wild ride-west coast beach-man running with dog

Sunshine Coast property market on a wild ride this spring

Sunshine Coast Real Estate Statistics for April 2022

 

All segments of the market, with the exception of Land Only properties, have realized a small downturn in unit sales but are still seeing gains over last year in terms of dollar volume.  We are at an “in between” stage right now with some properties continuing to enjoy the “wild ride” of heavy attention – then multiple offers, and some properties are being ignored by the market entirely… Lets see how it breaks out:

 

Detached residential sales are up in dollar volume by 8% to $94,750,000 yet down in unit sales by 10% to 72 homes sold compared to April last year.  Our available inventory, while up overall, is still down 10% from this time last year to 153 detached homes available.  This means our sales success ratio is 47%. This sales success ratio is down 5% from last month but still astronomical when one understands it is considered a seller’s market at a ratio above 20%.  Year to date we see that dollar volume is down 9% to $273,325,000 and unit sales are down 23% to 228 homes sold.  Despite the slackening demand the average home price is still up 19% over last year to $1,199,000.

 

Condo and townhome sales are down in dollar volume by 47% to $8,781,000 and down in unit sales by 56% to 13 homes sold in April.  The available inventory is dead even from last month at 50 units.  Therefore, our sales success ratio is 26%….this is a marked drop from last month where the sales success ratio was 64%!!! Yet, it is still a sellers’ market. Year to date dollar volume is down 23% to $44,491,000 and unit sales are down 34% to 67 units sold so far this year.  As with detached homes, despite the slackening demand the average condo/town home price is up 19% to $660,000.

 

Land only sales are a bright spot for sales this month with dollar volume up 47% over last month to $22,050,000 and unit sales are up 12% to 28 units sold.  This weird discrepancy is accounted for by the sale of a 6 acre piece in Sechelt for 8.7 million.  Available inventory is way, way down by 55% to 57 available lots.  Therefore, the sales success ratio for this segment of the market is 49%…!  Year to date we see dollar volume is up 3% to $54,000,000 and unit sales are down 20% to 84 units sold. The average price of a piece of bare land, although skewed somewhat by last month’s high value sale previously mentioned, is up 30% to $642,000.

 

Overall, the statistics show us that the market is continuing the trend of higher prices and lack of inventory. Thrown into the mix is a pronounced slackening of demand from buyers. So, we start seeing several months in a row now where dollar volume continues to set records while unit volume continues to decrease slightly.  I have certainly seen a slowdown in demand through the lens of my own business. A 50 basis point jump in the overnight rate (with many more to come it seems), buyer fatigue and, it would seem, a general lack of urgency on the part of buyers is starting to play a significant role.  Add to this the recently legislated “cooling off period” enacted by the Provincial Government (as yet without specifics and, IMHO, without merit) and we will continue to see a downturn in unit sales…..

 

As strange and unique as this market is and has been (and no doubt will continue to be) I am keeping my eyes and ears open so I can advise you properly when you need to buy or sell. For market stats call your realtor, for market intelligence call Russ Qureshi at 604-741-7119 or email at russ@coastlifestyles.ca

Get ready for a cooling-off period for home sales in BC

All segments of the real estate market on the Sunshine Coast BC are down both from last year and year to date.  Inventory is still low but, thankfully, increasing.  Other considerations are the variables of the Bank of Canada raising rates (in a big way) and the Provincial Government legislating a cooling-off period for buyers.  Get ready for the negative effects of the legislation on both home sellers and buyers.  Externalities aside, let’s see how the market stats break out:

Detached home sales

Detached home sales are down 22% in dollar volume to $82,600,000, and unit sales are down 33% to 70 homes sold in March (that is still a lot of home sales!).  Inventory, while creeping upward, is still down 10% from last year at 133 homes for sale.  The sales success ratio is 52%…a seller’s market, to be sure.

Year to date, we are down in dollar volume by 16% to $177,800,000, and unit sales are down 29% to 155 homes sold in 2022.

The average price for a detached home on the Coast (dollar volume/sales) is $1,147,000.  The median price (the price of the home that sold in the middle) was $1,050,000..it’s rare that the average matches so closely to the median.

Townhome and condo sales

Townhome and condo sales are actually up in dollar volume, over March last year, by 24% to $18,800,000, and unit sales are even at 27 condos and townhomes sold.  Inventory is down 19% to 42 available units for sale.  The sales success ratio is 64%…very slanted toward sellers.

Year to date tells a different story, with total dollar volume down by 13% to $35,700,000 and unit sales are down by 28% to 54 condos and townhomes sold so far this year.

The average price for condo/townhome so far this year (total dollar volume/total sales) is $659,000.  The median value (the home that sold in the middle) was $649,000.

Land only sales

Land only sales are down in dollar volume by 46% to $10,380,000 and unit sales by 42% to 20 lots sold in March.  Total inventory in this segment of the market is down 51% to 64 available properties putting the sales success ratio at 30%.

Year to date, we see dollar volume is down by 14% to $31,900,000 and unit sales are down 30% to 56 bare land properties sold so far in 2022.

The average price for land-only is $570,000, and the median price last month was $485,000.

 

Demand is slowing even before any significant rise in the prime rate and before the provincial government announces a cooling-off period for home buyers.  My prediction is that moving forward into spring, the real estate market in BC will continue to see fewer sales matched with less inventory.

 

Home-Buyers should stay the course by being financially prepared with a mortgage pre-approval or cash on hand, before going to look at homes.  The right properties get snapped up very quickly.  Take heart, offers are coming to the table with inspection and financing conditions.

 

Home-Sellers should be nimble with timing and price because navigating rate hikes and government announcements will require skill over the coming months.

 

For market statistics call a REALTOR®.  For market intelligence call Russ Qureshi at 604-741-7119.

February real estate market posts higher home prices across the Sunshine Coast

February shows a slight slowdown in sales volume in both the detached home and condo/townhome market segments. Land only was up for sales volume in a big way, and prices are significantly higher across the board. Let’s see how it all breaks out:

 

Fully Detached home sales suffered a 10% decline in dollar volume to $61,100,000 and a 30% reduction in unit sales to 49 homes sold in February. Inventory is down by 33% to 88 detached homes available on Sunshine Coast. This means our success ratio (the number of sales versus available inventory) is at 55%, keeping the market in the hands of sellers. Year-to-date sales show us down 11% in dollar volume to $92,250,000 and down in unit sales by 24% to 85 homes sold in 2022 so far. The average price for a home (total dollar volume divided by units sold) in 2022 is up 18% to $1,120,000. The median price for a house (the price of the middle home sold) was $1,100,000.

 

Condo and townhome sales are down in dollar volume by 36% to $11,500,000 and down in unit sales by 40% to 18 condos and townhomes sold in February. Inventory in this market segment is down only 2% to 45 available units. However, based on this, our sales success ratio is still 40% keeping it a seller’s market. Year-to-date sales volume is down 34% to $17,900,000, and unit sales are down by 43% to 27. The average price for a condo/townhome (total dollar volume divided by units sold) is up 5% to $613,000, and the median price (the price of the middle home sold) was $650,000.

 

Land-only sales were the only market segment that was up over last year. Dollar volume was up 30% to $14,125,000 and down in units sold by 16% to 20 lots sold in February. Land-only inventory is down 57% to 56 available units. This means that, for the first time in my 20 year career, the closing ratio is at 35% and signifies a seller’s market. Year-to-date sales volume is up 22% to $21,500,000, and unit sales are down 21% to 36 lots sold so far in 2022.   The average price for a piece of land (total dollar volume divided by units sold) is up 56% to $597,000, and the median price (the price of the middle property sold) was $501,000. Two high-value sales, one on Gambier for 2.5 million and another in Sechelt for 1.8 million, will skew these averages….

 

February is traditionally a much slower month for sales on the Sunshine Coast. That said, while we see a slowdown in demand, inventory is still not keeping pace – resulting in ever-higher prices. While strategies for purchasing and selling are often custom to the individual, this is more true than ever now. To succeed in this market, one needs to assess motivations carefully, timing and value propositions for both yourself and the person at the other end of the transaction…..for more clarity on that, please get in touch.

 

For market statistics contact any realtor. For market intelligence contact Russ Qureshi and Coast Lifestyles Network!

take a coffee break

Real Estate Market Taking a Breather, for Now

Sunshine Coast Real Estate Sales Statistics for January 2022

 

Leading off the year, real estate unit sales in January 2022 on the Sunshine Coast, BC, took a breather due to low inventory.  Notably, the Bank of Canada did not raise the interest rates but may play catch up in March.  Therefore, now is a good time for home buyers to lock in an interest rate for the next 120 days.

 

Let’s dive into the stats:

 

As we get through the first month of 2022 with no market-shaking surprises, we see the market has been continuing in a robust way.  Inventory continues to be the greatest deciding factor in value across all market segments.

 

Detached home sales reached $34,175,000 in dollar volume, which is 12% lower than last year at this time.  Unit sales are down 14% to 36 homes sold in January.  The total available homes for sale are 74, down 42%.  This means our sales success ratio (the number of sales versus the available inventory) is 49%….The average price (dollar volume divided by units sold) for a home in January was $950,000.  The median price (what the middle home sold for) was $862,000.

 

Condo and townhome sales reached $5,141,000 in dollar volume, which is 46% lower than last year at this time.  Unit sales were down 50% to 9 condos or townhomes sold in January.  The total number of available homes in this segment of the market is 36, which is down 42%.  This means our sales success ratio is 25%.   The average price for a condo or townhome was $510,000, and the median price was $525,000.

 

Land only sales reached $7,400,000 in dollar volume, which is 9% higher than last year at this time.  Unit sales are down 23% to 16 lots sold in January.  The total available lots are 58, which is down 56% from last year.  This means our sales success ratio is 28%.  The average price for a lot was $462,000, and the median price was $449,000.

 

The statistics for the first month of this year seem to show the real estate market taking, what might be termed as, a breather…..Prices are up, but the slower pace of unit sales reflects the low inventory.  This month, a notable (non) event was the Bank of Canada holding steady with the present overnight lending/interest rate.  Economists expected at least a nominal rate hike to rein in the rapid inflation we are experiencing.  This did not happen, which left many scratching their heads in disbelief.  The next BOC announcement on rates will occur on March 2nd.  We will likely see them playing “catch up” at that point.  If you’re a buyer, lock in your best interest rate now for 120 days if possible.

 

For market statistics call your realtor.  For market intelligence call Russ Qureshi with Coast Lifestyles Network!

man at desk smiling

Sunshine Coast Real Estate Market Review for December and a 2021 Synopsis

Home sales volume fell across the board on the Sunshine Coast in December.  Although demand has tapered off a bit, the main culprit for lower volumes has been the lack of available inventory…there is less inventory now than at any point in my 19-year career. A less significant factor has been the extreme weather (both rain and snow) keeping buyers at bay…so to speak. Let’s see how it breaks out:

 

Fully detached home sale

Fully detached home sales were down a modest 10% to $55,300,000 and unit sales were down 26% to 46 homes sold in December.  Available inventory is down 41% to 73 homes for sale, therefore the sales success ratio (the number of sales versus the available inventory) was 63% maintaining a pronounced Seller’s Market!

 

Year to date shows 2021 to be the highest volume year ever recorded on the Sunshine Coast.  Dollar volume was up 35% to $874,400,000 and unit sales were up 6% to 823 homes sold.

 

That average price for a home (total dollar volume divided by total sales) on the Sunshine Coast in 2021 was up 27% to $1,062,000. The median price for a home this year (the price of the home that sold in the middle) was $899,000.

 

Condos and Townhome sales

Condos and Townhome sales were down 32% in dollar volume to $5,850,000 and 39% in unit volume to 11 attached homes sold in December. Available inventory is down 44% to 36 units, therefore the sales success ratio (the number of sales versus the available inventory) was 31% maintaining a Seller’s Market.

 

Year-to-date shows dollar volume up over 2020 by 32% to $147,800,000 and unit sales up 22% to 260.

 

The average price for a condo or townhome (total dollar volume divided by total sales) was $568,500. The median price this year (the price of the home that sold in the middle) was $525,000.

 

Land only sales

Land only sales are down in dollar volume by 59% to $3,700,000 and unit sales are down by 52% to 10 lots sold in December. The available inventory is down 51% compared to last year at this time, therefore, the sales success ratio (the number of sales versus the available inventory) was 14%….this puts this segment market in Balanced Territory.

 

Year-to-date numbers paint a more accurate picture of the overall land-only market.  Dollar volume is up over 2020 by 104% to $126,300,000 and unit sales are up 34% to 237 lots sold in 2021.

 

The average price for a lot in 2021 was up 51% to $532,000 while the median price was $399,000.

2021 in Review – There were several factors that produced these year-to-date volume and value results:

 

  • Continued demand/migration to the Sunshine Coast – although this has tapered off a bit, the Covid – 19 Pandemic continues to be a driving force in folks’ thoughts about where they want to live and what they are willing to do to get there.
  • Continued low-interest rates, despite the more demanding federal stress test, was one factor that made paying more easier than originally thought.
  • The slow reduction of available inventory created a situation where prices rose in a very significant way. Even toward the end of the year, where demand was slowing down, the amount of inventory was so drastically reduced that prices continued to rise.

 

What will 2022 bring – there are several potential factors that will make the coming year continue to be a competitive market for buyers:

 

  • A promised interest rate increase from the Bank of Canada (BOC). With inflation conservatively at 4%, the BOC will raise the prime rate. How much is the question?  I think we will see several modest increases…but, even a ½ percent, makes a noticeable difference in monthly payments.
  • There will be another rush to buy when the increase is announced as everyone who locked in a rate for 90 or 120 days will now be in a hurry to purchase before the lock-in expires.
  • Inventory will continue to be the most significant factor when it comes to price in 2022. I think we will see fewer transactions, due to inventory, and higher prices.

 

Buyers – lock in a low rate asap and be prepared to devote significant resources, both in time and capital, to finding your home.  Pick a realtor you like because it’s going to get intense.

 

Sellers – make sure you have somewhere to go and a reason to go there! It’s not a good idea to simply sell because you can get “top dollar”. Buying back into the same market will almost guarantee a loss.  However, if you have a plan to downsize, move to a different market, or cash in equity and move up to that dream home then the 2022 market will help you realize that plan.

 

For a no-nonsense, sensible approach to selling your home call me, Russ Qureshi, REALTOR®, to get the job done.  Enjoy the benefit of my market intelligence now and call 604-741-7119 or send me an email at russ@coastlifestyles.ca Visit my website at www.coastlifestyles.ca

 

 

jump on the bed

Housing demand eases as inventory drops while prices remain high

The Sunshine Coast real estate market is realizing our seasonal slowdown. Fully detached and Land only properties are down a wee bit from last year’s totals, and the Condo/Townhome market is up! Let’s see how it breaks out:

Fully detached sales are down 7% in dollar volume to $68,750,000, with unit sales down 33% to 55 homes sold in November.  This stat shows the increase in value of each unit and how significant that has been over the recent past. 

It’s interesting to note, too, that we are only down $1,000,000 from last month’s dollar volume (approximately 1.3% lower), but we sold 8 fewer homes (approximately 12% less).  The available inventory is down 40% to 104 homes for sale…Therefore the sales success ratio (the number of sales versus the available inventory) is 53% keeping the detached market in sellers’ hands. 

Year to date, we are still up in total dollar volume by 40% to $820,000,000 and up 9% in unit sales to 777. 

November’s average sale price (total dollar volume divided by total sales) was $1,250,000, while the average sale price year to date is $1,054,000. 

Condos and Townhome sales are up in dollar volume by 18% to $12,350,000, and unit sales were down by 3% to 23 homes sold last month. As with the detached stat, this clearly illustrates the increase in value. 

Compared to last month, we are up 34% in dollar volume! The available inventory for the market segment is down 55% to 37 homes. Therefore, the sales success ratio (the number of sales versus the available inventory) is 51% keeping the attached market in sellers’ hands.

Year to date, we are up in dollar volume by 35% to $141,975,000 and unit sales by 25% to 249 condos or townhomes sold so far this year. 

November’s average sale price is $612,000, while the average price year to date is $570,000.

Land only sales are down in dollar volume by 5% to $7,700,000 and unit sales by 41% to 14 lots sold in November.  We are up 49% in dollar volume and up 40% in unit sales compared to last month. 

The available inventory for land is down 49% to 86 available units.  Therefore, the sales success ratio is 16%, giving this market segment some balance.

Year to date, we are up in dollar volume by 132% to $123,000,000, and units sales are up 46% to 227 lots sold in 2021 so far.

November‘s average price is $550,000, while the average year-to-date price is $540,000.

While demand eases, inventory continues to drop, causing prices to remain high and continue to climb in many cases.

Sellers are in control, but realizing a quick offer at or over the asking price requires thoughtful planning and preparation.

Buyers need to be prepared to act quickly and robustly to acquire the property they want…..there are rumours of increased interest rates next year that would affect the market strongly.  There are also rumours of the Provincial Government implementing a “cooling off” period for buyers (one of the strangest “sounds good” ideas I’ve heard in my career) in 2022.  More on both of those potential eventualities in my 2021 year-end review coming in early January. 

For market statistics, call your realtor. For market intelligence, call Russ Qureshi at Coast Lifestyles Network 604-741-7119.

walk in fall forest

Low inventory and home-buyer demands keep housing prices buoyant this fall

Sunshine Coast Real Estate Statistics for October 2021

 

The Sunshine Coast real estate market continues with a trend toward settling down from last year’s highs. Inventory remains exceedingly low however and this is keeping prices up even with average demand from buyers.

 

Let’s see how it breaks out:

 

Detached home sales are down for dollar volume in October by 22% compared to last year to $69,850,000 and unit sales are down 39% to 63 homes sold.  Our sales success ratio (the number of sales versus available inventory) is 55%! We consider it a seller’s market when this ratio is above 20%….so, with only 115 homes presently available, the competition can be fierce.  Compared with LAST MONTH we are down in dollar volume by $8,000,000 and unit sales by 7 homes which can be considered quite normal for this time of year.

Year-to-date we are still up in dollar volume by 62% to $680,500,000 and unit sales by 26% to 659 homes sold so far this year.

The median price for a home on the Coast is $860,000.

The average price for a home on the Sunshine Coast this year is $1,032,000.

 

Condo and Townhome sales are down in dollar volume by 40% to $9,800,000 and unit sales are down 41% to 20 homes sold. Our sales success ratio (the number of sales versus available inventory) is still 38%.  With inventory levels in this segment of the market falling by 13% in one month to 53 units available we are still seeing control within the seller’s hands. Compared with LAST MONTH we are up in dollar volume by 15% and unit sales by 25%.

Year-to-date we are ahead in dollar volume by 37% to $126,900,000 and unit sales by 27% to 225 units sold so far this year.

The median price for a condo or townhome on the Coast is $515,000.

The average price for a condo or townhome on the Sunshine Coast this year is $564,000. 

 

Land only sales – are down 53% in dollar volume to $3,900,000 and unit sales are down 56% to 10 units sold in October. Our sales success ratio (the number of sales versus available inventory) is 11% bringing this segment of the market on the buyer’s side. Month over month inventory remains relatively unchanged but sales are down last month by approximately 50% in both dollar volume and units sold.

Year-to-date dollar volume is still up by 157% to $115,000,000 and unit sales are up 62% to 213 units sold.

The median price for bare land on the Coast is $421,000.

The average price for land-only is $540,000.  

 

The real estate market on the Sunshine Coast seems to be in the process of normalized fall/shoulder season by slowing down with less inventory and sales across all segments. That said, the inventory is way down so prices, while varying over the previous month’s sales, continue to remain relatively high and the market is a seller’s market with the exception of land only.

 

Home Sellers – move-in ready is what buyers want so make sure your home shows well with all deferred maintenance completed prior to listing.

 

Home Buyers – be ready when you see the one you want! Be truly preapproved (paperwork done and only an appraisal needed on the purchase) and be ready to prioritize the purchase visit over other plans if you want that “new listing”.

 

For market information call a realtor. For market intelligence call Russ Qureshi at 604-741-7119 or email russ@coastlifestyles.ca

working out at home

Sunshine Coast is still in a strong seller’s market despite the slow down

We are still in a strong seller’s market despite the slow down in dollar volume and homes sold.

One might say, if the trend continues, we will be heading toward more normalized conditions over the next months.

Let’s see how last month breaks out:

 

Fully detached home sales are down in dollar volume, from last year at this time, by 2% to $77,500,000 and down in unit sales by 23% to 70 total detached homes sold in September. This is up over last month by approximately $6,000,000 in dollar volume and 3 home sales….  Inventory is down to 136 available homes making the sales success ratio (the number of sales versus the available inventory) 51.5%.  When we consider that a sales success ratio of 20% or more constitutes a “seller’s market,” we can see that statistically, sellers are still very much in control.

Year to date, we are still way ahead of last year. We are up in dollar volume by 62% to $680,500,000, and unit sales by 26% to 659 units sold so far in 2021.

The average price for a home on the Sunshine Coast is up 29% over this time last year to $1,032,000.

 

Condos and townhome sales are down in dollar volume by 47.5% to $8,300,000 and down by 54% in unit sales to 15 attached homes sold in September.  This is down in dollar volume compared to last month by 49.5% and down 34% in unit sales. Inventory is down to 61 available condos and townhomes, making the sales success ratio (the number of sales versus the available inventory) 24.5%, keeping this market segment in the hands of sellers.

Year to date, we are still way ahead of last year. Dollar volume is up by 46% to $117,100,000, and unit sales are up by 37% to 205 units sold so far in 2021.

The average price of an attached home on the Sunshine Coast is up 13% to $570,000.

 

Land only sales are up 23% to $10,100,000, and unit sales are down 10% to 18 land only properties sold in September. This is down in dollar volume compared to last month by 45% and down in unit sales by 10%. Inventory is down to 99 available land-only properties, making the sales success ratio a little over 18%, showing this market segment to be balanced.

Year to date, we are way ahead of last year.  Dollar volume is up by 206% to $111,100,000, and unit sales are up by 87% to 203 bare land properties sold in 2021 so far.

The average price of a piece of land is up 62% to $547,000.

Takeaway

I feel a change coming on! Considering the market has done nothing but rise for the last 18 months, a settling of prices is considered by many to be a good thing! The biggest “wildcard” will continue to be the lack of available inventory.  With so little inventory available, even minimal demand will maintain prices at or very close to current levels.

 

For market information call your realtor. For market intelligence call Russ Qureshi at 604-741-7119 or email russ@coastlifestyles.ca

woman looking out of the window's car while having a road trip-end of summer-w-merla

A “tapping of the brakes” for residential real estate on the Sunshine Coast in August

August saw a continued “tapping of the brakes” across all sections of the residential Real Estate market on the Sunshine Coast. We are still way up over last year at this time but trending toward a slowdown overall.

Let’s see how this breaks out:

Fully detached sales

Fully detached sales were down in dollar volume from last year by 17% to $71,750,000 and unit sales by 36%, down to 67 units sold in August. Compared to last month, we are down 10% in dollar volume and 13% in sales. Our inventory in this market segment is down by 45% from last year to 163 homes for sale. This means our sales success ratio, the number of sales versus the available inventory, is 41% – still very much a sellers’ market. Compared to last month, inventory is down by 12%!!! This lack of inventory continues to drive the higher price points.

Year to date tells the story we are becoming used to…dollar volume is up 111% to $532,000,000 and up in sales by 60% to 522 homes sold this year.

The average price for a home on the coast remains unchanged from last month but up from last year by 31% to $1,017,000.

Condo and townhome sales

Condo and townhome sales were up in dollar volume by 5.5% to $16,500,000, and unit sales were even at 23 compared to last year at this time. Compared to last month, we are way up in dollar volume by 49% and 48% in unit sales. Our inventory in this market segment is down from last year by 57% to 56 available condos or townhomes for sale. The sales success ratio for this portion of the market is equal with the detached market at 41%….a sellers’ market! The inventory for August was down 15% from July.

Year to date is up in dollar volume by 56% to $108,750,000, and unit sales are up 47% to 180 units sold so far this year.

The average price for a condo or townhome is up 12% to $572,000.

Land only sales

Land only sales were up in dollar volume by 116% to $18,050,000, and unit sales were down 13% to 20 lots sold….that tells us something about the average price! We are up in dollar volume by 52% and unit sales by 30% compared to last month. Our inventory for bare land is down from last year by 47% (and down from last month by 9%) to 111 lots available. This means the sales success ratio is 18% which puts the market, just, in the hands of sellers.

Year to date is up in dollar volume by 259% to $101,000,000 and unit sales by 110% to 185 units sold in 2021 so far.

That average price from a bare land property is up 71% from last year to $545,000.

Inventory continues to be the single most deciding factor when it comes to buyer’s willingness to pay the prices we see recently…

Buyers – we are not seeing as many competitive offers but be prepared. If you require financing, make sure you have done the paperwork with your lender so you are ready with true preapproval and your purchase needs only appraise at the agreed-upon price.

Sellers – buyers will buy quickly but make sure your home is show-ready, and you have dealt with any deferred maintenance.

Of course, strategies for success are based on many personal variables as well, so give me a call, and we can chat! Call Russ Qureshi at 1-604-989-2253 or send him an email with your questions to russ@coastlifestyles.ca

Pender Harbour

Can the Sunshine Coast housing market do anything but rise?

July was an interesting month for Sunshine Coast real estate sales.  We see different results depending on market segment (detached, condos, land only).  This slightly reduced demand can be attributed to the summer months and most buyers deferring their purchase decision to August or September.  Let’s see how it breaks out across the three residential property types:

 

Fully Detached Sales are down in dollar volume by 6% to $80,300,000, and unit sales are down 23% to 77 units sold in July.  However, these figures are up by 20% over last month, showing that the recent pause in activity in the detached market was short-lived.

For July, the sales success ratio, the number of sales versus the available inventory, was 42%, keeping the market in the seller’s hands.

Year to date, we are still way ahead of last year’s totals.  Dollar volume for 2021 is up 111% to $531,200,000. Unit sales are up 60% to 522 homes sold so far this year.

The average price for a home on the Sunshine Coast remains relatively unchanged over the last three months at $1,020,000.

 

Townhome and Condo Sales are up, ever so slightly at 3.5%, in dollar volume to $8,350,000 and unit sales are down 29% to 12 units sold last month.  This continues a downward trend from last month.  July’s figures are down 16.5% in dollar volume and 33% in unit sales from June’s results.

The sales success ratio, the number of sales versus the available inventory, for July was 18% making the attached market a balanced one going into August.

Year to date, we are still way ahead in dollar volume by 284% to $92,305,000, and unit sales by 246% to 165 units sold so far this year.

The average price for a condo or townhome on the Sunshine Coast is now $560,000.

 

Land only sales are up 33% in dollar volume to $8,575,000 and down 44% in unit sales to 14 lots sold.  Compared to last month, it’s a mixed bag.  We are up in dollar volume by 24% and down in unit sales by 12.5%. The results are skewed by a 61-hectare sale of Ruby Lake (partial waterfront) for just over $3,000,000.

The sales success ratio, the number of sales versus the available inventory, for July was 11.5% making this segment of the market a buyers’ one.

Year to date sees us ahead by 320% in dollar volume to $82,950,000 and unit sales by 153% to 165 units sold in 2021 so far.

The average price for land-only is $503,000.

 

The Sunshine Coast continues to see record prices and sales volume across all segments of the market. I have a sense this should ramp up even more over the next 60 days.  With housing supply so low and demand continuing to be significant, can the Sunshine Coast housing market do anything but rise?