Sunshine Coast real estate market showed some bright spots in August

Real estate sales on the Sunshine Coast for the month of August showed some bright spots as we continue to watch how things settle and how the market will be affected further. Let’s break it down with market intelligence:

 

Detached Home Sales

 

Detached home salesfor August were the bright spot with $47,500,000 in sales volume.  This is up 16% from the same time last year.  Unit sales last month were down 14% to 54 detached homes sold.  Ten of these sales were over $1,000,000 and one was at $5,000,000 hence the nonsensical results of less unit sales resulting in higher dollar volume.

 

Year to Date matches what has been happening with total sales dollar volume down 17% to $288,000,000.  Unit sales are down also by 23% to 384 units sold in 2018 so far.

 

Total available listings are up 24% to 386. Our closing ratio (or sales versus available inventory) is 14% which keeps us in a balance market.

 

Attached home sales

 

Attached home salesof condos and town homes took a big hit for dollar volume over August.  The Coast saw $3,850,000 in sales which is down 74% from last year.  Unit sales tell us the same story with 8 units sold. This is down 72% from last year.

 

The year to date numbers are a little brighter with total dollar volume reaching $48,100,000 down 32% from last year.  Units sold this year are 108 down 37% from last year.

 

Total available listings are up 24% to 63. Our closing ratio on attached sales is 13% keeping it just inside a balanced market.

 

Land Only Sales

 

Land Only Salesfor last month were at a total dollar volume of $2,400,000. This is down 73% from last year.  Unit sales are down 68% to a total of 6.  Year to date we have seen $41,000,000 in sales volume which is down 28% from last year.

 

Unit sales for the year are down 23% to 108. Total available listings are actually down 12% to 207.  The closing ratio for Land Only is 3%…this sounds dismal but is on par, historically, for the Coast.

 

The summer was excruciatingly slow for real estate.  As you know there were many variables from the weather (distractingly beautiful or smoky!), to the federal mortgage stress test, to the new taxes the provincial government will likely be introducing with the fall budget.

 

Buyers should be optimistic and upbeat!

 

You can now negotiate a deal rather than figure out how much you want to pay over asking price!  There will be more choice in many segments of the market as well.  Your best strategy for moving forward is getting pre-approved with your lender so you are ready to make the offer when the time comes.  You also want to lock in to the approval for as long as possible (some lenders offer 120 days) as interest rates may rise again.

 

Sellers should strategize carefully before listing their homes.

 

You should clearly understand why you are selling (many folks, amazingly, cannot give a detailed reason for selling other than their equity position is huge) and what variables are important to you ie. timing, terms or price.  Sit down with your realtor and figure out the path that will be the most rewarding.

 

For an answer to your real estate question call your realtor.  For market intelligence call Coast Lifestyles Network!

Canada Day celebration fireworks in Downtown Vancouver

Sunshine Coast real estate market continued to cool

Sunshine Coast real estate market continued to cool over the month of July 2018

The Sunshine Coast real estate market continued to cool over the month of July 2018. Less demand and higher inventory are resulting in some modest price reductions across all types of property.

 

Let’s break it down:

 

Detached home sales

Detached home sales were down 10% for gross dollar volume versus last year in July with a total of $43,250,000.  Unit sales were down 16% to 54 homes sold. Year to date we continue to see a significant decline from 2017 totals with dollar volume down 21% to $240,100,000. Unit sales are down 24% to 330 detached homes sold so far in 2018.  Total detached units available to market are up 18% to 372.

 

The closing ratio (the amount of unit sales versus available inventory)for July was 14.5% putting us in a balanced market for the second month in a row.

 

Condo & Town Home sales

Condo & Town Home sales were down 56% for gross dollar volume versus last year in July with a total of $2,860,000. Unit sales were down 42% to 8 attached homes sold in July.  Year to date we see a decline in dollar volume of 21.5% to $44,350,000.  Unit sales are down 29.5% to 100 attached homes sold so far in 2018.  Total attached units available to market are up 15% to 54.

 

The closing ratio for July was 15% putting the condo and town home market into a balance position for the first time in several years.

 

Land Only sales

Land Only sales were down 36% for gross dollar volume versus last year in July with a total of $3,500,000.  Unit sales were down 33% to 12 land only properties sold in July.  Year to date dollar volume is down 19% to $38,550,000. Unit sales are down over the year by 17% to 102.  Total land only units available to market aredown12% to 207.

 

What does all this mean for the real estate market? 

Well, that’s a matter of opinion and here’s mine:) As usual any increase or decrease in the market pace is a result of several variables. We have the mortgage stress test as a variable – many buyers no longer qualify for entry level homes both in the Lower Mainland and the Sunshine Coast.  We have an increase in available inventory across all property types which will also put some downward pressure on average dollar values. We see less demand by property buyers locally and from off Coast.  Whether this is price “push back” or simply due to the lack of interest (it sure has been sunny and nice this summer) remains to be seen.

 

Some interesting observations

The average dollar value of detached homes & condos and town homes is increasing at the same time inventory is increasing. One would expect a reverse of this but it is not happening.

 

Detached home values are up 3% year to date yet inventory is also up 18%! Condos and town homes average sales price are up 11% while inventory is also up 14%.  Land only properties sales price are down slightly by 3% and inventory is also down 12%!

 

Home Sellers

Home Sellers should consider the overall trend and I believe that is – we are adjusting to the new reality for value yet one must be cognizant that there is more inventory to compete with. Don’t decide on value based on your competition.  Decide your asking price using sold comparables as a reference.  Being too ambitious in your asking price last year simply resulted in a few extra days on market.  Being too ambitious this year can result in you not selling for months, having to adjust your price down (resulting in poor optics) and likely accepting a lower price later.

 

Home Buyers

Home Buyers the market is balancing out for the most part and you won’t feel the same immense pressure to buy the first thing you see.  While FOMO (fear of missing out) will continue to be a major variable in the condo and town home market it is no longer a factor for many detached home offerings.  That said, the price of homes are unlikely to go down any more than what you can negotiate with an offer today so don’t wait if you need to buy.  I’ve seen many buyers wait thinking the market is crashing only to miss out on the market entirely and continue to be in the position of having to rent.

 

If you have questions about buying or selling call us for real market intelligence.

kids sailing

Less demand and strong pricing keep the real estate market on the Sunshine Coast buoyant

June was an interesting month for real estate sales on the Sunshine Coast!  While we continue to see approximately 20% less demand compared to last year the market is still quite strong.

 

In June, Sunshine Coast detached market saw $40,000,000 in dollar volume which is down 35% from last year.  Unit sales for June were also down 42% to 51 units sold.

 

Year to date we have seen a reduction in unit sales of 25% down to 276 and a reduction in dollar volume of 24% down to $197,000,000

 

The average price for a detached home is $784,000.00

 

The average days on market prior to firm contract is 62.

 

Total available listings are up 16% to 348 units.

 

The closing ratio, or the amount of sales versus available inventory, is 15% – this moves us from a seller’s market to a balanced market for the first time in three years.

 

Sunshine Coast attached market, including townhomes and condos, is faring much the same as the detached market.  We enjoyed $5,800,000 in dollar volume which is down 40% from last year.  Unit sales for June were also down by 38% to 13.

 

Year to date we have seen a reduction in unit sales of 16% to 90 and a reduction in dollar volume of 16% to $41,500,000.

 

The average price for an attached home is $442,000.

 

The average days on market to firm contract is 40.

 

Total available listings are up to 48 from last year’s 36.

 

The closing ratio, or the amount of sales versus available inventory, is 27% keeping the detached market firmly in seller’s hands.

 

Our land only market on the Sunshine Coastcontinues in the same vein.  We enjoyed $3,000,000 in dollar volume which is down 52% from last year.  Unit sales for June were down 45% to 11.

 

Year to date we have seen a reduction in unit sales of 14% to 90 and a reduction in dollar volume of 17% to $35,100,000.

 

The average price of a bare-land sale is $390,000.00

 

Total available listings are down 17% to 201.

 

The closing ratio, or the amount of sales versus available inventory, is 5% keeping the land only market firmly in the buyer’s hands.

 

What does this mean?

 

We are seeing several variables take place. Most notably the federal stress test on all mortgages is having a huge effect on buyer demand.  Imagine if you were in the market for a $700,000 home…. you have 25% down so you need to mortgage $525,000. You might find a lender willing to extend you a mortgage for a 5 year term at 3.19%…. however, you would have to qualify for that mortgage using the federal stress test. This means qualifying at the mortgage amount at, presently, 5.34%.  This has, generally, cut purchasers buying power by 20%.  While you may be able to afford the payments your mortgager would require (approximately $2500/month) can you pass the stress test which says you need to be able to afford a monthly payment of $3,125?

 

Additionally, while the Sunshine Coast is not directly affected, the speculation tax and empty homes tax contemplated by the provincial government are all having a negative impact on buyer confidence.

 

Sellers make sure your home shows extremely well!  Make sure you price it right “coming out of the gate” understanding that the buyers out there have more choice and are tending to be more careful about their purchases.

 

Buyers are now enjoying a balanced market.  While sticker shock is still an issue you will be able to, depending on the property, take some time to make the correct decision for you and even negotiate on price!  Moving toward a balanced market also takes the FOMO (Fear of Missing Out) variable out of the equation.

 

Either way, make sure you are working with a REALTOR® you trust and make sure you are aware of the changes to our regulatory landscape.  This affects how a realtor may interact with you.  Please view our video at the bottom of this page for more information on Disclosure of Representation in Trading Services.

 

 

Sunshine Coast BC Cozy Patio Furniture on Luxury Outdoor Patio

Home sales strong although significantly off last years’ record highs

The Sunshine Coast continues to enjoy historically high average prices although sales are down and inventory is up. Lets look at how things break out:

Detached home sales

Detached home sales continue to be strong although significantly off last years’ record highs.  In May, 68 detached homes sold compared to 82 last year for a dip of 17%. Year to date has seen 225 sales on the Coast compared to last year at this time when we had sold 284 units.  This represents a 20% reduction in sales.
Inventory is up 16% to 333 available detached units compared to 285 last year.  The sale to listing ratio for last month was 20.5% putting us just inside a sellers market. The average days on market is 38. The average price for a home on the Coast this past May was $697,000, up 1% only from last years’ $689,000.

Condo and town home sales

Condo and town home sales are down slightly this month. We sold 15 units in May whereas last year we sold 18 units. Year to date trends the same with 45 sales compared to last years’ 53 for a difference of 15%.  Inventory is also up in this portion of the market with 39 available listings compared to 28 last year. The average days on market is 36. The sale to listing ratio for last month was 38.5% making the attached home market the hotspot for Sunshine Coast sellers.  This is evidenced by the average attached home price inching up 3% from last year to $430,000.

Land only

Land only had a stellar month in May!  We completed 24 sales compared to 18 last year. Year to date is down 5% to 79 sales total.  Interestingly, inventory is down 20% from last year to 190 available units.  The average sale price is inching down, in this category, by 4%  to $406,000.

Home Sellers

The market is changing so be prepared.  When you list your home for sale come out of the gate at a good price! Trying for that extra 20%+ over market value is no longer working. Make sure your house is priced well and shows well.

Home Buyers

It seems there is some breathing room now for timing and price.  Keep in mind it is still a sellers market and act accordingly.

Market Intelligence

As an interesting aside, the Sunshine Coast’s average home price is $697,000.  Compare this to similar areas in the Lower Mainland like Squamish where the average price is $968,000, Abbottsford where the average price is $855,000 and Maple Ridge where the average price is $916,000.
Even with this small expansion of perspective we see that the Sunshine Coast continues to be bargain for a home, the location and the lifestyle it affords.
For more information call your local REALTOR®, for market intelligence call Russ, Ria or Terri 
spring-cherry-blossoms-roberts-creek-bc

April 2018 Real Estate Market Update for the Sunshine Coast BC

The Sunshine Coast real estate market mirrored the greater Vancouver trend in April 2018 and saw fewer home buyers and more homes to choose from.

 

Compared to last April total sales went down 44.0% to $34,156,088 total dollar volume. The average price for April dropped 14.1% to $588,898 while the HPI (Housing Price Index) continued to grow 14.9% to $616,800 for the average home on the Sunshine Coast.

 

Total homes sold slipped 34.8% to 58 units and the number of homes for sale rose to 368 units not including bare land.

 

Detached home sales

Even though, the average price of a detached home went down 10% in April to $643,309 the coach is stillbreaking historical trends for price.

Month over month April reached a total dollar volume of $27,018,978down 13%.  Available homes for sale continued to grow, up 18% to 304 total detached homes for sale across the Sunshine Coast and 42 homes sold.

 

Attached home sales

The average price of an attached home (condos and townhomes) for April dipped slightly to $449,706 down 7% over last month.

 

The total dollar volume dove 25% to $3,568,700. Total attached homes for sale went up a strong 31% to 54 units which opens up choice for condo and town home buyers.

 

Land for sale

The price of a bare land on the Sunshine Coast averaged $220,152. Total dollar volume is about half of last month at $3,302,280.

 

Available listings were steady at 182 available land-only properties for sale. Total land units sold for April went up slightly to 15 properties.

 

Takeaway

While the Coast continues to enjoy a strong seller’s market we are beginning to see the fallout from the Federal “stress test” for those needing mortgage monies and uncertainty about how the Provincial government is going to roll out their proposed tax changes for empty homes and non-resident and foreign purchasers.  This will likely have a lingering effect over the next several months.

 

With that in mind the Sunshine Coast still enjoys the least expensive average home price in the Lower Mainland (including such areas as Squamish, Maple Ridge and Abbottsford where the average home price is $100,000 + compared to the coast).

 

For more information talk with your REALTOR®.

For market intelligence contact us – perspective is everything.

Contact Russ Qureshi and his team at http://coastlifestyles.ca

jump

Sunshine Coast real estate market humming along

The Sunshine Coast real estate market defied the greater Vancouver trend in March 2018 and continued to hum along at the start of the new spring season.

 

Compared to last March total sales went up 1% to $40,863,074. The average price jumped 22% to $665,139 and the HPI (Housing Price Index) grew by 20% to $575,583. Total homes sold dipped 13% to 63 sales and the total homes for sale remained even at 306.

 

Let’s look at how things played out month over month.

 

Detached home sales

 

The average price of a detached home edged up 2% in March to $717,746, the highest price ever on the Sunshine Coast. Incredible!!

 

Month over month March reached a total dollar volume of $31,580,840 up 24%.  Available homes for sale grew 17% to 257 total detached homes for sale across the Sunshine Coast with 44 homes sold giving home buyers more choice.

 

Attached home sales

 

The average price of an attached home (condos and townhomes) for March was $483,311 up 13% over last month. The total dollar volume reached $4,771,700 down 1%. Total attached homes for sale reached 41 up 14% which helps satisfy pent up demand.

 

Land for sale

 

The average price of a bare land on the Sunshine Coast in March was $573,799 up 80% due to the sale of a development property in Port Mellon.

Total dollar volume of $6,885,590 isup 53%. Available listings were steady at 180 available land-only properties for sale. Total land units sold for March was 12.

 

Takeaway

 

The real estate market on the Sunshine Coast remains strong going into what is traditionally our busiest season with prices remaining to grow. The pressure is off a little as more inventory comes onto the market giving home buyers more choice and sellers more competition.

 

 

Timing, pricing and location are the biggest factors in how quickly a property will sell in a busy market like the Sunshine Coast BC.

 

Speak with a REALTOR® licensed in your area to gain insights into current real estate market activity in your neighbourhood.

 

For all your real estate buying, selling and investment needs on the Sunshine Coast BC contact Russ Qureshi and his team at http://coastlifestyles.ca

 

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Sunshine Coast Real Estate Market – Sales Down and Prices Up

In February 2018, the Sunshine Coast real estate market saw fewer sales, less inventory (overall) and a significantly higher-than-average price across all segments of the market.

 

Detached homes

 

February enjoyed 35 units sold compared to 44 last year. When we look at the fact that inventory levels are nearly unchanged over the same time period (at 214 available units) and the average price has increased 6% from $660,000 to $701,000 perhaps we are seeing a lessening of demand?

 

Personally, I chalk it up to the intensely inclement weather over the past month. The reason is the year to date numbers tend to show a more accurate picture and, with that in mind, we see a total of 71 sales so far in 2018 compared to 76 last year with the average price up from $599,000 to $704,000.

Attached homes

February saw only 11 condo and town home units sell compared to last year at 25 units.  This is explained with the fact that available inventory is down from 44 units last year to only 36 units this year. The average price in this popular area of the market is approximately $430,000.  This is up significantly from last year at $386,000.

 

As demand continues to focus on the attached market, due to affordability, we will continue to see upward pressure on condos and town homes. Especially in light of the fact that inventory is at a total of 36 available total units!

Land only

February has seen 14 sales of bare land which is unchanged from last year. There are 173 active listings which is way down from last year at 225 units. The average price is soaring in bare land up to $320,000 this year from $213,000 last year.

For specific questions and more detail please contact our team at your earliest convenience. 

Cheers,
Russ

 

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