The Sunshine Coast real estate market continues to rebound and gain during the fall months. All three sections of the market: detached, condos and townhomes and land only all enjoyed significant gains during November 2019.
Here is how it breaks down:
Detached sales – increased by 63% in dollar volume to $35,500,000. Unit sales are up 56% to 47. The median price (with half the sales falling under and half the sales coming in over) for November was $645,000. Year to date, this brings dollar volume to within 7% of last year’s total. Right now, we sit at $336,500,000 in sales. Unit sales are within 6% of the previous year’s total sitting at 470. The average price for a house this year is down only 1% to $716,000. Homes available for sale are down 9% to 300 making the sales success ratio (the number of sales versus the available inventory) almost 16%. The detached market is firmly in the seller’s hands.
Condos & Townhomes sales – increased by 60% in dollar volume to $5,350,0000. Unit sales are up 54% to 11. The median price (with half the sales falling under and half the sales coming in over) for November was $445,000. Year to date, we are up 12% in dollar volume to $68,800,000, and unit sales are behind by a single deal and sit at 131 units sold. The average price is up to $525,000. Total homes available are over double compared to 2018 and now sit at 113. The sales success ratio is just under 10% putting this portion of the buyer’s hands.
Land Only sales – increased by 46% in dollar volume to $4,900,000. Unit sales are up 60% to 16. The median price (with half the sales falling under and half the sales coming in over) for November was $300,000. Land only sales have had a tough year, and the numbers reflect it. Year to date, we are down 36% in dollar volume to $35,300,000 and 35% in unit sales to 95. The average price for a piece of land is down 1% to $372,000. Total units available for sale are up 6% to 221. The sales success ratio is 7% up significantly but still firmly a buyers market.
What to do….?
Detached home sellers, the basics continue to apply. Make sure your home shows well, it is warm for winter showings, there is little or no deferred maintenance etc. The funny thing is that sales are spread out quite equally over the price ranges.
0 – 399k = 2 sales 700 – 799k = 4 sales
400-499k = 7 sales 800 – 899k = 5 sales
500-599k = 8 sales 900 – 999k = 3 sales
600 – 699k = 11 sales 1,000,000 + = 7 sales
When it comes to negotiating on detached homes, these statistics can help but don’t tell the whole story when it comes to individual properties. Make sure you understand what you want as a seller and as a buyer, so when it comes down to the fine details, you have clarity.
Sellers of condos and townhomes need to follow the same basics as the detached home sellers. Also, sharpen your pencil when it comes to price. Buyers have many options for purchase today, so competition is fierce! Here’s how this segment of the market breaks down by price:
300 – 399k = 4 sales
400 – 499k = 4 sales
500 – 599k = 1 sale
700 – 799k = 2 sales
Depending on your immediate needs and the community where you want to reside, buyers in the condo and townhome market have options.
Sellers of land only properties need to keep it on the market. Make a plan for spring to make that property/lot more desirable (if it doesn’t sell this winter;). Depending on the property, this may mean as little as keeping the corner pins easily identifiable. If you don’t have corner pins, consider having the property surveyed. Come springtime, make sure you clear the property, in a pragmatic way, of scrubby vegetation – especially blackberry bushes. Here’s how this segment of the market breaks down:
100 – 199k = 5 400 – 499k = 2
200 – 299k = 2 500 – 599k = 2
300 – 399k = 5
For market statistics, contact your realtor. For market intelligence, contact Russ or Terri with Coast Lifestyles Network.