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.

 

Optimism is the theme for the Sunshine Coast detached Real Estate Market this fall!

 

While both the condo/townhome and land only markets are tempering the detached gains, last month’s sales results show significant improvement!  Let’s see how this breaks out for Sunshine Coast Market Update October 2019:

 

Detached sales on the Sunshine Coast increased in dollar volume by 21% to $35,300,000.  Unit sales were up 6% to 52 units sold. The total available inventory is 351 units (compared to 353 last year), so the sales success ratio is 14.8% meaning the detached market is in the sellers’ hands.  The average price last month was $678,000, which is up 14% over previous year.  Year to date, we are still catching up, but the gap closes each month.  Year to date dollar volume is down 11% to $302,000,000, and unit sales are down 10% to 423.  The average price for a detached home so far this year is down 1% to $714,000.

 

Condos & townhome sales decreased in dollar volume this past month by 29% to $3,350,000, and unit sales dropped 10% to 8 units sold.  Available inventory is up by 53% to 112 units.  The sales success ratio is only 7% putting this segment of the market into buyers’ hands. The average price last month was $420,000 down 20% from last year, but that giant swing can be accounted for with the pricier presales occurring with several new developments. Year to date, the dollar volume is up 9% to $63,500,000, with unit sales down 4% to 120 units sold. The average price for a condo and townhome this year is $525,000. Keeping in mind, pricier presales are skewing this number.  The average sale price for a resale condo or townhome is more in the range of $425,000.

 

Land only sales are consistently low again. We are down 38% in dollar volume to $1,775,000. Unit sales slipped 18% to 9 units sold.  The available inventory is up 2% to 225 units, which put the market into a buyer’s hands with a sales success ratio of 4%.  The average price for bare land last month was $197,000. Year to date dollar volume is down 41% to $30,400,000.  Unit sales follow – down 42% to 79 units sold.

 

Sellers of detached real estate, the market is leaning in your favour this fall.  That said, be cognizant of the competition and the difficulty some buyers are finding in getting financing. Prior to listing, attend to any deferred maintenance and make your home’s benefits obvious to a buyer.

 

Sellers of a condo or townhome, keep in mind the competition you face from the new Touchstone Development in particular.  While possession is still three years away, the presale units are absorbing into the market well and causing less demand on existing units.

 

Buyers, it’s important in this market you gain written preapproval of your financing options before writing an offer.  Many deals collapse due to financing when a buyer receives a “wink and a nod” from their lender but haven’t gone through the process.  Save yourself some disappointment later and get your pre-approval letter now. You can lock in rates for 90 days in most cases, and you are less likely to suffer an unpleasant surprise well into the process.

 

For market information, call your realtor.  For market intelligence, contact Russ or Terri with Coast Lifestyles Network!

 

 

September was a fantastic month for sales volume in the detached and condo/townhome market on the Sunshine Coast BC with a marked improvement in both unit sales and dollar volume!  Land only is down, perhaps unsurprisingly.  Stay tuned for October’s update regarding the Land only market as a new subdivision in Roberts Creek is selling out very quickly.

Let’s see how this breaks down:

Detached sales dollar volume was up 39% to $35,500,000 with unit sales in close step – up 24% to 46 homes sold.  The amount of available inventory is 397 homes.  This means our sales success ratio is 11.6% (11.6 homes sold for every 100 homes available).  This continues the trend for this segment of the market as balanced.  Year to date we are making great strides to catch up with 2018!  Dollar volume is down only 14% to $267,000,000.  Unit sales are down only 11% to 371 homes sold in 2019 so far. The average price for a home sold this year on the Sunshine Coast is down 3% to $719,000.

Condo & Townhome sales dollar volume was up 32% to $6,750,000.  Unit sales are up 33% to 12 homes sold.  The amount of available inventory is 120 “attached” homes.  This is up over 100% since last year!  The sales success ratio is 10%…..we are on the cusp of a buyer’s market in this area.  The Touchstone project is coming online with the first building this week so it should be interesting to see if those units are absorbed as quickly as Eagleview Heights.  Year to date dollar volume is up 12% to $60,200,000!!!! Unit sales are down only 3.5% to 112 homes sold in 2019. The average price for an attached home sold this year on the Sunshine Coast is up 11% to $534,000…a grain of salt with this latter number as the higher priced units at Eagleview Heights continue to skew the overall market.  For clear information on your strata’s average sale price call Russ or Terri.

Land only sales dollar volume is down 63% to $3,000,000 and unit sales down 44% to 10 lots sold.  The amount of available inventory is up 14% to 233.  The sales success ratio is 4.5%.  Year to date we see dollar volume down 41% to $28,600,000 and unit sales down 44% to 70 lots sold in 2019.  The average price for a land only sale is up 5% to $409,000.  Again, with the new subdivision in Roberts Creek, which is selling out quickly, we should see some more optimistic numbers next month!

What does all this mean?

Detached sellers have the best time of it in a not so easy market.  Pricing your home competitively, having it show exceptionally well, and having your “moving forward plan” well laid out are all important factors in garnering interest and a quick sale.

Condo and Town Home sellers need to understand that the new projects are attracting most of the money “out there”.  Even with possession dates being two and three years post contract these presale units are going to be a major factor for market absorption.  As with the detached market, one should be ready to sell and show a motivation to garner top dollar in a reasonable amount of time.

Land only sellers…it’s the same story…depending on where, exactly, your property is will speak to demand, potential asking price and the need to ready the lot for a buyer.  Call us for specifics on your property.

Buyers are now in the best position for negotiating a deal in a long time.  Waiting for the market to go down further is not a serious course of action (if that is the only reason to wait).  If you find the right home or property today then write the deal you want…often this strategy results in a positive outcome.

For more market stats call your realtor. For market intelligence call Russ or Terri!

 

If you are thinking about a move on the Sunshine Coast and wondering about the timing for your purchase…..THE TIME IS NOW…. if you are considering a strata-type of home.

There has never been such an abundance of inventory in Gibsons ranging in size and price for brand new or older mature complexes.

As of this date, there are 60 homes available, of which 21 are pre-construction purchases for three new developments:

* Eagleview Heights….87 view condos & townhomes walkable to the main Gibsons mall;

* Maplewood…………..28 townhomes next to Brother’s Park & Gibsons Community Centre;

* Cote……………………4 luxury view townhomes overlooking Gibsons Marinas;

and the fourth and largest new development, Touchstone at Gospel Rock, will be releasing their Village residences (condos and townhomes) in September.

The Sunshine Coast market, in general, this year has seen a bit of a slowdown, with the result of an increase in inventory and competitive pricing. We are just now beginning to see increased activity with both local and off-Coast Buyers.

The available inventory is spread among 22 different developments that are suitable to all groups of buyers: Families (near schools), Seniors (55+ complexes) and Investors (rentals allowed).  In particular, First Time Home Buyers, as generally these can be the least expensive type of properties to purchase.

  

Prices and size range from $269,000 to $2.6 million and from 657 to 2,974 sq. ft., so there is a new home for one and all depending on your personal criteria.

There are some differences for strata living compared to detached homes, but also many benefits you might not be aware of. We 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 happy 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 another 69 strata homes available in the Sechelt area as well.

Call me, Terri Murphy, at 604-741-7774 or email me anytime for a chat or if you have any Real Estate questions.

 

…

For real estate market statistics call your realtor.  For real estate market intelligence call Russ or Terri with Coast Lifestyles Network.

 

 

The Sunshine Coast real estate market continues to see less interest from homebuyers than last year across all segments of the market but the dip is less pronounced than in months’ past.

Let’s see how it breaks out:

 

Detached home sales

Detached home sales over the month of June were down 22% in dollar volume from the same time last year to $31,025,000.  Unit sales were down 13% to 44 units sold.  Year to date we see dollar volume down 22% to $152,055,000 and unit sales down 22% to 213 units sold.  The amount of available detached listings has risen 35% to 471.  Therefore, our success ratio, or the number of sales versus available inventory, this past month was 9.35% putting this segment of the market in the hands of buyers. The average price for a home so far this year is averaging at $713,000.

 

Condos & Town Homes sales

Condos & Town Homes sales over the month of June were down 30% in dollar volume from the same time last to $4,037,000. Unit sales were down 30% to 10 units sold.  Year to date we see dollar volume down only 2% to $40,787,000 and unit sales down 33% to 246 units sold. (Again, this idiosyncrasy can be attributed to the pre-sales of several proposed developments.) The amount of available attached listings is up 133% to 112.  Therefore, our success ratio this past month was 8.9% putting the condo and townhome market in buyer’s hands for the first time in a long time!  The average sale price for an attached home is $403,700.

 

Land only sales

Land only sales over the month of June were dead even for dollar volume at $3,029,000. Unit sales were down 18% to 9 units sold.  Year to date we see more pronounced numbers with dollar volume down 43% to $19,754,000 and unit sales down 47% to 47 units sold this year. The amount of available Land Only listings is up 12% to 226.  Therefore, the success ratio for this segment of the market is still very much in buyer’s hands at 4%.  The average sale price for a piece of land this year is $420,000.

 

Overall

Overall, the market continues to adjust to government intervention and consumer jitters.  Although we are hearing good news coming out of the Toronto market in particular and the national market as a whole (east of Alberta) it is still incumbent upon home sellers to sharpen their price and make their home highly showable, Declutter, depersonalize and repair any deferred maintenance before you list your home. When the offer comes be prepared to negotiate!

 

 

Homebuyers, if you wait too long to buy you will pay more (remember 2012 – 2013 as the market was coming back from our long and low trough many buyers continued to wait for the “bubble to burst” and then lost out in the rapidly rising market in the years to follow).  There are some great deals out there right now so put pen to paper and write the offer you want today.

For market information call your realtor.  For market intelligence call Russ or Terri with Coast Lifestyles Network!