Gibsons BC Condo and Townhome Update for December 2019

Gibsons and Sunshine Coast BC Condo & Townhome Update for December 2019

 

Are you considering a strata-type of home purchase on the Sunshine Coast? Now is a good time to make a purchase or investment a condo or townhome in Gibsons BC. Mostly, because there is a serious abundance of inventory ranging in size and price for brand new (202 units) and older mature complexes.

 

As of today, approximately 63 homes are available in Gibsons (listed on the MLS) of which 39 are for pre-construction in new developments:

* Maplewood: 28 townhomes next to the Gibsons Community Centre.

* The Halyard: 12 new townhomes: nine 3-level townhomes and 3 garden suites.

* Touchstone at Gospel Rock: 49 condos and 22 townhomes for sale. Only 4 units are listed on the MLS. Please call me, Terri Murphy, for more details. There are some nice perks for early birds! I can answer any questions and represent your best interests in the purchase of a unit at Touchstone at Gospel Rock.

* Eagleview Heights: 87 units in total, now has 14 homes listed on the MLS.

* Cote: 4 luxury view condos overlooking Gibsons Marina.

 

Sunshine Coast Real Estate Market

The December stats for the whole Sunshine Coast Strata market indicate no change in the number of strata sales from the 7 reported last year (2019). Out of the 7 sales this year, 4 were in Gibsons, however, Touchstone sales are not all reported in the MLS stats.

 

Available inventory is spread among 23 different developments that are suitable to all groups of buyers: Families (near schools), Seniors (55+ complexes) and Investors (rentals allowed). In particular, for First Time Home Buyers, as generally, these can be the most affordable type of properties to purchase.

 

Price and size range from $279,000 to $1,375,000 and from 660 to 2,553 sq. ft., so there is a new home for one and all depending on your personal criteria.

 

There are some differences in strata living compared to detached homes, but also many benefits you might not be aware of. We presently have complexes that have as many as 69 homes and also duplexes that are side-by-side with no strata fees and a detached home feel.

 

As a Buyer’s Agent and the Sunshine Coast Strata Specialist, I am here to guide and represent you in your search for a Sunshine Coast home. I work all areas of the Coast and I am familiar with homes available in the Sechelt area as well, where there are 54 more strata properties available, including 19 brand new townhomes on the Sechelt waterfront.

 

I invite you to call or email me anytime for a chat or if you have any Real Estate questions.

Terri Murphy / 604-741-7774 / terri@coastlifestyles.ca / Coast Lifestyles Network, Re/Max City Realty in Gibsons

Sunshine Coast Residential Real Estate Statistics Year End Wrap for 2019

Sunshine Coast Residential Real Estate Statistics Year End Wrap for 2019

 

A new year and optimism are in the air for buyers and sellers alike.  With huge leaps in sales during October, November and, especially, December we came close to matching 2018’s numbers in the detached market, we surpassed 2018’s numbers in the condo and townhome market and made a valiant comeback for land-only sales.

 

The future is so bright I gotta wear shades….as they say.

 

Let’s break it down:

 

Detached home sales

Detached sales dollar volume surpassed last December’s total by 156%! Reaching $22,400,000!  Unit sales are in close step with a 128% increase in sales to 32 units sold in December. The median sales price (the price of the sale that falls in the middle of all sales) last month was $627,500 while the average price (the total dollar volume divided by the number of sales) was $700,060 which is up 12% from last month.  Available inventory is also down 15% to 237 units. This puts our sales success ratio at almost 16%.  This is considered a sellers’ market, but only just.

 

When we look at the entire year of 2019 we see that we are a mere 3% under 2018’s dollar volume! We reached $358,900,000 in 2019.  Unit sales for the year fell short by 2% with a total of 502 sales. The average sale price for 2019 was down 1% to $715,000.  The median sale price for the year was $638,500.  The following chart breaks the unit sales down by price:

 

Dollar Amount Total unit sales
Up to $399,999 54 (including mobile homes in parks)
$400,000 – $499,999 59
$500,000 – $599,999 114
$600,000 – $699,999 90
$700,000 – $799,999 54
$800,000 – $899,999 38
$900,000 – $999,999 27
$1,000,000 – $1,249,000 29
$1,250,000 – $1,499,999 16
$1,500,000 – $1,749,999 7
$1,750,000 – $1,999,999 7
Greater than $2,000,000 9

 

The least expensive sale for 2019 was a recreational RV on a pad in Pender Harbour for $27,000.  The most expensive sale for 2019 was a 5700 sqft waterfront home on five acres in Halfmoon Bay for $4,350,000.

 

Condo and Townhome sales

Condos and Townhome sales dollar volume surpassed last December’s total by 15%. Reaching $3,735,000! Unit sales are equal to last December’s total of 7. The median sale price (the sale price that falls in the middle of all sales) was $425,000 while the average price (the total dollar volume divided by the number of sales) was $533,600 which is up 17% from last month. Available inventory is up 62% to 120 units available. This puts our sales success ratio at 6%…despite the appearance of “action” for condo/townhome sales this portion of the market is in the buyer’s hands.

 

When we look at the entire year we see that dollar volume up by 12% to $72,635,000! Unit sales for the year are down slightly by 5% to a total of 138 units sold in 2019. The average sale price for 2019 was $528,500, up over 12% from 2018.  The median sales price for the year was $435,000. The following chart breaks the unit sales down by price:

 

Dollar Amount Total unit sales
0 – $299,999 10
$300,000 – $399,999 39
$400,000 – $499,999 40
$500,000 – $599,999 17
$600,000 – $699,999 6
$700,000 – $799,999 4
$800,000 – $899,999 9
$900,000 – $999,000 4
$1,000,000 – $1,199,999 6
$1,200,000 – $1,299,999 3

 

The least expensive sale for 2019 was a ¼ share unit in Pender Harbour for $100,000. The least expensive 100% ownership unit was $219,500 in Sechelt.  The most expensive sale for 2019 was $1,259,900 for a presale unit at Eagleview Heights in Gibsons.

 

Land only sales 

Land only dollar volume skyrocketed 205% to $4,050,000 over this month last year.  Unit sales were down 20% to 4 total units sold in December 2019.  This discrepancy is accounted for with a “big money” sale in Middle Point of a 7-acre waterfront piece for $2,815,000. That particular sale skews the average sale price beyond usefulness. The sales success ratio at 2%.

 

When we look at the entire year we see that dollar volume is down from 2018 by 30% to $39,400,000. Units sales are in close step – down 34% to 100 units sold.  The average sale price from a land only property is up 6% to $397,000. The median sales price (the price of the sale that falls in the middle of all sales) for 2019 was $287,000.  The following chart breaks the unit sales down by price:

 

Dollar Amount Total unit sales
0 – $99,999 8
$100,000 – $199,999 27
$200,000 – $299,999 23
$300,000 – $399,999 21
$400,000 – $499,999 7
$500,000 – $599,999 7
$600,000 – $699,999 2
$700,000 – $799,000 3
$800,000 – $899,999 2
$900,000 – $999,999 0
$1,000,000 – $2,000,000 1
$2,000,000 – $3,000,000 1
$3,000,000 – $3,500,000 2

 

The least expensive sale for land this year was $130,500 for a lot in Pender Harbour and the most expensive sale was a 1300+ acre parcel up Jervis Inlet for $3,300,000.

 

What does all this mean?

What does all this mean? I would interpret that this data shows us we have definitely headed out of the correction we faced in 2019 relatively unscathed.  The residential-detached market is coming back in a big way.  The condo/townhome market’s trajectory is also up but with a much less pronounced curve due to inventory/competition.  The land-only market will continue to hobble along over 2020.

 

Prior to listing your home, detached home & condo/townhome sellers should consider tackling all deferred maintenance from major repairs to touch up painting and cleaning windows.  No job is too small to prepare your home for the market! Have a friend or, better yet, your realtor come by and offer you a critical eye as to what items need to be prioritized before you head to market. Condo/townhome sellers keep in mind the kind of competition you are facing when you decide on price.

 

Land only sellers…..stay the course, make the property look as desirable as possible and make sure buyers can enter the property for a good look around.

 

Detached home buyers had the luxury of being a bit more discerning during most of 2019.  That is changing!  With less inventory and more buyers “out there” you should have your financial ducks in a row before you even start looking and be prepared to make an offer when you find the “right place’.

 

Condo/townhome buyers have the luxury of choice.  There is quite a bit of inventory available whether you are looking for entry-level prices or luxury pre-sale units. Prices remain more or less static so, while it is unlikely you will get that “screaming deal” you can still negotiate a good price.

 

Land only buyers are in a place where you can cut an amazing deal on the right piece of land.  This is not to say every seller will take a big haircut but your best opportunity for savings as a buyer is in this segment of the market.

 

In 2020 if you want market information call your realtor.  If you want Market Intelligence call Russ or Terri with Coast Lifestyles Network.

people-sitting-beside-table-cottonbro

Gibsons Condo and Townhouse update for November 2019

GIBSONS CONDO & TOWNHOUSE UPDATE for November 2019

 

Are you thinking about downsizing or perhaps reducing your mortgage burden? Consider a strata-type of home purchase on the Sunshine Coast and, in particular, Gibsons. There is an abundance of inventory ranging in size and price for brand new or older mature complexes.

As of this today, there are approximately 88 condos and townhomes available for sale, of which about 63 are preconstruction purchases for new developments:

 

* Maplewood: will have 28 townhomes next to the Gibsons Community Centre.

* The Halyard: will have12 new homes: nine 3-level view townhomes and 3-garden suites.

* Touchstone at Gospel Rock: (not all on the MLS) On October 7 released their Village Residences with 49 condos and 22 townhomes for sale, and 40% are SOLD!

Please call me or go to their website TouchstoneGibsons.com and mention our team Coast Lifestyles Network. I can answer any detailed questions and represent you in a purchase. The estimated completion is in Summer 2022.

* Eagleview Heights: (87 units in total) has now sold out their Phase 1.

* Cote: will have 4-luxury view townhomes overlooking Gibsons Marina.

The November stats for the whole Sunshine Coast Strata market indicate a 54% increase in the number of sales from November last year. Five of those 12 sales (excluding Touchstone) were in Gibsons.

 

The presently available inventory is spread among 23 different developments that are suitable to these groups of buyers: Families (near schools), Seniors (55+ complexes) and Investors (rentals allowed). In particular, First Time Home Buyers, as generally, these can be the most affordable type of properties to purchase.

 

Prices and size range from $279,000 to $1,375,000 and from 660 to1,770 sq. ft., so there is a new home for one and all depending on your criteria.

There are some differences in strata living compared to owning a detached home, and also many benefits you might not be aware of. We have complexes that have as many as 69 homes and also duplexes that are side-by-side with no strata fees and a detached home feel.

As a Buyer’s Agent and the Sunshine Coast Strata Specialist, I am happy to guide and represent you in your search for a Sunshine Coast home. I work in all areas of the Coast, and I am familiar with most strata homes available in the Sechelt area as well.

 

I invite you to call or email me anytime for a chat or if you need experience and trusted advice regarding buying, selling or investing in real estate on the Sunshine Coast BC.

Terri Murphy, Buyer’s Agent and the Sunshine Coast Strata Specialist,
Coast Lifestyles Network – ReMax City Realty

Call me: 604-741-7774
Send me an email: terri@coastlifestyles.ca

Howe Sound, Sunshine Coast BC Coast Lifestyles Network

Sunshine Coast Real Estate Enjoyed Significant Gains In November 2019

The Sunshine Coast real estate market continues to rebound and gain during the fall months.  All three sections of the market: detached, condos and townhomes and land only all enjoyed significant gains during November 2019.

 

Here is how it breaks down:

 

Detached sales – increased by 63% in dollar volume to $35,500,000. Unit sales are up 56% to 47. The median price (with half the sales falling under and half the sales coming in over) for November was $645,000.  Year to date, this brings dollar volume to within 7% of last year’s total. Right now, we sit at $336,500,000 in sales. Unit sales are within 6% of the previous year’s total sitting at 470.  The average price for a house this year is down only 1% to $716,000. Homes available for sale are down 9% to 300 making the sales success ratio (the number of sales versus the available inventory) almost 16%.  The detached market is firmly in the seller’s hands.

 

Condos & Townhomes sales – increased by 60% in dollar volume to $5,350,0000. Unit sales are up 54% to 11.  The median price (with half the sales falling under and half the sales coming in over) for November was $445,000. Year to date, we are up 12% in dollar volume to $68,800,000, and unit sales are behind by a single deal and sit at 131 units sold.  The average price is up to $525,000. Total homes available are over double compared to 2018 and now sit at 113.  The sales success ratio is just under 10% putting this portion of the buyer’s hands.

 

Land Only sales – increased by 46% in dollar volume to $4,900,000. Unit sales are up 60% to 16. The median price (with half the sales falling under and half the sales coming in over) for November was $300,000. Land only sales have had a tough year, and the numbers reflect it.  Year to date, we are down 36% in dollar volume to $35,300,000 and 35% in unit sales to 95. The average price for a piece of land is down 1% to $372,000.  Total units available for sale are up 6% to 221.  The sales success ratio is 7% up significantly but still firmly a buyers market.

 

What to do….?

 

Detached home sellers, the basics continue to apply.  Make sure your home shows well, it is warm for winter showings, there is little or no deferred maintenance etc.  The funny thing is that sales are spread out quite equally over the price ranges.

 

0 – 399k = 2 sales                                                    700 – 799k = 4 sales

400-499k = 7 sales                                                  800 – 899k = 5 sales

500-599k = 8 sales                                                  900 – 999k = 3 sales

600 – 699k = 11 sales                                             1,000,000 + = 7 sales

 

When it comes to negotiating on detached homes, these statistics can help but don’t tell the whole story when it comes to individual properties.  Make sure you understand what you want as a seller and as a buyer, so when it comes down to the fine details, you have clarity.

 

Sellers of condos and townhomes need to follow the same basics as the detached home sellers. Also, sharpen your pencil when it comes to price.  Buyers have many options for purchase today, so competition is fierce! Here’s how this segment of the market breaks down by price:

 

300 – 399k = 4 sales

400 – 499k = 4 sales

500 – 599k = 1 sale

700 – 799k = 2 sales

 

Depending on your immediate needs and the community where you want to reside, buyers in the condo and townhome market have options.

 

Sellers of land only properties need to keep it on the market.  Make a plan for spring to make that property/lot more desirable (if it doesn’t sell this winter;).  Depending on the property, this may mean as little as keeping the corner pins easily identifiable. If you don’t have corner pins, consider having the property surveyed. Come springtime, make sure you clear the property, in a pragmatic way, of scrubby vegetation – especially blackberry bushes.  Here’s how this segment of the market breaks down:

 

100 – 199k = 5                                                         400 – 499k = 2

200 – 299k = 2                                                         500 – 599k = 2

300 – 399k = 5

 

For market statistics, contact your realtor. For market intelligence, contact Russ or Terri with Coast Lifestyles Network.

 

Gibsons Harbour Coast Lifestyles Network

Condo and Townhome Update Gibsons BC October 2019

THE TIME IS NOW…. if you are considering a strata-type of home purchase on the Sunshine

Coast….and in particular Gibsons. There is an abundance of inventory ranging in size and price

for brand new or older mature complexes.

 

As of this date, there are almost 100 homes available, of which about 56 are pre-construction purchases for new developments:

 

* Maplewood: will have 28 townhomes next to the Gibsons Community Centre.

* The Halyard: will have12 new homes: nine 3-level view townhomes and 3 garden suites.

* Touchstone at Gospel Rock, has released their Village Residences (not on MLS) with 49

condos and townhomes for sale, which started October 7. Apparently 30% have been SOLD!

Please call me…or go to their website TouchstoneGibsons.com and mention our team

Coast Lifestyles Network. I can answer any detailed questions and represent you in a

purchase. The estimated completion is in Summer 2022.

 

* Eagleview Heights (87 units in total) has now sold out their Phase 1.

The October stats for the whole Sunshine Coast Strata market indicate a 10% decrease in the

number of sales from last month. Five of those nine sales (excluding Touchstone) were in

Gibsons. The present available inventory is spread among 24 different developments that are

suitable to all groups of buyers: Families (near schools), Seniors (55+ complexes) and

Investors (rentals allowed). In particular, First Time Home Buyers, as generally these can be

the most affordable type of properties to purchase.

Prices and size range from $279,000 to $1.5M and from 660 to1,790 sq. ft., so there is a new

home for one and all depending on your personal criteria.

 

There are some differences in strata living compared to detached homes, but also many

benefits you might not be aware of.

We have complexes that have as many as 69 homes and

also, duplexes that are side-by-side with no strata fees and a detached home feel.

 

As a Buyer’s Agent and the Sunshine Coast Strata Specialist, I am happy to guide and

represent you in your search for a Sunshine Coast home. I work all areas of the Coast and I

am familiar with most strata homes available in the Sechelt area as well.

 

I invite you to call or email me anytime for a chat or if you have any Real Estate questions.

Terri Murphy / 604-741-7774 / terri@coastlifestyles.ca / Coast Lifestyles Network

Re/Max City Realty in Gibsons

life is good beach

Optimism is the theme for Sunshine Coast Real Estate Market this fall

Optimism is the theme for the Sunshine Coast detached Real Estate Market this fall!

 

While both the condo/townhome and land only markets are tempering the detached gains, last month’s sales results show significant improvement!  Let’s see how this breaks out for Sunshine Coast Market Update October 2019:

 

Detached sales on the Sunshine Coast increased in dollar volume by 21% to $35,300,000.  Unit sales were up 6% to 52 units sold. The total available inventory is 351 units (compared to 353 last year), so the sales success ratio is 14.8% meaning the detached market is in the sellers’ hands.  The average price last month was $678,000, which is up 14% over previous year.  Year to date, we are still catching up, but the gap closes each month.  Year to date dollar volume is down 11% to $302,000,000, and unit sales are down 10% to 423.  The average price for a detached home so far this year is down 1% to $714,000.

 

Condos & townhome sales decreased in dollar volume this past month by 29% to $3,350,000, and unit sales dropped 10% to 8 units sold.  Available inventory is up by 53% to 112 units.  The sales success ratio is only 7% putting this segment of the market into buyers’ hands. The average price last month was $420,000 down 20% from last year, but that giant swing can be accounted for with the pricier presales occurring with several new developments. Year to date, the dollar volume is up 9% to $63,500,000, with unit sales down 4% to 120 units sold. The average price for a condo and townhome this year is $525,000. Keeping in mind, pricier presales are skewing this number.  The average sale price for a resale condo or townhome is more in the range of $425,000.

 

Land only sales are consistently low again. We are down 38% in dollar volume to $1,775,000. Unit sales slipped 18% to 9 units sold.  The available inventory is up 2% to 225 units, which put the market into a buyer’s hands with a sales success ratio of 4%.  The average price for bare land last month was $197,000. Year to date dollar volume is down 41% to $30,400,000.  Unit sales follow – down 42% to 79 units sold.

 

Sellers of detached real estate, the market is leaning in your favour this fall.  That said, be cognizant of the competition and the difficulty some buyers are finding in getting financing. Prior to listing, attend to any deferred maintenance and make your home’s benefits obvious to a buyer.

 

Sellers of a condo or townhome, keep in mind the competition you face from the new Touchstone Development in particular.  While possession is still three years away, the presale units are absorbing into the market well and causing less demand on existing units.

 

Buyers, it’s important in this market you gain written preapproval of your financing options before writing an offer.  Many deals collapse due to financing when a buyer receives a “wink and a nod” from their lender but haven’t gone through the process.  Save yourself some disappointment later and get your pre-approval letter now. You can lock in rates for 90 days in most cases, and you are less likely to suffer an unpleasant surprise well into the process.

 

For market information, call your realtor.  For market intelligence, contact Russ or Terri with Coast Lifestyles Network!

 

 

Condo and Townhouse Update for the Sunshine Coast September 2019

CONDO & TOWNHOUSE UPDATE

GIBSONS – Sunshine Coast for September

October 1, 2019

THE TIME IS NOW…. if you are considering a strata-type of home purchase on the Sunshine

Coast….and in particular Gibsons. There is an abundance of inventory ranging in size and price

for brand new or older mature complexes.

As of this date, there are 55 homes available, of which 18 are pre-construction purchases for

new developments:

  • Maplewood: will have 28 townhomes next to the Gibsons Community Centre.
  • The Halyard: will have12 new homes: nine 3-level view townhomes and three garden suites.
  • BIG NEWS this month! Touchstone at Gospel Rock will be releasing their Village Residences with 49 condos and townhomes for sale starting October 7. For priority selection and an exciting opportunity for the first 20 purchasers, please call me or go to their website TouchstoneGibsons.com and mention our team Coast Lifestyles Network. The estimated completion is in Summer 2022.
  • Eagleview Heights (87 units in total) has now sold out Phase 1.

The September stats for the Sunshine Coast Strata market indicate a 50% increase in the number of sales over the same month last year! Seven of those 12 sales were in Gibsons. The presently available inventory is spread among 25 different developments that are suitable to all groups of buyers: Families (near schools), Seniors (55+ complexes), and Investors (rentals allowed). In particular, First Time Home Buyers, as generally, these can be the most affordable type of properties to purchase.

Prices and size range from $279,000 to $1.5M and 660 to1,790 sq. ft., so there is a new home for one and all depending on your criteria. There are some differences in strata living compared to detached homes, but also many benefits. We have complexes that have as many as 69 homes and also duplexes that are side-by-side with no strata fees and a detached home feel.

As a Buyer’s Agent and the Sunshine Coast Strata Specialist, I am happy to guide and represent you in your search for a Sunshine Coast home. I work in all areas of the Coast, and I am familiar with most strata homes available in the Sechelt area, as well.

I invite you to call or email me anytime for a chat or if you have any Real Estate questions.

Terri Murphy / 604-741-7774 / terri@coastlifestyles.ca / Coast Lifestyles Network / Re/Max City Realty

chris-lawton-autumn-leaves-unsplash

September a fantastic month for real estate sales on the Sunshine Coast BC

September was a fantastic month for sales volume in the detached and condo/townhome market on the Sunshine Coast BC with a marked improvement in both unit sales and dollar volume!  Land only is down, perhaps unsurprisingly.  Stay tuned for October’s update regarding the Land only market as a new subdivision in Roberts Creek is selling out very quickly.

Let’s see how this breaks down:

Detached sales dollar volume was up 39% to $35,500,000 with unit sales in close step – up 24% to 46 homes sold.  The amount of available inventory is 397 homes.  This means our sales success ratio is 11.6% (11.6 homes sold for every 100 homes available).  This continues the trend for this segment of the market as balanced.  Year to date we are making great strides to catch up with 2018!  Dollar volume is down only 14% to $267,000,000.  Unit sales are down only 11% to 371 homes sold in 2019 so far. The average price for a home sold this year on the Sunshine Coast is down 3% to $719,000.

Condo & Townhome sales dollar volume was up 32% to $6,750,000.  Unit sales are up 33% to 12 homes sold.  The amount of available inventory is 120 “attached” homes.  This is up over 100% since last year!  The sales success ratio is 10%…..we are on the cusp of a buyer’s market in this area.  The Touchstone project is coming online with the first building this week so it should be interesting to see if those units are absorbed as quickly as Eagleview Heights.  Year to date dollar volume is up 12% to $60,200,000!!!! Unit sales are down only 3.5% to 112 homes sold in 2019. The average price for an attached home sold this year on the Sunshine Coast is up 11% to $534,000…a grain of salt with this latter number as the higher priced units at Eagleview Heights continue to skew the overall market.  For clear information on your strata’s average sale price call Russ or Terri.

Land only sales dollar volume is down 63% to $3,000,000 and unit sales down 44% to 10 lots sold.  The amount of available inventory is up 14% to 233.  The sales success ratio is 4.5%.  Year to date we see dollar volume down 41% to $28,600,000 and unit sales down 44% to 70 lots sold in 2019.  The average price for a land only sale is up 5% to $409,000.  Again, with the new subdivision in Roberts Creek, which is selling out quickly, we should see some more optimistic numbers next month!

What does all this mean?

Detached sellers have the best time of it in a not so easy market.  Pricing your home competitively, having it show exceptionally well, and having your “moving forward plan” well laid out are all important factors in garnering interest and a quick sale.

Condo and Town Home sellers need to understand that the new projects are attracting most of the money “out there”.  Even with possession dates being two and three years post contract these presale units are going to be a major factor for market absorption.  As with the detached market, one should be ready to sell and show a motivation to garner top dollar in a reasonable amount of time.

Land only sellers…it’s the same story…depending on where, exactly, your property is will speak to demand, potential asking price and the need to ready the lot for a buyer.  Call us for specifics on your property.

Buyers are now in the best position for negotiating a deal in a long time.  Waiting for the market to go down further is not a serious course of action (if that is the only reason to wait).  If you find the right home or property today then write the deal you want…often this strategy results in a positive outcome.

For more market stats call your realtor. For market intelligence call Russ or Terri!

 

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Home sales decline 23% and buck the upward summer trend

The Sunshine Coast Real Estate market endures a small setback in August…..!

The detached market showed a significant decrease in sales last month while the condo and townhome and land only markets were up.  Let’s see how it breaks out:

Detached home sales

Detached home sales in August showed a decline of 23% in total dollar volume to $36,500,000 and unit sales were down 9% to 49 unit sold.  Available inventory is up 10% to 428 homes.  This means the sales success ratio (or the number of sales versus the available inventory) was 11% This shows us detached homes are in a balanced market but only just…if this ratio dips to 10% or less it will be considered a buyers market.  Year to date we are down 19% in dollar volume to $231,300,000.  Unit sales are down 15% to 325.  The average sale price over the year has been $712,000 which is down 4% compared to last year.

Condos and Townhome sales

Condos and Townhome sales in August showed a marked increase in dollar volume of 96% to $6,050,000 and unit sales were up 38% to 11.  (There were two penthouse unit sales for 1.1 and 1.2 million respectively).  Available inventory is way up (including presale units with several new developments) by 63% to 132.  This means the sales success ratio was 8 %.  That puts the attached market in the buyer’s hands. Year to date dollar volume is actually up by 11% to $53,200,000. Unit sales are down 8% to 100. (again, the discrepancy can be accounted for the higher end sales skewing the dollar volume results).  The average sale price is very skewed by those high-end sales so I will not include the average sale price as it does not make the picture any clearer.  Contact us for specifics anytime.

Land only sales

Land only sales in August show some unexpected results.  Dollar volume is up 100% to $4,800,000.  This statistical strangeness is due to a large property being sold in Princess Louisiana Inlet for $3,000,000.  As an aside, this sale was completed through a grass routes crowdfunding campaign to maintain the property in its wild state! Unit sales up 33% to 8.  Available inventory is up 10% to 229.  This means the sales success ratio is 3.5%….this market continues to be a buyers market. Year to date dollar volume is down 37% to $25,700,000. Unit sales are down 44% to 60.  The average sale price for land this year is $427,000.

Results buck the upward trend

The August market is traditionally slow on the Coast with most buyers and sellers enjoying the summer and it’s leisure activities (realtors, too).  Nonetheless, these results buck the upward trend from June and July.

Sellers in all segments of the market need to continue to be cognizant of pricing.  Not only realistically to what is happening in the market but competitively if the timing is an issue for you. Make your home showable! Have your realtor come around to get fresh eyes on your home and listen to what they say regarding making your home ready for market.  The number of homes Terri and I see that is asking top of market prices but are in need of a major freshening up is astounding.  It’s not the seller’s fault as we all know we can and do stop seeing all the little faults (cosmetic or otherwise) in our homes over time.  These small issues are something that a buyer sees right away and can affect decision making early.

Buyers who are actively looking are encouraged to write the offer that works for you when you find the right home.  Your realtor should have a sense for where pricing it at for what you are looking at and can give you a realistic idea of where value is today.

For market information contact your realtor. For Market Intelligence contact Russ or Terri with Coast Lifestyles Network! 

 

Condo and Townhouse Update Sunshine Coast BC

If you are thinking about a move on the Sunshine Coast and wondering about the timing for your purchase…..THE TIME IS NOW…. if you are considering a strata-type of home.

There has never been such an abundance of inventory in Gibsons ranging in size and price for brand new or older mature complexes.

As of this date, there are 60 homes available, of which 21 are pre-construction purchases for three new developments:

* Eagleview Heights….87 view condos & townhomes walkable to the main Gibsons mall;

* Maplewood…………..28 townhomes next to Brother’s Park & Gibsons Community Centre;

* Cote……………………4 luxury view townhomes overlooking Gibsons Marinas;

and the fourth and largest new development, Touchstone at Gospel Rock, will be releasing their Village residences (condos and townhomes) in September.

The Sunshine Coast market, in general, this year has seen a bit of a slowdown, with the result of an increase in inventory and competitive pricing. We are just now beginning to see increased activity with both local and off-Coast Buyers.

The available inventory is spread among 22 different developments that are suitable to all groups of buyers: Families (near schools), Seniors (55+ complexes) and Investors (rentals allowed).  In particular, First Time Home Buyers, as generally these can be the least expensive type of properties to purchase.

  

Prices and size range from $269,000 to $2.6 million and from 657 to 2,974 sq. ft., so there is a new home for one and all depending on your personal criteria.

There are some differences for strata living compared to detached homes, but also many benefits you might not be aware of. We have complexes that have as many as 69 homes and also duplexes that are side-by-side with no strata fees and a detached home feel.

 

As a Buyer’s Agent and the Sunshine Coast Strata Specialist, I am happy to guide and represent you in your search for a Sunshine Coast home.  I work all areas of the Coast and I am familiar with another 69 strata homes available in the Sechelt area as well.

Call me, Terri Murphy, at 604-741-7774 or email me anytime for a chat or if you have any Real Estate questions.

 

For real estate market statistics call your realtor.  For real estate market intelligence call Russ or Terri with Coast Lifestyles Network.