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.

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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!

The Sunshine Coast’s cyclical real estate market is back.  Over 2015 – 2018 the local “sales cycle” on the Sunshine Coast was thrown for a bit of a loop.  With such huge demand, low inventory and rising prices, every month during those years was like being at the top month of our familiar late spring/early summer high demand months for real estate.

2019 leaps back into a historical, seasonal cycle.  Let’s see how the month of May breaks out:

Residential Detached

Residential detached dollar volume was down 32% from last year’s numbers to  $32,600,000.  Unit sales were down by 30% to 47 homes sold. Year to date we see a 22% drop in dollar volume to $121,000,000 and a 24% drop in unit sales to 169 so far this year.  Our success ratio – measured by comparing total sales this past month to total available inventory ( 47/440= .1068) or 10 – 11%.  It is generally accepted that a success ratio of less than 10% is a buyers market, 10 – 15% is a balanced market and more than 15% is a seller’s market.  Therefore, we are in a balanced market but on the cusp of a buyer’s market.  The average price of a home, year to date, is still up 2% over last year and sits at $716,000.

Townhome and condo 

Townhome and condo dollar volume was down 27% from last year’s numbers to $7,100,000. Unit sales were down by 31% to 22 units sold.  Year to date we see an increase of 2.5% in dollar volume to $36,700,000 and a 16% drop in unit sales to 66.  The dollar amounts can be accounted for by some of the reported presales on the Eagleview Heights development. As an aside, watch these numbers become more “skewed” as the Touchstone development comes online at some point this year.  Our sales success ratio in this segment of the market is 16% (15 units sold out of 94 available) and puts us in a seller’s market situation.  The average price of a townhome/condo unit (skewed by the high sale amount presales) is up 17% to $550,000.

Bare land

Bare land is doing its usual thing with a 42% drop in dollar volume to $6,900,000.  Unit sales follow closely with a 45% drop to 13 units sold.  Year to date we see a decrease in dollar volume of 47% to $16,725,000 and a drop of 51% in units sales to 38 bare land properties sold.  The sales success ratio for bare land is 6% making it a buyers market.  The average price for this kind of property has increased by 8% to $440,000.

What does this mean?

Detached homes sellers are in competition 

Detached homes sellers should be spending some time and money to prepare their home for the market.  Deferred maintenance, a new paint job, even cleaning the windows and mowing the lawn are all items you should be paying attention to so the home shows it’s best.  Secondly, be sharp with your price.  There is a lot of inventory to choose from in the $700k – $900k range so your home has to stand out.  The best way to make your home stand out is to price it well.  That is a relevant factor so contact your realtor for details.

Townhome and condo market is strong for sellers 

Townhomes and condo sellers should also make sure the home shows well and any deferred maintenance, especially cosmetic, is taken care of prior to listing.  This segment of the market is strong now so, if you are considering selling, don’t hesitate to contact your realtor about getting it to market sooner than later.  With the presale offerings that are present and others that will soon be available to the market, this segment will soften over the next 12 months.  At least, that’s my expectation.

Bareland sales is a crapshoot

Bareland sales continue to be a bit of a crapshoot.  If you have raw land to sell, make sure it is accessible for a walkabout (trails, paths, building sites and clearly marked boundaries).  If you are selling more of a city lot or subdivision-style lot, then make sure you understand where your competition is positioned and what historical sales can show you regarding asking price.

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

The real estate market on the Sunshine Coast is picking up and we are definitely noticing more action at Coast Lifestyles Network.

Here’s how things are playing out for the Sunshine Coast:

Detached homes

Detached homes have seen a 15% drop in dollar volume (from last year’s record-breaking highs) to $26,600,000. Unit sales are mirroring this trend with a 13% drop since last year to a total of 38 units sold  Inventory is up 24% 321 units available. The success ratio (the number of sales versus the available inventory) was 12% which puts us on the cusp of a balanced/buyers market.

Year to date we are down overall for dollar sales by 17% to $67,300,000.  Unit sales this year are down 19% to 93. The average cost per home is up 2% for the year to $723,000.

Condos and Town Homes

Condos and Town Homes have seen a 25% drop in dollar volume to $6,950,000.  Unit sales are close to this with a 31% drop to 13 units sold.  Inventory is up over 100% with 87 units available.  Much of the latter skew can be attributed to presale units for development in Gibsons.  The success ratio is 16% making this segment of the market on the seller’s side of balanced.

Year to date we are down overall for dollar sales by only 2% to $18,300,000.  Unit sales this year are down 19% to 33.  The average cost per unit is up 15% to $547,000 (this number is skewed by the new development price/unit occasionally topping $1,000,000).

Land

Land only sales have seen a 61% drop in dollar volume to $2,640,000.  Unit sales are down 58% to 5 units sold. Inventory is up 8% to 195 units available.  The success ratio is about 2.75% keeping the land only market in buyers hands.

Year to date shows the same picture with dollar volume down 45% to $9,150,000. Unit sales down 42% to 23 sold this year. The average cost per unit of land only is down 4% to $398,000.

Coming out of the slump

Interesting numbers to be sure…the feeling is we are coming out of the slump that has been the market for the past six months.  Let’s see if the Sunshine Coast selling cycle is back (most sales occurring in the spring months).

For information call your realtor.  For Market Intelligence get in touch with Russ or Terri from Coast Lifestyles Network!