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!