Sunshine Coast Real Estate Market Update for February 2014
Hello everyone and thanks for checking out our statistics report for February 2014. What I was hoping for, after the incredible real estate action in both December and January, was a continuation of that activity. What I am seeing is a dip in the action (maybe due to all that snow or the universal distraction of the winter Olympics) that will put us, very nearly, on par with last year. Here’s how it breaks down:
Residential Detached Home Sales
Residential detached sales for the Sunshine Coast in February came in at a total dollar volume of $7,585,000 compared to February 2013 where we produced $11,893,000 in sales. This is a drop of 36%.
Unit sales were a little less dramatic with 23 units sold over last year’s 28 for a reduction of 17%.
Year to date we are still ahead of last year by 1% in dollar volume and 4% in unit sales (this is literally the difference of two sales). Everyone who took a break from the leaving their homes on market over the holidays have now relisted. We have a total of 620 active listings compared to last year at this time where there were 515 available listings. This is a difference of 20%!
Residential Attached Home Sales
Residential attached sales for the Sunshine Coast in February came in at a total dollar volume of $3,563,000 which is a whopping 70% increase over last years $1,045,000.
We had 8 more unit sales this month for a total of 11 over last year in February. Year to date we are still very much ahead of the game.
Year to date total dollar volume is still up 290% for a total of $5,878,000. Last year we were at $1,445,000. Total unit sales this year are 20 compare to last year’s 8 sold. We have a total of 60 active listings for condos & town homes. Last year we had 15% more listings at 71.
This is a very positive sign for detached home sellers!
Land Only Sales
Land only sales for the Sunshine Coast in February came in at a total dollar volume of 802,000 which is down 55% from last February’s total of $1,800,500.
Unit sales this past month are 4 compared to 7 from last year.
Year to date totals are much more rosy with a total dollar volume of $2,706,000 which is up 35% over last year’s $1,998,000. Total unit sales this year are 12, last year it was 9. We have a total of 367 land only active properties available. Last year we had 387 available.
Average vs Unique
For Sellers, the numbers are still good and show reasons for optimism especially in the attached and land only markets. As always, it’s a precarious balance and, for Buyers, it is still mainly coming down to price. There are monied buyers out there that will pay for “just the right thing”. We are finding the unique properties are going for closer to asking (think view acreage with a beautiful home). The “average” detached home is still dealing with a lot of competition so you have to show value to today’s buyer.
For Buyers, this is a great time to be making a deal! Interest rates are still super low! I even saw an ad last week bringing back the 2.99% four year term mortgage. Give us a ring and we can chat about your goal for a purchase and help you find the right place!