Sunshine Coast real estate sales took another giant leap forward in all segments of the housing market in August.

Although this past week, prior to writing the blog, has seen a small slowdown, I expect it to be short-lived.  Let’s see how things break out:

Detached home sales

Detached home sales increased in dollar volume by a whopping 137%, over last year at this time, to $86,600,000. Unit sales are up 114% to 105 units sold! The inventory for detached homes is down 29% to 300 available properties.

This means our sales success ratio (the number of sales versus the available inventory in any given month) was 35%!!! It is considered a balanced market with this ratio between 10 – 15% …. So it is clearly a sellers’ market.

The average sale price last month was up 10% to $825,000.

Year to date, we are showing an increase of dollar volume by 46% to $338,100,000 and an increase in unit sales by 32% to 431 units sold. We are just short of the entire 2019 year total!

The average sale price for the year to date is up 10% to $785,000.

 

What to do in Roberts Creek BC

Roberts Creek BC has lots to do and explore. Start with a stroll or hike around Cliff Gilker Park. Then head over to the Gumboot Cafe for light lunch, fresh-baked goodies and coffee. Be prepared for an ocean swim and sunbathing by the pier and hand-painted mandala. It’s absolutely gorgeous, especially at sunset.

 

Condo and Townhome sales

Condo and Townhome sales saw an increase in dollar volume by 258% to $15,580,000, and unit sales are slightly ahead with an increase of 263% to 29 units sold in August. The inventory for condos and townhomes sits at 130, which is even with last year.  The sales success ratio for condos and townhomes is 22%, putting this segment of the market firmly in sellers’ hands.

Year to date, we are showing that we are still down 10% in dollar volume to $47,980,000, and we are down 9% in unit sales to 96 units sold in 2020 so far.

The average sale price is down 8% to $512,000…I hesitate to include this stat as many presales were occurring this time last year in the luxury townhome market, and that fact tends to wreak havoc with the stats.

Land only

Land only sales were up by 73% to $8,330,000, and unit sales with up 187% to 23 land only properties sold in August.  The inventory for land-only is down 7% to 212 properties available.  Still, this means the sales success ratio is 11% putting this segment of the market into a balanced position for the first time in quite a while.

Year to date, we see that we are up in dollar volume by 9% to $28,067,000, and unit sales are up 46% to 88 units sold in 2020.

The average sale price for land-only is down 39% to $362,000; however, this statistic is skewed by some very large dollar sales in 2019.

Home Sellers get your home move-in ready

Home Sellers – there are several strategies to employ in this kind of market that can help take the guesswork out of the perennial “did I leave any money on the table?” question. With all markets, good or bad, you will do better on sale price if your home is ready to move into, and there is little or no deferred maintenance.

Home Buyers get pre-approved for financing 

Home Buyers – get preapproved BEFORE you start looking and be prepared to make an offer sooner than later.  We’re not in a situation where it’s an instant competition on new listings, but I have seen that happen several times over the summer.

COVID next wave 

COVID – the likelihood of a second wave brings an unknown variable to the fall market.  If the second wave is heavy we will see a slowdown while we isolate/shelter in place, but the market will continue to rise as we come out of that.  If there is no pronounced second wave, we’ll have more fundamental variables to look for, like available inventory and demand. The future is unknown, but I’m optimistic that it’s bright!

 

For market information, call your REALTOR®.

For market intelligence, call Russ 604-741-7119 or Terri 604-741-7774.

Signs of recovery are apparent in all categories across the board for the month of June as the economy “re-opens” in BC.

 

Both listings and sales for attached units were way up over both last month (3) and last year’s 10 sales. There were 14 strata sales for the entire Sunshine Coast of which 4 were in Gibsons, one of which was for the new Halyard development, and the other 10 in the Sechelt area include 2 for the new Edgewater complex.

 

Prices are holding steady and even the experts are not certain if a decline in pricing is in the near future. It could very well be the opposite depending on the quantity of new inventory and the number of Home Buyers that come to market. The Covid-19 melt-down has certainly got everyone guessing!

 

Mortgage rates are the lowest they have ever been, as 2.1% on a 5-year fixed mortgage is a possibility. So my advice is: if you see a home that suits you…go for it!

 

Due to the new protocols in place in the real estate world of Buying and Selling, as a Buyer’s Agent, I am happy to guide you and help you navigate these difficult times and doing so “safely”.

I will help you negotiate your best price, but be sure you have pre-approved financing in place before you make an offer. I can certainly help with some incentives you are probably not aware of, for a bonus on your accepted price.

 

The following is a list of new developments in Gibsons. Eagleview Heights is due to break ground this month. The Halyard is coming along and the other 3 have not yet started construction.

* Maplewood: 28 townhomes next to the Gibsons Community Centre.

* The Halyard: 12 townhomes & garden suites located between Lower & Upper Gibsons.

* EagleView Heights: 87 condos, garden suites and townhomes with gorgeous views.

* Cote: 4 luxury view condos overlooking Gibsons Marina.

* Touchstone at Gospel Rock: 49 condos and 22 townhomes for sale now, with approximately 350 homes in total to be built in this master-planned oceanfront community.

 

If you are considering a purchase the best time is NOW to start the process.

Call or email me directly anytime with questions about our local market.

Please check us out on Facebook, Twitter or our main website at COASTLIFESTYLES.CA

Terri Murphy / 604-741-7774 / terri@coastlifestyles.ca / Coast Lifestyles Network

ReMax City Realty in Gibsons

In these challenging times of the COVID-19 pandemic, we are taking active measures to ensure all our clients are confident in working with us.

 

While some of our business operations have veered from the traditional methods you may be used to, our commitment to your success is unwavering.

 

In adhering to the new protocol of safety measures and social distancing practices, we encourage most of our Home Buyers to initially search from home with our help and view properties on the internet with MLS details, Photos and Virtual Tours.

 

Physical viewings can still be arranged for most properties for genuinely serious Buyers. When we enter homes to visit Sellers or view homes with Buyers, the following applies.

 

1. We carry COVID-19 safety kits for our clients when working with them physically. We have masks, gloves, antiseptic wipes, and hand sanitizer at all times.
2. We address the appropriate questions to confirm that our client(s):
   1. Have no signs of illness in the last 14 days, i.e. NO symptoms of fever, dry cough,
   2. shortness of breath or difficulty breathing.
   3. Have not recently travelled outside of Canada.
   4. Have not come in contact with anyone with a possible or confirmed COVID-19 diagnosis in the last 14 days.
3. A waiver form will likely be requested to be signed and dated, which can be used for contact-tracing purposes related to COVID-19.
4. Children should not be in attendance and no sharing of electronic devices.
5. No handshakes (darn!) or physical contact and maintain 2 meters/6 ft apart.
6. No car sharing or touching any surfaces in homes when viewing, as well as not using any washrooms in Sellers’ homes.
7. We request all Sellers to NOT be at home for showings if possible and have all doors open and all lights on for Buyers to view the home.

 

We expect our clients will understand and adhere to these protocols, as we do, in the name of maintaining safety and health standards in our community.

BE SAFE….BE KIND….and STAY HEALTHY!

Despite the hectic month for sales on the Sunshine Coast, the COVID-19 pandemic is showing a pronounced effect on sales across the board.

 

Let’s see how it breaks out:

 

Detached sales for May are down 42% in dollar volume to $19,000,000, and unit sales dropped 40% to 28 homes sold.  You can tell folks are “cocooning” as available inventory is down 29% to 312 units.  The sales success ratio is 9% (meaning 9 out of every 100 available properties are selling), putting us in a buyer’s market but very much on the cusp of a balanced market.

Looking at the year to date numbers, we are down only 11% in dollar volume to $107,600,00, and the same in unit sales to 150 units sold this year. The average home price remains unchanged at $717,000.

 

Condos & Town Home sales for May are down 86% in dollar volume to $950,000….unit sales closely match with being down 80% to 3 units sold.  Inventory is up 12% to 107 available units.  The sales success ration is 2.5; clearly, the buyers are controlling this segment of the market.

Looking at the year to date numbers, we are down 51% in dollar volume to $17,850,000 and down 44% in unit sales to 37 units sold this year.  The average sale price for a condo or townhome is down 12% to $482,000.  Look for the year to date numbers to fall further as we are not having the robust pre-sales of some exciting local developments that we had last year.

 

Land only sales for May, as expected, are down 74% to $1,750,000 in dollar volume.  Unit sales tumbled 46% to 7 units sold in May while inventory grew slightly to 227 units.  The sales success ratio is 3%.

The year to date numbers, we are down 51% to $8,050,000 in dollar volume and down 36% in unit sales to 24 units sold this year.  The average price for a piece of bare land this year is down 23% to $336,000.

 

The drop in sales was not unexpected as we enter the third month of the pandemic protocols.  The detached portion of the market remains strong, and I see no less than a dozen pending sales in our office!

 

Home Sellers: be nimble with decision making and be prepared to negotiate when that offer does come.

Home Buyers: be prepared to make the deal they want now.  Beware of waiting for the “bottom to drop out” of the market. I have seen buyers take this attitude at different times over my 17 years in the business, and everyone tends to wait too long, i.e. the market may dip slightly yet, but by this time next year, you’ll wish you bought instead of waiting.  Interest rates are even crazier than in previous years–imagine locking in a ten year fixed around 3.5% or a variable at 2.5%.

 

People ask me what kind of ongoing effect the pandemic will have on the coastal market

That’s hard to tell.  If we see a minimal second wave for the virus, I think we will recover quickly and see minimal slow down in the real estate market.  If we experience a pronounced second wave over the summer, with the ongoing relaxation of protocols, then the entire economy will have to readjust, and that will include the real estate market.

 

For more information, contact your realtor.  For market intelligence, contact Russ or Terri at Coast Lifestyles Network.

 

I know everyone has been wondering what the sales statistics might be like six weeks into the COVID – 19 Pandemic.  Well, here we are, and it’s not all bad. Let’s breakdown what happened over April for real estate sales on the Sunshine Coast BC.

 

Detached sales were the bright spot again last month with a total dollar volume down only 2% to $20,500,000 and unit sales down 10% to 26.  Total available listings were down significantly by 28% to 273 homes for sale, meaning the sales success ratio is 9.5% (total sales divided by total inventory), putting the market in the buyer’s hands. Usually, we say the market is in buyer’s hands with a less than 10% sales success ratio, and it is considered a balanced market at 10 – 15% and a seller’s market with sales over 15% of available inventory.)

 

Year to date, we are dead even with 2019 for dollar volume at $88,700,000.  The median price for a detached home on the Sunshine Coast in April was $627,5000. The most expensive home to sell last month was a waterfront in Gibsons that sold for $3,000,000 (on a $3,999,000 asking price).  The least expensive home to sell last month was mobile on land in Sechelt for $420,000.

 

Condo and Townhome sales fared much worse last month. Total dollar volume was down 83% to $1,850,000, and unit sales were down the same percentage to 3 units sold. Total available listings were up by 20% to 111.  This means our sales success ratio is 2.7% putting the attached market firmly in the buyer’s hands. Needless to say, this last month drives the year to date numbers down.

 

With that in mind, year to date, dollar volume is down 43% to $16,900,000, and unit sales are down 33% to 34 units sold this year. The median price for a condo or townhome last month was $394,000. The most expensive condo to sell last month was a presale penthouse unit at The Cote (an exclusive 4 – 6 unit building slated for S Fletcher Rd in Gibsons), bought for $1,375,000.  The least expensive condo to sell was a two-bedroom unit in Sechelt for $350,000.

 

Land only sales for last month was the first time I have seen zero/0 sales occur.  Presently there are 223 available land only units…this is up from last year by 8%.

 

Year to date land only dollar volume is down 36% to $6,300,000.  Unit sales are down 32% to 17 units sold, and the average price for land-only in 2020 has been $370,000.

 

I am happily surprised that during an unprecedented pandemic, detached home sales remain robust.  I think this can tell us something about our attitudes toward land ownership, actually having dirt and a home, compared to a strata unit (and no “dirt” per se).  Add the extremely low interest rates, and we should see this segment of the market remain strong throughout the remainder of the pandemic.

 

The lack of sales in the attached home segment of the market is surprising.  Stay tuned next month to see if this will continue or we will see some more robust sales volume over May.

 

Zero sales in the land-only segment of the market is not really a surprise.  This segment is traditionally much lower in sales volume than real estate with homes.  I would imagine the idea of building under the present circumstances has many land only buyers spooked.  That said, we know several reputable builders continuing to work during this time.  Reach out if you’d like to know who!

 

It’s been an interesting month.  If you want more stats, reach out to your realtor.  If you would like market intelligence applied to your situation, then call Russ or Terri!