio (the number of sales versus the available inventory) is 27%.  While not as “mind-blowing” as the detached ratio, it still puts this segment of the market in the seller’s hands.

Year to date, we have seen an increase of 39% to $101,250,000 in dollar volume and an increase in unit sales by 68% to 204. The average price for a condo or townhome on the Sunshine Coast actually decreased by 5% to $496,000.  This counter-intuitive decrease is due to the high price presales that occurred in 2019 with several luxury developments here on the Coast.

Land only sales

Land only sales also enjoyed an increase of 124% in dollar volume to $9,100,000 and 425% in unit sales to 21 lots sold in December.  Available inventory is down 29% to 149 land only properties. This means the sales success ratio is 20%…..on the cusp of a seller’s market!

Year to date, there was an increase of 57% to $62,000,000 in dollar volume and an increase of 77% in units sold to 176.

The average sale price of a lot decreased by 11% to $352,000.

A crazy year

As a result of a pandemic, we have seen a crazy year in all aspects of life and on the local real estate market.  My intuition tells me we should expect to see a continued absence of inventory.  That, coupled with the pent up demand building over this second lockdown, will mean even higher prices and more buyer competition during the early months of 2021.

 

Whether buying or selling, you can move forward confidently with a strategy to help you succeed. I encourage you to reach out for a consultation on what kind of opportunities you can expect from the market this year.

More than just market statistics–contact Russ for your complimentary personalized market intelligence report.

Call Russ direct at 604-741-7119

Email russ@coastlifestyles.ca

Economic Fundamentals Of Housing Prices In 2021 On The Sunshine Coast BC

The Sunshine Coast market continues to break all kinds of records! Did you know that we have exceeded 2019’s total dollar volume by more than $250,000,000?  Yes, you read that correctly, two hundred and fifty million dollars! And, we still have December to go….lets see how this breaks out:

Detached home sales

Detached home sales surpassed last November’s dollar volume by 114% to attain a total of $74,100,000.  Unit sales were up 76% to a total of 83 units sold.  Available inventory is down 42% to 174 homes on the market.  This means our sales success ratio is 52%!!! This is the number of sales versus the available inventory.  Anything over 20% is considered a sellers’ market.  I have been selling real estate on the Sunshine Coast for the past 18 years, and I have never seen the sales success ratio this high!

Year to date, we are ahead in dollar volume by 72% to a total of $581,900,000 and ahead in unit sales by 51% to 710 units sold so far in 2020.

The average home price has risen 14% this year to $820,000.

Condo and townhome sales

Condo and townhome sales are also way ahead. Dollar volume for November was up 109% to $12,350,000, and unit sales are up 104% to 23 units sold.  Available inventory is down 36% to 82 units on the market.  This means our sales success ratio is 28%.  Not quite the same astronomical rise as the detached market, but puts this segment of the market in the seller’s hands.

Year to date dollar volume is up 26% to $93,500,000 (already surpassing the entire 2019 year by more than $20,000,00), and unit sales are up 29% to 186 units sold.

The average attached home price is actually down 5% to $497,750, but this is due to the high-value presales that occurred with several projects in 2019.

Land only sales

Land only sales are up 65% in dollar volume to $8,200,000, and unit sales are up 50% to 24 units sold in November.  Available inventory is down 22% to 171 lots on the market.  This puts our sales success ratio at 14%, showing we are in a balanced market for land sales.

Year to date, we have seen a 49% increase in dollar volume to $53,000,000, and unit sales increase by 63% to 155.

The average price for bare land this year is down 8% to $341,000.

Economic fundamentals of housing prices in 2021

Economic fundamentals are in play here as we move forward.  Lower and decreasing inventory + higher and higher demand (coupled with the fact the second wave of Covid 19 isolation protocols create more pent up demand) + record low interest rates means we are set to see another year of record-breaking prices and, depending on available inventory, unit sales.

More than just market information, get market intelligence that you can rely on, call Russ at 604-741-7119.

ferry boat to Sunshine Coast

Condo And Townhome Sales Surge Over 400% On The Sunshine Coast BC

As we settle into Fall the real estate statistics for our little peninsula continue to amaze me! All segments of the real estate market on the Sunshine Coast BC are up in a big way!

 

Let’s have a look:

Fully detached home sales

Fully detached home sales surpassed last November in dollar volume by 154% to soar to $89,800,000.  Unit sales are up 100% to 104 units sold in November 2020.  The inventory of available homes is down 35% to 227.  This puts the sales success ratio, the number of sales versus the number of available homes, at 46%….the industry considers it a seller’s market when this percentage is at 20% or higher!

Year to date we have seen an increase in dollar volume of 68% to $507,750,000 and unit sales up 48% to 627 homes sold this year.

The average home price is up 13% this year to $810,000. 

Condo and Town Home sales

Condo and Town Home sales have surpassed last November in dollar volume by 494% to $16,500,000….take a moment to let that sink in… and unit sales by 425% to 34! The inventory of available condos and town homes are down by 24% to 87 units available.  This puts the sales success ratio the number of sales versus the number of available homes, at 39%…very much a seller’s market!

Year to date we have seen an increase in dollar volume of 20% to $80,200,000 and unit sales have seen an increase of 26% to 163 units sold this year.

The average condo price is down 12% to $495,000. Many of the high-end presales that occurred last year account for this counter intuitive stat.

The average price of a town home is unchanged at $490,000.

Land only sales

Land only sales have skyrocketed by 373% in dollar volume to $8,405,000 and unit sales by 155% to 23 units sold in November! The inventory of available land is down 12% to 198. This puts the sales success ratio 12% putting this segment of the market in a balanced position.

Year to date we have seen a 47% increase in dollar volume to $44,700,000 and an increase in unit sales by 65% to 131 lots sold in 2020.

The average price of a land only sale is down 11% to $340,000.

 

Detached home sellers get your home ready for sale!  I continue to see market price homes, with work to do, sit on the market too long. Those sellers that have made their home as near to move in ready as possible are selling in days and, sometimes, even hours.

 

The same can be said for those selling condos and townhomes….get your place ready and in good show condition!

 

Buyers – this is a tough market….get preapproved (fixed rates can be had for as low as 1.84 on a 5-year term mortgage) and then be ready to buy as soon as you see what you want!

 

For market intelligence beyond just stats call Russ or Terri with Coast Lifestyles Network!

Russ 604-741-7119 / russ@coastlifestyles.ca

Terri 604-741-7774 / terri@coastlifestyles.ca