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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.

 

 

Home sales up on the Sunshine Coast BC for July 2019

July was a great month for sales on the Sunshine Coast!!! For the first time in a year, we have sold more detached and attached units than the same month from last year.  Let’s see how it breaks down:

Detached sales

Detached sales dollar volume for July was down by a mere 1% over the same time last year to $42,825,000.  Unit sales were up by 16% to 63 units sold!!!  The total available listings are up 18% to 441.  The success ratio, or the amount of sales versus the available inventory, is 14.25% putting us in a balanced market for July. The average price for a home last month was down 15% to $680,000.  Year to date paints a less dramatic picture.  Dollar volume is down 18% to $195,000,000 and unit sales are down 16% to 276.  The average home price, year to date, is down 2% to $706,000.

Town homes and condo sales

Town homes and condo sales dollar volume for July saw an increase of 43% to $6,750,000!  Unit sales were also up 62% to 13 units sold in July.  The total available inventory is up 51% to 110 units.  Therefore the sales success ratio in the attached market is 12% putting us just inside a balanced state.  The average price for a unit last month was up 31% to $510,000.  Year to date dollar volume has increased by 6% to $47,450,000 and unit sales are down 11% to 89 units sold. The average attached unit sale price is up 16% to $530,000. If you’ve been reading the stats blog regularly you will know that these results are skewed somewhat by high-value units in several newer developments.

Land only

Land only dollar volume for July saw a decrease of 68% to $1,105,000.  Unit sales were also down 58% to 5 units sold.  The total available inventory is up 11% to 230 units.  Therefore the sales success ratio is approximately 2% meaning the land only market continues to be in buyers hands.  The average price of those 5 units sold last month is down 23% from last year to $221,000.  Year to date dollar volume has decreased 45% to $20,900,000 and unit sales are down 49% to 52 units sold.  The average price, over the year, for land only has actually increased by 6% to $401,000.

What does all the mean????? It might be a bit early for conclusions but we did see the interest rate drop very slightly last month and this may have been what was needed to release some of the present pent up demand.  From the Rockies eastward we are hearing good news about the real estate market.  This has taken more time to have an effect in BC, but perhaps, we are starting to see that now.

That said:

Detached sellers, especially in the $750,000 and up range, need to take a cautious approach and increase value wherever you can.  New paint, carpets and upgrades should be completed prior to offering your home for sale.  Certainly, if you have deferred any maintenance you should have that completed or be prepared to take a hit on price. The basics, such as curb appeal, de-cluttering, clean windows etc should all be considered and completed before marketing your home. One should also take into account the home’s location as little things can make a big difference when it comes to desirability.

Attached sellers should have an easier time of it however price is still a huge factor and with inventory availability increasing every month all the caveats I provided in the detached seller game plan should be considered.

Land only sellers should make sure the property shows how it can be developed (cleared property, development site clearly marked, views opened up and at least a site survey are minimums).  Make sure you stand out from that neighbouring property!

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

Homebuyer dip less pronounced on the Sunshine Coast BC

The Sunshine Coast real estate market continues to see less interest from homebuyers than last year across all segments of the market but the dip is less pronounced than in months’ past.

Let’s see how it breaks out:

 

Detached home sales

Detached home sales over the month of June were down 22% in dollar volume from the same time last year to $31,025,000.  Unit sales were down 13% to 44 units sold.  Year to date we see dollar volume down 22% to $152,055,000 and unit sales down 22% to 213 units sold.  The amount of available detached listings has risen 35% to 471.  Therefore, our success ratio, or the number of sales versus available inventory, this past month was 9.35% putting this segment of the market in the hands of buyers. The average price for a home so far this year is averaging at $713,000.

 

Condos & Town Homes sales

Condos & Town Homes sales over the month of June were down 30% in dollar volume from the same time last to $4,037,000. Unit sales were down 30% to 10 units sold.  Year to date we see dollar volume down only 2% to $40,787,000 and unit sales down 33% to 246 units sold. (Again, this idiosyncrasy can be attributed to the pre-sales of several proposed developments.) The amount of available attached listings is up 133% to 112.  Therefore, our success ratio this past month was 8.9% putting the condo and townhome market in buyer’s hands for the first time in a long time!  The average sale price for an attached home is $403,700.

 

Land only sales

Land only sales over the month of June were dead even for dollar volume at $3,029,000. Unit sales were down 18% to 9 units sold.  Year to date we see more pronounced numbers with dollar volume down 43% to $19,754,000 and unit sales down 47% to 47 units sold this year. The amount of available Land Only listings is up 12% to 226.  Therefore, the success ratio for this segment of the market is still very much in buyer’s hands at 4%.  The average sale price for a piece of land this year is $420,000.

 

Overall

Overall, the market continues to adjust to government intervention and consumer jitters.  Although we are hearing good news coming out of the Toronto market in particular and the national market as a whole (east of Alberta) it is still incumbent upon home sellers to sharpen their price and make their home highly showable, Declutter, depersonalize and repair any deferred maintenance before you list your home. When the offer comes be prepared to negotiate!

 

 

Homebuyers, if you wait too long to buy you will pay more (remember 2012 – 2013 as the market was coming back from our long and low trough many buyers continued to wait for the “bubble to burst” and then lost out in the rapidly rising market in the years to follow).  There are some great deals out there right now so put pen to paper and write the offer you want today.

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

coast lifestyles network gibsons bc

Exciting News! We’re moving to ReMax City Realty

We hope this finds you healthy, happy and enjoying this weather…finally some summer sun!

Terri and I want to let you know some exciting news! First, a little preamble:

Royal LePage Sussex, after many years with a “bricks and mortar” office in Gibsons, has decided to pull back their operation to Sechelt and Pender Harbour. The Gibson office is closing.

Terri and I love the Royal LePage brand but, unlike those making this decision, we understand how important it is to have a brick and mortar space/office in Gibsons, after all, it is the gateway to the Sunshine Coast.  Our clients both past and present expect to be able to meet with us, pick items up or drop items off etc., in Gibsons.

It is with much thought and consideration that Terri and I have decided to move brokerages to ReMax City Realty in Gibsons.  We are very excited to be able to have a space in Gibsons in which we can continue to provide the same exceptional service our clients have come to expect.

We are happy to work closely with colleagues and further the relationships we developed over our past 15 years on the Sunshine Coast. The culture at ReMax City Realty is vibrant and will benefit our clients with added networking and information sharing opportunities.

Our new location as of June 14, 2019:

Russ Qureshi and Terri Murphy, Coast Lifestyles Network – ReMax City Realty

101-938 Gibsons Way
Gibsons, BC V0N 1V7

Canada

office: 604-886-2670

cell: 604-741-7119

birdhouse coast lifestyles network

Seasonal spring/summer real estate cycle returns to the Sunshine Coast

The Sunshine Coast’s cyclical real estate market is back.  Over 2015 – 2018 the local “sales cycle” on the Sunshine Coast was thrown for a bit of a loop.  With such huge demand, low inventory and rising prices, every month during those years was like being at the top month of our familiar late spring/early summer high demand months for real estate.

2019 leaps back into a historical, seasonal cycle.  Let’s see how the month of May breaks out:

 

Residential Detached

Residential detached dollar volume was down 32% from last year’s numbers to  $32,600,000.  Unit sales were down by 30% to 47 homes sold. Year to date we see a 22% drop in dollar volume to $121,000,000 and a 24% drop in unit sales to 169 so far this year.  Our success ratio – measured by comparing total sales this past month to total available inventory ( 47/440= .1068) or 10 – 11%.  It is generally accepted that a success ratio of less than 10% is a buyers market, 10 – 15% is a balanced market and more than 15% is a seller’s market.  Therefore, we are in a balanced market but on the cusp of a buyer’s market.  The average price of a home, year to date, is still up 2% over last year and sits at $716,000.

 

Townhome and condo 

Townhome and condo dollar volume was down 27% from last year’s numbers to $7,100,000. Unit sales were down by 31% to 22 units sold.  Year to date we see an increase of 2.5% in dollar volume to $36,700,000 and a 16% drop in unit sales to 66.  The dollar amounts can be accounted for by some of the reported presales on the Eagleview Heights development. As an aside, watch these numbers become more “skewed” as the Touchstone development comes online at some point this year.  Our sales success ratio in this segment of the market is 16% (15 units sold out of 94 available) and puts us in a seller’s market situation.  The average price of a townhome/condo unit (skewed by the high sale amount presales) is up 17% to $550,000.

 

Bare land

Bare land is doing its usual thing with a 42% drop in dollar volume to $6,900,000.  Unit sales follow closely with a 45% drop to 13 units sold.  Year to date we see a decrease in dollar volume of 47% to $16,725,000 and a drop of 51% in units sales to 38 bare land properties sold.  The sales success ratio for bare land is 6% making it a buyers market.  The average price for this kind of property has increased by 8% to $440,000.

 

What does this mean?

 

Detached homes sellers are in competition 

Detached homes sellers should be spending some time and money to prepare their home for the market.  Deferred maintenance, a new paint job, even cleaning the windows and mowing the lawn are all items you should be paying attention to so the home shows it’s best.  Secondly, be sharp with your price.  There is a lot of inventory to choose from in the $700k – $900k range so your home has to stand out.  The best way to make your home stand out is to price it well.  That is a relevant factor so contact your realtor for details.

 

Townhome and condo market is strong for sellers 

Townhomes and condo sellers should also make sure the home shows well and any deferred maintenance, especially cosmetic, is taken care of prior to listing.  This segment of the market is strong now so, if you are considering selling, don’t hesitate to contact your realtor about getting it to market sooner than later.  With the presale offerings that are present and others that will soon be available to the market, this segment will soften over the next 12 months.  At least, that’s my expectation.

 

Bareland sales is a crapshoot

Bareland sales continue to be a bit of a crapshoot.  If you have raw land to sell, make sure it is accessible for a walkabout (trails, paths, building sites and clearly marked boundaries).  If you are selling more of a city lot or subdivision-style lot, then make sure you understand where your competition is positioned and what historical sales can show you regarding asking price.

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

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Seasonal jump in townhomes and condos on the Sunshine Coast BC

Dollar volume and unit sales continue to decline in the detached market while the condo and townhome market saw a big jump in both dollar volume and sales last month.  Let’s see how this breaks out:

 

Detached home sales

Detached home sales were down in dollar volume by 21% compared to last year for a total of $21,100,000.  Units sales were down 30% to 29 homes sold. Year to date we seem to be closing the gap! Dollar volume is down only 18% to $88,500,000 and unit sales are down only 22% to 122.  Inventory has jumped up 25% to 381 units available.   The success ratio, or the amount of sales versus available inventory, for detached homes is 8% putting the detached home market firmly in the hands of buyers.  All this said the average home has increased in value by 4% to $725,000.

 

Condos and Townhomes

Condos and Townhomes show a rosier result with dollar volume up by 34% to $11,300,000.  Unit sales are up only slightly by 5% to 18 units.  This “weirdness” can be accounted for by presales in a Gibsons project/development.  Year to date numbers shows we are closing the gap in this portion of the market as well.  Dollar volume is up by 15% to $29,700,000. Unit sales are down slightly by 10% to 51.  Available inventory is up 38% to 88 units available.  The success ratio is 20% putting the attached market in sellers hands.  The average price, again skewed by some of the high-end presales, is up 11% to $575,000.

 

Bare Land

Bare land is down in dollar volume by 78% to $700,.000 and down 86% in unit sales to 2…bare land properties sold in April….Year to date is not quite as pronounced with a reduction in dollar volume by 50% to $9,850,000 and unit sales closely matching that by being down 54% to 25 units sold this year.  Inventory is up 13% to 206. The success ratio for bare land is less than 1%.  The average price of a property this past month was $350,000.

 

Seasonality of the real estate market

The seasonal cycle is back and showing in the detached and attached statistics.  We should see a further closing of the gap and good numbers over the next month.  I’m at a loss as to why only 2 bare land sales occurred last month but let’s call it an anomaly and we’ll see how that plays out next month.

Detached home sellers MUST COMPETE on price with other listings and should be looking at sales going back only to the beginning of the year to reference value.

Attached home sellers can continue to push the envelope on price if they want to chance it.  If you want to be sure of a sale in the shortest time (and there can be lots of value in that!) then be competitive on price!

Bare land sellers should hold off.  If you have no choice but to sell then keep the price sharp and be prepared to be on market for a while….that said, larger view lots are always in demand.

For market information contact your REALTOR®.  For market intelligence contact Russ or Terri with Coast Lifestyles Network!

jump slump coast lifestyles network

Coming out of the slump

The real estate market on the Sunshine Coast is picking up and we are definitely noticing more action at Coast Lifestyles Network.

Here’s how things are playing out for the Sunshine Coast:

 

Detached homes

Detached homes have seen a 15% drop in dollar volume (from last year’s record-breaking highs) to $26,600,000. Unit sales are mirroring this trend with a 13% drop since last year to a total of 38 units sold  Inventory is up 24% 321 units available. The success ratio (the number of sales versus the available inventory) was 12% which puts us on the cusp of a balanced/buyers market.

 

Year to date we are down overall for dollar sales by 17% to $67,300,000.  Unit sales this year are down 19% to 93. The average cost per home is up 2% for the year to $723,000.

 

Condos and Town Homes

Condos and Town Homes have seen a 25% drop in dollar volume to $6,950,000.  Unit sales are close to this with a 31% drop to 13 units sold.  Inventory is up over 100% with 87 units available.  Much of the latter skew can be attributed to presale units for development in Gibsons.  The success ratio is 16% making this segment of the market on the seller’s side of balanced.

 

Year to date we are down overall for dollar sales by only 2% to $18,300,000.  Unit sales this year are down 19% to 33.  The average cost per unit is up 15% to $547,000 (this number is skewed by the new development price/unit occasionally topping $1,000,000).

 

Land

Land only sales have seen a 61% drop in dollar volume to $2,640,000.  Unit sales are down 58% to 5 units sold. Inventory is up 8% to 195 units available.  The success ratio is about 2.75% keeping the land only market in buyers hands.

 

Year to date shows the same picture with dollar volume down 45% to $9,150,000. Unit sales down 42% to 23 sold this year. The average cost per unit of land only is down 4% to $398,000.

Coming out of the slump

Interesting numbers to be sure…the feeling is we are coming out of the slump that has been the market for the past six months.  Let’s see if the Sunshine Coast selling cycle is back (most sales occurring in the spring months).

For information call your realtor.  For Market Intelligence get in touch with Russ or Terri from Coast Lifestyles Network!

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Sunshine Coast real estate market jumps ahead into spring

Sunshine Coast real estate market jumps ahead into spring in both detached homes and condos and townhomes this past month whereas land only continues the trend of a downward slide.

 

Let’s break it down and see what this looks like:

Detached Homes

Detached Homes saw an 11% increase in dollar volume for a total of $27,250,000. Units sales are only up 2% to 36 units sold. February was a catch-up month as the year to date totals for dollar volume are down 18% to $40,750,000 and unit sales down 22% to 55 units sold in 2019. Some of the increase can be accounted for by a single $4,300,000 sale.

 

The amount of available detached homes for sale is up 28% to 275. This puts our sales ratio at 13% (13 homes are sold for every 100 available) which is generally thought of as a balanced market. The average price for a home on the Sunshine Coast in February was $758,000 with the year to date average price coming in at $740,000.

Condos and Townhomes

Condos and Townhomes saw a 31.5% increase in dollar volume for a total of $7,000,000. Units sales are up 15% to a total of 13 units sold in February. The skew in the dollar volume comes from the fact that many of these sales are “pre-sale” units in the Eagleview Heights development in Gibsons. As per the developer’s disclosure on this project, these units should be available in spring 2022.

 

Year to date we have seen an uptick of 16% to $11,350,000. Unit sales this year are down 10% to 20 units sold. The amount of available condos and townhomes for sale is up 43% to 63. This puts our sales ratio at 21% (21 units are sold for every 100 available) which is generally thought of as a seller’s market. The average price for a condo or townhome on the Sunshine Coast in February was $543,500 with the year to date average price coming in at $583,500.

Land Only Sales

Land Only Sales saw a 30% decrease in dollar volume to $3,100,000. This is not unusual from a seasonal point of view. Unit sales are down 50% to 7 units sold in February. Year to date we have seen a slide in dollar volume of 33% to $6,500,000. Unit sales this year are down 35% to 18 units sold.

 

The amount of available bare land lots for sale is up only 4% to 181. This puts our sales ratio at 4% (4 units are sold for every 100 available) which is very much a buyers market. The average price for bare land on the Sunshine Coast in February was $445,000 with the year to date average price coming in at $361,500.

 

We are seeing some renewed jump in the market! My colleagues are reporting more people at open houses and more offers being written.

 

Buyers can still look at getting a good deal in the detached market but don’t be stingy if you want to get into a condo or townhome.

 

Sellers should consider having a competitive price to get an offer on the table but it depends on your situation and goal for a sale.

 

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

Lead the real estate market during the slow months

Sales are better than December 2018 however it is still one of the slowest months in recent memory! Learn more on how home sellers can lead the real estate market.

 

Detached homes sales are down in dollar volume by 47% from last year. Total dollar volume for January was $13,500,000.  Unit sales closely matched at 47% down from last year with 19 sales.  We have a total of 276 active listings available which is up 44% from last year.  This puts our sales success ratio (the amount of sold properties verses available listings) at 6.8% which denotes a market heavily in the buyers’ hands.  The average price of a detached home in January was $709,000.

 

Condos and townhome sales are down in dollar volume by 8% from last year. Total dollar volume for January was $4,360,000.  Unit sales are down by 34% with only 7 sales.  We have a total of 62 active attached listings which is up 48% from last year.  This puts the sales success ratio at approximately 12%.  This is inching toward a buyers market but is not having much effect on price.  The average price of a condo in January was $692,000.  That number is heavily skewed by the presales of Eagleview Heights which is Gibsons latest development.

 

Land only sales are down in dollar volume by 36% from last year.  Total dollar volume for January was $3,400,000.  Unit sales are down by 21% to 11 sales.  We have a total of 181 active land only listings which is up only 2% from last year.  This puts the sales success ratio at a relatively steady 6%.  This segment of the market continues to be firmly in the hands of buyers. The average price of a bareland property in January was $308,000.

 

Sellers my ongoing advice is don’t be overconfident with price.  Know what else is available that is going to compete with your home! One of the best things to do is to LEAD THE REAL ESTATE MARKET whether it is going up or down.  Consider listing under the price of your next closest competitor.  This will have the dual advantage of getting you sold faster and with less grinding on price. As always, make sure your home is in a highly showable condition. Don’t defer regular maintenance, make sure the home is clean and tidy and accommodate buyer requests for viewing times.

 

Buyers if you find the right property for you go for it!  There are a lot of great deals happening in the market place right now! Don’t miss your dream home or quality investment because you think the market is going to fall further.  Make the deal you want today. Do most of your homework prior to offering on a property so you can present an offer that is solid, clean and easily accepted.

 

For market intelligence call Russ at 604-741-7119 or Terri at 604-741-7774 or send us an email