Sunshine Coast Residential Real Estate Statistics Year End Wrap for 2019
A new year and optimism are in the air for buyers and sellers alike. With huge leaps in sales during October, November and, especially, December we came close to matching 2018’s numbers in the detached market, we surpassed 2018’s numbers in the condo and townhome market and made a valiant comeback for land-only sales.
The future is so bright I gotta wear shades….as they say.
Let’s break it down:
Detached home sales
Detached sales dollar volume surpassed last December’s total by 156%! Reaching $22,400,000! Unit sales are in close step with a 128% increase in sales to 32 units sold in December. The median sales price (the price of the sale that falls in the middle of all sales) last month was $627,500 while the average price (the total dollar volume divided by the number of sales) was $700,060 which is up 12% from last month. Available inventory is also down 15% to 237 units. This puts our sales success ratio at almost 16%. This is considered a sellers’ market, but only just.
When we look at the entire year of 2019 we see that we are a mere 3% under 2018’s dollar volume! We reached $358,900,000 in 2019. Unit sales for the year fell short by 2% with a total of 502 sales. The average sale price for 2019 was down 1% to $715,000. The median sale price for the year was $638,500. The following chart breaks the unit sales down by price:
| Dollar Amount |
Total unit sales |
| Up to $399,999 |
54 (including mobile homes in parks) |
| $400,000 – $499,999 |
59 |
| $500,000 – $599,999 |
114 |
| $600,000 – $699,999 |
90 |
| $700,000 – $799,999 |
54 |
| $800,000 – $899,999 |
38 |
| $900,000 – $999,999 |
27 |
| $1,000,000 – $1,249,000 |
29 |
| $1,250,000 – $1,499,999 |
16 |
| $1,500,000 – $1,749,999 |
7 |
| $1,750,000 – $1,999,999 |
7 |
| Greater than $2,000,000 |
9 |
The least expensive sale for 2019 was a recreational RV on a pad in Pender Harbour for $27,000. The most expensive sale for 2019 was a 5700 sqft waterfront home on five acres in Halfmoon Bay for $4,350,000.
Condo and Townhome sales
Condos and Townhome sales dollar volume surpassed last December’s total by 15%. Reaching $3,735,000! Unit sales are equal to last December’s total of 7. The median sale price (the sale price that falls in the middle of all sales) was $425,000 while the average price (the total dollar volume divided by the number of sales) was $533,600 which is up 17% from last month. Available inventory is up 62% to 120 units available. This puts our sales success ratio at 6%…despite the appearance of “action” for condo/townhome sales this portion of the market is in the buyer’s hands.
When we look at the entire year we see that dollar volume up by 12% to $72,635,000! Unit sales for the year are down slightly by 5% to a total of 138 units sold in 2019. The average sale price for 2019 was $528,500, up over 12% from 2018. The median sales price for the year was $435,000. The following chart breaks the unit sales down by price:
| Dollar Amount |
Total unit sales |
| 0 – $299,999 |
10 |
| $300,000 – $399,999 |
39 |
| $400,000 – $499,999 |
40 |
| $500,000 – $599,999 |
17 |
| $600,000 – $699,999 |
6 |
| $700,000 – $799,999 |
4 |
| $800,000 – $899,999 |
9 |
| $900,000 – $999,000 |
4 |
| $1,000,000 – $1,199,999 |
6 |
| $1,200,000 – $1,299,999 |
3 |
The least expensive sale for 2019 was a ¼ share unit in Pender Harbour for $100,000. The least expensive 100% ownership unit was $219,500 in Sechelt. The most expensive sale for 2019 was $1,259,900 for a presale unit at Eagleview Heights in Gibsons.
Land only sales
Land only dollar volume skyrocketed 205% to $4,050,000 over this month last year. Unit sales were down 20% to 4 total units sold in December 2019. This discrepancy is accounted for with a “big money” sale in Middle Point of a 7-acre waterfront piece for $2,815,000. That particular sale skews the average sale price beyond usefulness. The sales success ratio at 2%.
When we look at the entire year we see that dollar volume is down from 2018 by 30% to $39,400,000. Units sales are in close step – down 34% to 100 units sold. The average sale price from a land only property is up 6% to $397,000. The median sales price (the price of the sale that falls in the middle of all sales) for 2019 was $287,000. The following chart breaks the unit sales down by price:
| Dollar Amount |
Total unit sales |
| 0 – $99,999 |
8 |
| $100,000 – $199,999 |
27 |
| $200,000 – $299,999 |
23 |
| $300,000 – $399,999 |
21 |
| $400,000 – $499,999 |
7 |
| $500,000 – $599,999 |
7 |
| $600,000 – $699,999 |
2 |
| $700,000 – $799,000 |
3 |
| $800,000 – $899,999 |
2 |
| $900,000 – $999,999 |
0 |
| $1,000,000 – $2,000,000 |
1 |
| $2,000,000 – $3,000,000 |
1 |
| $3,000,000 – $3,500,000 |
2 |
The least expensive sale for land this year was $130,500 for a lot in Pender Harbour and the most expensive sale was a 1300+ acre parcel up Jervis Inlet for $3,300,000.
What does all this mean?
What does all this mean? I would interpret that this data shows us we have definitely headed out of the correction we faced in 2019 relatively unscathed. The residential-detached market is coming back in a big way. The condo/townhome market’s trajectory is also up but with a much less pronounced curve due to inventory/competition. The land-only market will continue to hobble along over 2020.
Prior to listing your home, detached home & condo/townhome sellers should consider tackling all deferred maintenance from major repairs to touch up painting and cleaning windows. No job is too small to prepare your home for the market! Have a friend or, better yet, your realtor come by and offer you a critical eye as to what items need to be prioritized before you head to market. Condo/townhome sellers keep in mind the kind of competition you are facing when you decide on price.
Land only sellers…..stay the course, make the property look as desirable as possible and make sure buyers can enter the property for a good look around.
Detached home buyers had the luxury of being a bit more discerning during most of 2019. That is changing! With less inventory and more buyers “out there” you should have your financial ducks in a row before you even start looking and be prepared to make an offer when you find the “right place’.
Condo/townhome buyers have the luxury of choice. There is quite a bit of inventory available whether you are looking for entry-level prices or luxury pre-sale units. Prices remain more or less static so, while it is unlikely you will get that “screaming deal” you can still negotiate a good price.
Land only buyers are in a place where you can cut an amazing deal on the right piece of land. This is not to say every seller will take a big haircut but your best opportunity for savings as a buyer is in this segment of the market.
In 2020 if you want market information call your realtor. If you want Market Intelligence call Russ or Terri with Coast Lifestyles Network.
Self-isolation and buying real estate online: Sunshine Coast March 2020
/in Sunshine Coast Real Estate /by russqureshiIt is my hope that this month’s Sunshine Coast Real Estate summary finds you all in good health and not yet stir crazy from self-isolation during these unprecedented times!
At Coast Lifestyles Network, Terri and I continue to provide real estate trading services to our clients, even in a pandemic, as people need to buy and sell homes. Although our present situation is very fluid and changeable Terri and I are seeing sellers list their homes, and buyers are continuing with due diligence, waiving subjects and moving into their new homes.
Tenanted properties
Tenanted properties are the most problematic now due to the freeze on tenancy terminations (even if you plan on moving in) but each situation is different and no situation is impossible.
As with any interaction, meeting in person, moving in/out and viewing properties in person should be undertaken with the appropriate precautions regarding the spread of COVID – 19.
The Provincial government is responding to the emergency admirably and you can find their COVID – 19 information page here: https://www2.gov.bc.ca/gov/content/safety/emergency-preparedness-response-recovery/covid-19-provincial-support
We are ready to help you navigate the current state of real estate!
As always, Terri and I encourage you to reach out to us if you have any questions about the Sunshine Coast real estate market, want to work on strategies for moving this spring/summer or just want to chat real estate. We take our duty of agency seriously and remain available to help you!
The sales statistics for March 2020 are the reason for optimism!
Although we are over two weeks into the isolation protocols we are not (yet?) seeing this affect the market too greatly. Detached sales are up significantly, condos and townhomes are down slightly (continuing to match the trend for 2020 so far) and land-only sales are down significantly!
Let’s see how this breaks out:
Detached sales
Detached sales are up 16% in dollar volume to $31,000,000 and up 15% in unit sales to 44 homes sold in March. Total listings are down by 10% to 286. Our sales success ratio (the number of sales versus the available inventory) is 15%. This puts us on the cusp of a seller’s market…interesting indeed.
Year to date we are up 1% in dollar volume to $68,200,000 and up 3% in unit sales to 96. The least expensive sale last month was $175,000 for a mobile home in a park in Pender Harbour. The most expensive home to sell last month was 1.9 million for a waterfront home in Sechelt. The median sale, the sale in the middle, was $625,000.
Condos and townhome sales
Condos and townhome sales are down only 9% in dollar volume to $6,262,000 and up slightly by 7% to 14 units sold in March. Total listings are up by 26% to 118. Our sales success ratio (the number of sales versus the available inventory) is 12% putting us in a balanced market.
Year to date we are down 17% in dollar volume to $15,050,000 and down 6% in unit sales to 31. The least expensive sale last month was a 2 bedroom townhome in Sechelt for $299,000 and the most expensive attached home to sell last month was one of the presale townhomes at the Touchstone development in Gibsons for $870,000. The median sale, the sale in the middle, was $390,000.
Land only sales
Land only sales are down 26% in dollar volume to $1,950,000 and, surprisingly, up in unit sales by 60% to 8 units sold in March. (yes, 8 sales compared to 5 same time last year). Total listings are up 7% to 210 putting much of the land-only market into the buyer’s hands.
Year to date we are down 31% in dollar volume to $6,300,000 and down 26% in unit sales to 17. The least expensive sale last month was an 8000sqft lot in Pender Harbour for $97,000. The most expensive sale was a 4.2-acre parcel in Middlepoint for $460,000. the median sale, the sale in the middle, was $215,000.
As you can see the market chugs along and us with it…:)
For market intelligence call or text Russ or Terri!
Russ 604-741-7119
Terri 604-741-7774
Coast Lifestyles Network Covid 19 Response
/1 Comment/in Sunshine Coast Real Estate /by russqureshiCoast Lifestyles Network Covid 19 Response
I want to reach out to all of our clients to let you know about our particular response to the present pandemic. Terri and I are taking our cues from the WHO, and locally, the Coast Garibaldi Health Unit. There is also a group of local doctors who are posting in the Sunshine Coast Reporter on line page. The latter has been keeping the Coastal public informed with accurate information! Check out www.coastreporter.net and follow the link. We also have our real estate regulatory bodies, industry organizations and ReMax Western Canada providing cues on how to interact in person and out in public.
We will follow up as things change in our effort to keep you informed. Don’t be afraid to reach out to Terri or myself at any time!
Connect with us here or call Russ direct 604-741-7119
Lock and Leave Lifestyle Living at Eagleview Heights Gibsons BC
/in Sunshine Coast Real Estate /by Terri MurphyGIBSONS CONDO & TOWNHOUSE UPDATE for February 2020
February sales for attached homes for the whole Sunshine Coast indicate a drop from last year’s total of 13 units to 10 this year. Six of those sales were in Gibsons, of which five were for brand new developments, which are listed here for your information.
* 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 that overlook 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.
EagleView Heights
Let’s discuss EagleView Heights because the first Phase is already 80% SOLD!
Eagelview Heights is a new community is in the heart of Gibsons and walkable to all the town has to offer, including Lower Gibsons waterfront and marinas, yet only 7 minutes to the Langdale ferry terminal.
This development offers a variety of settings to choose from including garden suites, townhomes and condos ranging in size from 800 to 2,400 sq. ft. with 85% of these homes boasting beautiful ocean views. Every home is a corner unit with 9 ft ceilings that enjoys a large outdoor patio. Two acres of re-imagined parkland will offer a walking/biking trail to take in the exceptional vistas and build community.
EagleView’s unique “Lock and Leave” lifestyle
EagleView’s new “Lock and Leave” lifestyle has been masterfully designed and built for both mature and new generational homebuyers and is the perfect combination of style and sustainability.
EagleView’s unique layout on the hillside limits each of the 16 three-storey buildings to only six suites, ensuring ease of access and very nice privacy. Amenities at The Eagle Club for all residents include a fully-equipped exercise room, outdoor infinity-edge pool and hot tub, as well as a games room and ample space for social gatherings. Underground parking will offer individual EV charging. Townhomes and garden suites have their own private garages.
Estimated completion for Phase 1 is May 2022, about six months earlier than Touchstone.
There are only two homes left under $1M, plus another 11 homes available out of 63 units in Phase 1. Phase 2 will have another 24 condos for sale starting at $1.3M. Call me for details on those two homes remaining.
Terri, Buyer’s Agent and Sunshine Coast Strata Specialist
As a Buyer’s Agent and Sunshine Coast Strata Specialist, I’d be happy to guide you and represent you in your search for a new home! You will have lots of questions, and I will have or find all the answers for you.
Call or email me anytime for more details about this exciting new development at Eagleview Heights. I would love to hear from you!
Terri Murphy / 604-741-7774 / terri@coastlifestyles.ca / Coast Lifestyles Network
Re/Max City Realty in Gibsons
It’s Tax Time, Canada! What if I get audited about my real estate transactions in 2019?
/in Sunshine Coast Real Estate /by russqureshiDid you know that the CRA has created and significantly funded a new Real Estate Task Force to deter tax non-compliance in the real estate market?
Detached Home Sales A Bright Spot In February 2020
/in Sunshine Coast Real Estate /by russqureshiSunshine Coast Real Estate Market Update for February 2020
Detached home sales continue to make for the most dollar volume for February and 2020 to date! Despite this, the real estate market on the Sunshine Coast was still down from this time last year.
Condos and townhome (re)sales continue to be somewhat stagnant with the availability of presale units at Eagleview Height, The Halyard, The Maplewood and Touchstone saturating the attached market.
Land only sales are still slow (when has this segment ever been brisk?!), but certain kinds of properties can attract a buyer’s eye.
Let’s see how it all breaks down:
Detached home sales
Detached home sales for February were down 25% in dollar volume to $20,300,000 and down 13% in unit sales to 31 units sold. The sales success ratio (the number of sales versus available inventory) was 11.50% leaving us in a balanced market. Year to date is down 8% in dollar volume to $37,250,000, and unit sales down 5% to 52 units sold this year. Total inventory is 270 homes with the median sale price (what the middle sale was) at $586,500.
Condos and townhome sales
Condos and townhome sales for February were down in dollar volume by 12.5% to $6,100,000. Unit sales were down 23% to 10 units sold in February. The sales success ratio (the number of sales versus available inventory) was 7.5% leaving us in a buyer’s market. Year to date was down 23% in dollar volume to $8,750,000, and unit sales dropped 15% to 17 units sold this year so far. Keep in mind there are some unreported sales happening with the Touchstone project. Pay attention to Terri Murphy’s blog on our website for details on that project and more. Total inventory is 132 units available with the median sale price (what the middle sale was) at $549,000.
Land only sales
Land only sales for February were up in dollar volume by 23% to $3,850,000 and unit sales down by one sale to 6. The sales success ratio (the number of sales versus available inventory) was just under 3% keeping this segment of the market in the buyer’s hands. Year to date, we are down in dollar volume by 33% to $4,350,000, and unit sales by 50% top 9 units sold this year. Total inventory is 210 units available with the median sale price (what the middle sale was) at $447,500.
Gibsons Condo and Townhouse Update for January 2020
/in Sunshine Coast Real Estate /by Terri MurphyGIBSONS CONDO AND TOWNHOUSE UPDATE
January 2020
January’s sales for attached homes for the whole Sunshine Coast indicate no change from January last year with only seven sales for the month (3 in Gibsons). These stats, however, can be better explained with information and details on brand new developments, of which there are five in the Town of Gibsons alone.
* 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.
I will discuss one of these new developments every month starting with Touchstone because as you can see…it is an extraordinary number of new homes coming to the Gibsons area over the next few years. I am a Buyer’s Agent and Sunshine Coast Strata Specialist and will be happy to guide you and represent you in your search for a new home! You will have lots of questions and I will have or find all the answers for you.
TOUCHSTONE AT GOSPEL ROCK
This is a stunningly beautiful oceanfront community on 23 acres of picturesque parkland. Touchstone Village will have a Central Plaza, boutique Hotel with lots of amenities, and the Greenland Trail will inspire an active lifestyle as it connects the Village residents to three parks contained in 5 acres of forest, oceanfront rock and grassland walkways all the way down to Secret Beach.
The Village Residences complex has 49 homes on 4 floors for sale and 22 other townhomes in Building D are available for sale now also. Price and size range from $395,000 – $870,000 and from 664 – 1,772 sq. ft., however, 45% of the Residence homes are already SOLD! Sales began last October, however, they were not reflected on the MLS system, which is why the Real Estate Board of Greater Vancouver (REBGV) reported stats are incomplete.
There have been more sales reported for attached homes on the Sunshine Coast, for sure!
Estimated completion for The Residences is Fall 2022 and Spring 2023 for townhomes. There will also be (coming soon) homesites available to purchase for you to build detached home. There are still some pretty nice incentives and perks for early bird purchasers of The Residences, which I look forward to discussing with you. Call me for more info.
The website to view is TOUCHSTONEGIBSONS.COM and you can register with my name as your Real Estate Agent, but perhaps call or email me anytime for more details about this exciting new development.
I would love to hear from you!
Terri Murphy
604-741-7774
terri@coastlifestyles.ca
Coast Lifestyles Network – Re/Max City Realty in Gibsons
What’s a Buyer’s Specialist, anyway?
/in Sunshine Coast Real Estate /by Terri MurphyWhat’s a Buyer’s Specialist, anyway?
At Coast Lifestyles Network, we are committed to providing valuable advice and impactful practices to help guide our clients through the process of buying, selling and investing in real estate on the Sunshine Coast BC.
As a real estate “Buyer’s Specialist,” Terri Murphy works exclusively with home buyers and investors who want to call the Sunshine Coast home or a home-away-from-home.
A Buyer’s Specialist offers expertise and guidance in a supportive environment as you navigate all the steps necessary to make a successful home or property purchase.
Terri’s focus is on helping clients in the purchasing process by providing knowledge and access to:
A personal note to homebuyers from Terri:
Professionalism: Knowledge, education and experience go a long way, but the key to a successful outcome in the real estate business is exercising sound judgement and offering sound advice and this is where my expertise shines. It is a reflection of my character and skill. Professional judgement is about doing things the best way – without shortcuts. Because the best way exists for a reason – to reduce risk and better protect my clients. Even when the risk of a shortcut may appear small, I know from observing other colleagues that a situation can quickly spiral out of control. As your Realtor, you can rely on my judgement and advice, even when that means more time and effort on my part.
Communication: When I work with a client, I ensure we are on the same page because few things are as important as communicating clearly and honestly. I begin by discussing my services using plain language. I never assume that a client understands technical terms or industry jargon. It’s important to have a comprehensive understanding of what to expect in the sales process. I frequently communicate in the preferred mode best suited to a client, to provide sound, accurate advice to fulfill my obligations to clients who understand the value of working with a regulated real estate professional.
I follow through on written and verbal promises and provide an honest timeline for achieving your goal. Integrity always comes first! I will assist you through the entire process and beyond, promoting your best interests, providing options and sound advice reflecting your circumstances.
I love the Sunshine Coast….so let me tell you more and make you a convert to this vibrant and beautiful community!
When you work with Terri Murphy, be assured you have chosen the right agent to represent your best interests while achieving your real estate goals and dreams!
Learn all you need to know to make a successful real estate purchase on the Sunshine Coast with Coast Lifestyles Network. Start the coastal lifestyle you’ve always dreamed of today!
Contact Terri Murphy directly:
Send an email to terri@coastlifestyles.ca
Call/text Terri’s cell phone at 604-741-7774
Sunshine Coast Residential Real Estate Sales Statistics for January 2020
/in Sunshine Coast Real Estate /by russqureshiJanuary brought us snow and freezing weather (along with a few spring-like days) and the months results for real estate sales show we are at the very bottom of our annual sales cycle here on the Sunshine Coast.
This is how it breaks down:
Detached sales reached $16,944,000 in dollar volume surpassing this month last year by 25%. Sales volume was only up 10% to 21 units sold. Two large sales between $2 – 3 million are skewing the dollar volume results. Available inventory is down 14% to 235 units. With that in mind, our sales success ratio is approximately 9% which is “Buyer’s Market” territory. The median sale price (the home that sold in the middle of the value range) for a detached home in January was $650,000.
Condo and Town Home sales were down 38% in dollar volume to $2,703,000. Unit sales were dead even with 7 units sold. Available inventory is up to 115 units which are an increase of 121% over last year. This means our sales success ratio in the attached market is 6%. This is not unusual for January but does indicate a strong buyer’s market. The median sales price (the home that sold in the middle of the value range) for a condo/townhome was $345,000.
Land only sales in January were down 85% in dollar volume to $487,000 and down in unit sales by 72% to 3 sales. Available inventory is up 14% over this time last year to 208 land only properties for sale. The median sales price for the land was $139,000. With a 1.25% sales success ratio, we are definitely in the trough of the annual Sunshine Coast sales cycle.
For both buyers and sellers, January is almost always a very slow month for sales. This will pass over February (depending on weather) and certainly by March. Hang tight!
Gibsons BC Condo and Townhome Update for December 2019
/in Sunshine Coast Real Estate /by Terri MurphyGibsons and Sunshine Coast BC Condo & Townhome Update for December 2019
Are you considering a strata-type of home purchase on the Sunshine Coast? Now is a good time to make a purchase or investment a condo or townhome in Gibsons BC. Mostly, because there is a serious abundance of inventory ranging in size and price for brand new (202 units) and older mature complexes.
As of today, approximately 63 homes are available in Gibsons (listed on the MLS) of which 39 are for pre-construction in new developments:
* Maplewood: 28 townhomes next to the Gibsons Community Centre.
* The Halyard: 12 new townhomes: nine 3-level townhomes and 3 garden suites.
* Touchstone at Gospel Rock: 49 condos and 22 townhomes for sale. Only 4 units are listed on the MLS. Please call me, Terri Murphy, for more details. There are some nice perks for early birds! I can answer any questions and represent your best interests in the purchase of a unit at Touchstone at Gospel Rock.
* Eagleview Heights: 87 units in total, now has 14 homes listed on the MLS.
* Cote: 4 luxury view condos overlooking Gibsons Marina.
Sunshine Coast Real Estate Market
The December stats for the whole Sunshine Coast Strata market indicate no change in the number of strata sales from the 7 reported last year (2019). Out of the 7 sales this year, 4 were in Gibsons, however, Touchstone sales are not all reported in the MLS stats.
Available inventory is spread among 23 different developments that are suitable to all groups of buyers: Families (near schools), Seniors (55+ complexes) and Investors (rentals allowed). In particular, for First Time Home Buyers, as generally, these can be the most affordable type of properties to purchase.
Price and size range from $279,000 to $1,375,000 and from 660 to 2,553 sq. ft., so there is a new home for one and all depending on your personal criteria.
There are some differences in strata living compared to detached homes, but also many benefits you might not be aware of. We presently 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 here 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 homes available in the Sechelt area as well, where there are 54 more strata properties available, including 19 brand new townhomes on the Sechelt waterfront.
I invite you to call or email me anytime for a chat or if you have any Real Estate questions.
Terri Murphy / 604-741-7774 / terri@coastlifestyles.ca / Coast Lifestyles Network, Re/Max City Realty in Gibsons
Sunshine Coast Residential Real Estate Statistics Year End Wrap for 2019
/in Sunshine Coast Real Estate /by russqureshiSunshine Coast Residential Real Estate Statistics Year End Wrap for 2019
A new year and optimism are in the air for buyers and sellers alike. With huge leaps in sales during October, November and, especially, December we came close to matching 2018’s numbers in the detached market, we surpassed 2018’s numbers in the condo and townhome market and made a valiant comeback for land-only sales.
The future is so bright I gotta wear shades….as they say.
Let’s break it down:
Detached home sales
Detached sales dollar volume surpassed last December’s total by 156%! Reaching $22,400,000! Unit sales are in close step with a 128% increase in sales to 32 units sold in December. The median sales price (the price of the sale that falls in the middle of all sales) last month was $627,500 while the average price (the total dollar volume divided by the number of sales) was $700,060 which is up 12% from last month. Available inventory is also down 15% to 237 units. This puts our sales success ratio at almost 16%. This is considered a sellers’ market, but only just.
When we look at the entire year of 2019 we see that we are a mere 3% under 2018’s dollar volume! We reached $358,900,000 in 2019. Unit sales for the year fell short by 2% with a total of 502 sales. The average sale price for 2019 was down 1% to $715,000. The median sale price for the year was $638,500. The following chart breaks the unit sales down by price:
The least expensive sale for 2019 was a recreational RV on a pad in Pender Harbour for $27,000. The most expensive sale for 2019 was a 5700 sqft waterfront home on five acres in Halfmoon Bay for $4,350,000.
Condo and Townhome sales
Condos and Townhome sales dollar volume surpassed last December’s total by 15%. Reaching $3,735,000! Unit sales are equal to last December’s total of 7. The median sale price (the sale price that falls in the middle of all sales) was $425,000 while the average price (the total dollar volume divided by the number of sales) was $533,600 which is up 17% from last month. Available inventory is up 62% to 120 units available. This puts our sales success ratio at 6%…despite the appearance of “action” for condo/townhome sales this portion of the market is in the buyer’s hands.
When we look at the entire year we see that dollar volume up by 12% to $72,635,000! Unit sales for the year are down slightly by 5% to a total of 138 units sold in 2019. The average sale price for 2019 was $528,500, up over 12% from 2018. The median sales price for the year was $435,000. The following chart breaks the unit sales down by price:
The least expensive sale for 2019 was a ¼ share unit in Pender Harbour for $100,000. The least expensive 100% ownership unit was $219,500 in Sechelt. The most expensive sale for 2019 was $1,259,900 for a presale unit at Eagleview Heights in Gibsons.
Land only sales
Land only dollar volume skyrocketed 205% to $4,050,000 over this month last year. Unit sales were down 20% to 4 total units sold in December 2019. This discrepancy is accounted for with a “big money” sale in Middle Point of a 7-acre waterfront piece for $2,815,000. That particular sale skews the average sale price beyond usefulness. The sales success ratio at 2%.
When we look at the entire year we see that dollar volume is down from 2018 by 30% to $39,400,000. Units sales are in close step – down 34% to 100 units sold. The average sale price from a land only property is up 6% to $397,000. The median sales price (the price of the sale that falls in the middle of all sales) for 2019 was $287,000. The following chart breaks the unit sales down by price:
The least expensive sale for land this year was $130,500 for a lot in Pender Harbour and the most expensive sale was a 1300+ acre parcel up Jervis Inlet for $3,300,000.
What does all this mean?
What does all this mean? I would interpret that this data shows us we have definitely headed out of the correction we faced in 2019 relatively unscathed. The residential-detached market is coming back in a big way. The condo/townhome market’s trajectory is also up but with a much less pronounced curve due to inventory/competition. The land-only market will continue to hobble along over 2020.
Prior to listing your home, detached home & condo/townhome sellers should consider tackling all deferred maintenance from major repairs to touch up painting and cleaning windows. No job is too small to prepare your home for the market! Have a friend or, better yet, your realtor come by and offer you a critical eye as to what items need to be prioritized before you head to market. Condo/townhome sellers keep in mind the kind of competition you are facing when you decide on price.
Land only sellers…..stay the course, make the property look as desirable as possible and make sure buyers can enter the property for a good look around.
Detached home buyers had the luxury of being a bit more discerning during most of 2019. That is changing! With less inventory and more buyers “out there” you should have your financial ducks in a row before you even start looking and be prepared to make an offer when you find the “right place’.
Condo/townhome buyers have the luxury of choice. There is quite a bit of inventory available whether you are looking for entry-level prices or luxury pre-sale units. Prices remain more or less static so, while it is unlikely you will get that “screaming deal” you can still negotiate a good price.
Land only buyers are in a place where you can cut an amazing deal on the right piece of land. This is not to say every seller will take a big haircut but your best opportunity for savings as a buyer is in this segment of the market.
In 2020 if you want market information call your realtor. If you want Market Intelligence call Russ or Terri with Coast Lifestyles Network.