walk in fall forest

Low inventory and home-buyer demands keep housing prices buoyant this fall

Sunshine Coast Real Estate Statistics for October 2021

 

The Sunshine Coast real estate market continues with a trend toward settling down from last year’s highs. Inventory remains exceedingly low however and this is keeping prices up even with average demand from buyers.

 

Let’s see how it breaks out:

 

Detached home sales are down for dollar volume in October by 22% compared to last year to $69,850,000 and unit sales are down 39% to 63 homes sold.  Our sales success ratio (the number of sales versus available inventory) is 55%! We consider it a seller’s market when this ratio is above 20%….so, with only 115 homes presently available, the competition can be fierce.  Compared with LAST MONTH we are down in dollar volume by $8,000,000 and unit sales by 7 homes which can be considered quite normal for this time of year.

Year-to-date we are still up in dollar volume by 62% to $680,500,000 and unit sales by 26% to 659 homes sold so far this year.

The median price for a home on the Coast is $860,000.

The average price for a home on the Sunshine Coast this year is $1,032,000.

 

Condo and Townhome sales are down in dollar volume by 40% to $9,800,000 and unit sales are down 41% to 20 homes sold. Our sales success ratio (the number of sales versus available inventory) is still 38%.  With inventory levels in this segment of the market falling by 13% in one month to 53 units available we are still seeing control within the seller’s hands. Compared with LAST MONTH we are up in dollar volume by 15% and unit sales by 25%.

Year-to-date we are ahead in dollar volume by 37% to $126,900,000 and unit sales by 27% to 225 units sold so far this year.

The median price for a condo or townhome on the Coast is $515,000.

The average price for a condo or townhome on the Sunshine Coast this year is $564,000. 

 

Land only sales – are down 53% in dollar volume to $3,900,000 and unit sales are down 56% to 10 units sold in October. Our sales success ratio (the number of sales versus available inventory) is 11% bringing this segment of the market on the buyer’s side. Month over month inventory remains relatively unchanged but sales are down last month by approximately 50% in both dollar volume and units sold.

Year-to-date dollar volume is still up by 157% to $115,000,000 and unit sales are up 62% to 213 units sold.

The median price for bare land on the Coast is $421,000.

The average price for land-only is $540,000.  

 

The real estate market on the Sunshine Coast seems to be in the process of normalized fall/shoulder season by slowing down with less inventory and sales across all segments. That said, the inventory is way down so prices, while varying over the previous month’s sales, continue to remain relatively high and the market is a seller’s market with the exception of land only.

 

Home Sellers – move-in ready is what buyers want so make sure your home shows well with all deferred maintenance completed prior to listing.

 

Home Buyers – be ready when you see the one you want! Be truly preapproved (paperwork done and only an appraisal needed on the purchase) and be ready to prioritize the purchase visit over other plans if you want that “new listing”.

 

For market information call a realtor. For market intelligence call Russ Qureshi at 604-741-7119 or email russ@coastlifestyles.ca

working out at home

Sunshine Coast is still in a strong seller’s market despite the slow down

We are still in a strong seller’s market despite the slow down in dollar volume and homes sold.

One might say, if the trend continues, we will be heading toward more normalized conditions over the next months.

Let’s see how last month breaks out:

 

Fully detached home sales are down in dollar volume, from last year at this time, by 2% to $77,500,000 and down in unit sales by 23% to 70 total detached homes sold in September. This is up over last month by approximately $6,000,000 in dollar volume and 3 home sales….  Inventory is down to 136 available homes making the sales success ratio (the number of sales versus the available inventory) 51.5%.  When we consider that a sales success ratio of 20% or more constitutes a “seller’s market,” we can see that statistically, sellers are still very much in control.

Year to date, we are still way ahead of last year. We are up in dollar volume by 62% to $680,500,000, and unit sales by 26% to 659 units sold so far in 2021.

The average price for a home on the Sunshine Coast is up 29% over this time last year to $1,032,000.

 

Condos and townhome sales are down in dollar volume by 47.5% to $8,300,000 and down by 54% in unit sales to 15 attached homes sold in September.  This is down in dollar volume compared to last month by 49.5% and down 34% in unit sales. Inventory is down to 61 available condos and townhomes, making the sales success ratio (the number of sales versus the available inventory) 24.5%, keeping this market segment in the hands of sellers.

Year to date, we are still way ahead of last year. Dollar volume is up by 46% to $117,100,000, and unit sales are up by 37% to 205 units sold so far in 2021.

The average price of an attached home on the Sunshine Coast is up 13% to $570,000.

 

Land only sales are up 23% to $10,100,000, and unit sales are down 10% to 18 land only properties sold in September. This is down in dollar volume compared to last month by 45% and down in unit sales by 10%. Inventory is down to 99 available land-only properties, making the sales success ratio a little over 18%, showing this market segment to be balanced.

Year to date, we are way ahead of last year.  Dollar volume is up by 206% to $111,100,000, and unit sales are up by 87% to 203 bare land properties sold in 2021 so far.

The average price of a piece of land is up 62% to $547,000.

Takeaway

I feel a change coming on! Considering the market has done nothing but rise for the last 18 months, a settling of prices is considered by many to be a good thing! The biggest “wildcard” will continue to be the lack of available inventory.  With so little inventory available, even minimal demand will maintain prices at or very close to current levels.

 

For market information call your realtor. For market intelligence call Russ Qureshi at 604-741-7119 or email russ@coastlifestyles.ca

woman looking out of the window's car while having a road trip-end of summer-w-merla

A “tapping of the brakes” for residential real estate on the Sunshine Coast in August

August saw a continued “tapping of the brakes” across all sections of the residential Real Estate market on the Sunshine Coast. We are still way up over last year at this time but trending toward a slowdown overall.

Let’s see how this breaks out:

Fully detached sales

Fully detached sales were down in dollar volume from last year by 17% to $71,750,000 and unit sales by 36%, down to 67 units sold in August. Compared to last month, we are down 10% in dollar volume and 13% in sales. Our inventory in this market segment is down by 45% from last year to 163 homes for sale. This means our sales success ratio, the number of sales versus the available inventory, is 41% – still very much a sellers’ market. Compared to last month, inventory is down by 12%!!! This lack of inventory continues to drive the higher price points.

Year to date tells the story we are becoming used to…dollar volume is up 111% to $532,000,000 and up in sales by 60% to 522 homes sold this year.

The average price for a home on the coast remains unchanged from last month but up from last year by 31% to $1,017,000.

Condo and townhome sales

Condo and townhome sales were up in dollar volume by 5.5% to $16,500,000, and unit sales were even at 23 compared to last year at this time. Compared to last month, we are way up in dollar volume by 49% and 48% in unit sales. Our inventory in this market segment is down from last year by 57% to 56 available condos or townhomes for sale. The sales success ratio for this portion of the market is equal with the detached market at 41%….a sellers’ market! The inventory for August was down 15% from July.

Year to date is up in dollar volume by 56% to $108,750,000, and unit sales are up 47% to 180 units sold so far this year.

The average price for a condo or townhome is up 12% to $572,000.

Land only sales

Land only sales were up in dollar volume by 116% to $18,050,000, and unit sales were down 13% to 20 lots sold….that tells us something about the average price! We are up in dollar volume by 52% and unit sales by 30% compared to last month. Our inventory for bare land is down from last year by 47% (and down from last month by 9%) to 111 lots available. This means the sales success ratio is 18% which puts the market, just, in the hands of sellers.

Year to date is up in dollar volume by 259% to $101,000,000 and unit sales by 110% to 185 units sold in 2021 so far.

That average price from a bare land property is up 71% from last year to $545,000.

Inventory continues to be the single most deciding factor when it comes to buyer’s willingness to pay the prices we see recently…

Buyers – we are not seeing as many competitive offers but be prepared. If you require financing, make sure you have done the paperwork with your lender so you are ready with true preapproval and your purchase needs only appraise at the agreed-upon price.

Sellers – buyers will buy quickly but make sure your home is show-ready, and you have dealt with any deferred maintenance.

Of course, strategies for success are based on many personal variables as well, so give me a call, and we can chat! Call Russ Qureshi at 1-604-989-2253 or send him an email with your questions to russ@coastlifestyles.ca

Pender Harbour

Can the Sunshine Coast housing market do anything but rise?

July was an interesting month for Sunshine Coast real estate sales.  We see different results depending on market segment (detached, condos, land only).  This slightly reduced demand can be attributed to the summer months and most buyers deferring their purchase decision to August or September.  Let’s see how it breaks out across the three residential property types:

 

Fully Detached Sales are down in dollar volume by 6% to $80,300,000, and unit sales are down 23% to 77 units sold in July.  However, these figures are up by 20% over last month, showing that the recent pause in activity in the detached market was short-lived.

For July, the sales success ratio, the number of sales versus the available inventory, was 42%, keeping the market in the seller’s hands.

Year to date, we are still way ahead of last year’s totals.  Dollar volume for 2021 is up 111% to $531,200,000. Unit sales are up 60% to 522 homes sold so far this year.

The average price for a home on the Sunshine Coast remains relatively unchanged over the last three months at $1,020,000.

 

Townhome and Condo Sales are up, ever so slightly at 3.5%, in dollar volume to $8,350,000 and unit sales are down 29% to 12 units sold last month.  This continues a downward trend from last month.  July’s figures are down 16.5% in dollar volume and 33% in unit sales from June’s results.

The sales success ratio, the number of sales versus the available inventory, for July was 18% making the attached market a balanced one going into August.

Year to date, we are still way ahead in dollar volume by 284% to $92,305,000, and unit sales by 246% to 165 units sold so far this year.

The average price for a condo or townhome on the Sunshine Coast is now $560,000.

 

Land only sales are up 33% in dollar volume to $8,575,000 and down 44% in unit sales to 14 lots sold.  Compared to last month, it’s a mixed bag.  We are up in dollar volume by 24% and down in unit sales by 12.5%. The results are skewed by a 61-hectare sale of Ruby Lake (partial waterfront) for just over $3,000,000.

The sales success ratio, the number of sales versus the available inventory, for July was 11.5% making this segment of the market a buyers’ one.

Year to date sees us ahead by 320% in dollar volume to $82,950,000 and unit sales by 153% to 165 units sold in 2021 so far.

The average price for land-only is $503,000.

 

The Sunshine Coast continues to see record prices and sales volume across all segments of the market. I have a sense this should ramp up even more over the next 60 days.  With housing supply so low and demand continuing to be significant, can the Sunshine Coast housing market do anything but rise?

at the lake this summer-bernardbodo-w

Is the Sunshine Coast real estate market normalizing? 

Is the Sunshine Coast real estate market normalizing?

 

Sales in the month of June on the Sunshine Coast prove my inclination that the market was/is slowing. With statistics this month showing we are still ahead in all sections of the market compared to last year’s numbers we have seen a marked decrease in sales compared to last month.  Let’s see how this breaks out:

Detached home sales

Detached home sales are up in dollar volume by 9% over last year to a total of $63,945,000.  The average price is well up too as the total units sold this month is down 18% to 61.  Compared to last month, the market has slowed considerably.  We are down 25% in dollar volume and down 28% in unit sales.

 

Year to date shows we are still enjoying a huge increase over 2020.  Up in dollar volume for 2021 by 171% to $450,900,000, unit sales are up 97% to 445 homes sold this year.

 

While inventory is still 40% less than last year at 197 available homes, it has increased by 15 units since last month.  This is another factor taking the edge off some of the buying frenzies that we’ve experienced until recently.  Nonetheless, the sales success ratio (the number of sales versus the available inventory) is at 31%, continuing a seller’s market.

Condos and townhome sales

Condos and townhome sales are up 35% in dollar volume over last year to $10,000,000.  Unit sales are up 28% to 18 sales; however, compared to last month, we are down 38% in dollar volume and 40% in unit sales.

 

Year to date shows we are still well up from last year.  Our dollar volume for this market segment is up 344% to $84,000,000, and unit sales are up 306% to 153 condos or townhomes sold this year.  Inventory is still down 53% from last year to 56 units but is up 12% from last month.  Nonetheless, the sales success ratio is 32% maintaining a seller’s advantage for this portion of the market.

Land only sales

Land only sales are up 23% in dollar volume from last year to $6,500,000.  Unit sales are dead even with last year at 16 lots sold in June.  We are down in dollar volume by 49% and unit sales by 45% compared to last month.

 

Year to date shows we are still ahead of last year’s pace by 457% in dollar volume to $74,350,000 and unit sales by 277% to 151. Inventory is down 43% from last year to 123 lots available but even with last month’s inventory.  This puts the sales success ratio at 13%, which is considered a balanced market.

The market is changing

We can see the market is changing. From a historical point of view, it is still solid.  But from the relative point of view of (comparing to last month), we have seen the market has settled by about 30% on average.

Home Sellers

Home Sellers – start thinking about price and keeping your expectations in check.  Certain highly desirable properties are going under multiple offers; however, the vast majority of properties coming to market are not receiving multiple offers and are having to negotiate price! Imagine that!:) As always, the more turn-key / ready-made your property is will result in a quicker sale for more money.

Home Buyers

Home Buyers – the immediate market over the summer is your best time to get a deal; as I predict (with Covid in the rearview mirror), the market will start to get very busy again.  If you see the right property for you, don’t wait to make an offer….go for it today!

 

 

Madeira Park arial

Is the real estate market on the Sunshine Coast pausing? No way, here’s why

May 31, 2021

Is the real estate market on the Sunshine Coast pausing? The sales statistics say no way….

We continue to see a high volume of transactions across all property types on the Sunshine Coast. In speaking with my colleagues, we are noticing a marked slowdown in calls of interest on our listings and that properties are generally taking longer to sell. The stats have yet to coincide with those observations, but the general sense is: the market is slowly changing. Let’s see how it breaks out:

Fully detached home sales

Fully detached home sales increased in dollar volume by 355% to $86,065,000 and unit sales by 203% to 85 units sold in May. Active listings are up by 6 over last month to a total of 182. This is down 41% compared to last year. The sales success ratio (the number of sales versus the available inventory) is 45% keeping the market in the seller’s hands.

Year to date, we are up in dollar volume by 259% to $387,000,000, and unit sales by 156% to 384 units sold so far in 2021.

The average price for a home on the Sunshine Coast is $1,007,000.

Condo and townhome sales

Condo and townhome sales increased in dollar volume by 172% to $16,050,000 and unit sales by 1000% to 30 units sold in May. Active listings are up by 1 unit to 51 available condos or townhomes for sale. This is down by more than 50% from the same time last year and puts the sales success ratio for this segment of the market at 60%…firmly in the hands of the seller.

Year to date, we have seen a 415% increase in sales dollar volume to $74,000,000 and an increase in unit sales by 365% to 135 units sold in 2021.

The average price for a condo or townhome is $547,500.

Land only sales

Land only sales have increased in dollar volume by 800% to $15,850,000 and unit sales by 314% to 29 units sold in May. Active listings decreased by 6 units to 123 available lots/land only units available. This is down 45% from last year. This means the sales success ratio for this segment of the market is 24%!!! Unheard of territory for land only.

Year-to-date dollar volume is up 742% to 67,850,000, and unit sales are up 462% to 135 units sold so far in 2021.

The average price for land-only is $502,000.

Home Sellers: offer a home that is move-in ready

As has been the cemented trend over the previous 12 months, make sure your home shows well. Buyers expect a move-in ready home when they’re paying these recent prices…so give them move-in ready and save yourself time on the market.

Home Buyers: get preapproved

As of June 1st, the Federal Government has increased the stress test for insured and uninsured mortgages, making it even more difficult for those most benefited by entering the market. If you have all or mostly cash, you will be fine. Be as liquid (financially) as possible and be prepared to act quickly on the home you love.

COVID19 long view

With the country on the way to getting through the pandemic, we will see much of the built-up cash reserves (accumulated over the recent months by folks not travelling, going out or finding ways to easily spend) get spent. It won’t all be on real estate but be prepared for a relatively calm summer and then another wild ride this fall.

Real estate slow-down due to latest Provincial Government response to the ongoing COVID19 pandemic

I have noticed over the past several weeks prior to writing this blog, that calls and inquiries on properties have slowed down considerably.  Rather than a market fluctuation or correction, I am pinning the slow-down in action mostly on the latest Provincial Government response to the ongoing Pandemic.

 

That said, the statistics for April show another huge increase in sales and something I didn’t think would happen on the Sunshine Coast – the average price for a home this past month, and indeed for the year to date, has surpassed one million dollars.

 

Let’s see how the statistics break out for April 2021:

Fully detached home sales on the Sunshine Coast BC

 

Fully detached home sales on the Sunshine Coast BC surpassed last April’s dollar volume by 326% to reach $87,600,000 and unit sales were up 207% to a total of 80 homes sold in April alone! A big culprit for rising prices has been the severe lack of inventory…down again this month by 37% to 171 homes available.

This means our sales success ratio (the number of sales versus the available inventory) is 47% putting us deeply into a sellers’ market for the twelfth month in a row.

Year to date the dollar volume is up by 239% to $301,000,000 (1/3 of ONE BILLION dollars in the first quarter of 2021…oh my) and unit sales are up 145% to 299 homes sold since the New Year.

The average price for a fully detached home has reached $1,006,331 (year-to-date average).

Condos and townhome sales

 

Condos and townhome sales are up in dollar volume by 769% to $16,600,000 and unit sales are up 1000% to 30 units sold in April.  Available inventory is down, of course, by 55% to a total of 50 homes available.

The sales success ratio for this segment of the market remains high at 60% keeping it a seller’s market.

Year to date the dollar volume is up 342% to $57,900,000 and unit sales are up 309% to 105 units sold in 2021.

The average price of a condo or townhome has reached $550,000 (year-to-date average).

Land-only sales

 

Land-only sales are interesting as we had zero land-only sales in April of 2020.  Our dollar volume this year is $15,000,000 unit sales are 25 lots/bare land sold. The available inventory is as low as I’ve seen it for land at 129 available properties.  This is down 42% from last year.

This puts the sales success ratio at 19%… almost unheard of territory for this segment of the market.

The average price for a piece of land has reached $490,000 (year-to-date average).

 

My real estate advice for May is short and sweet

 

Home Buyers – be ready with preapproval, a large down payment if possible, and be ready to act immediately on your choice of purchase.  You may be in a situation where you will have to compete with other buyers for the same property so decide how much risk you are comfortable with regarding waiving certain conditions.

 

Home Sellers – while the statistics paint a very rosy picture for sellers the fact remains that each home is truly unique (especially on the Sunshine Coast) and to effect a quick, competitive, sale your home must have the deferred maintenance looked after and try to make your home look great when you show it!  Buyers are willing to pay for turn-key situations, not necessarily furnished, but rather, clean, no fixing, and move-in ready will get your home sold faster and for more money.  If you decide to sell as-is…or sell a rental property….then expect it to take longer.

 

How long can this real estate rise last – Sunshine Coast update for March 2021

For the tenth month in a row, we have seen continued increases in property sales and prices on the Sunshine Coast, BC.

I’ve personally noticed this past week that I see fewer calls than previous weeks and fewer viewing requests, too….with that little caveat aside, the volume of contact requests is still way above usual.  Let’s see how this breaks out:

 

Detached home sales in March increased by 242% in dollar volume over last year to $106,175,000. Unit sales increased by 140% to 106 units sold.  The amount of available fully detached homes sits at 149….47% less than last year.  With that in mind, we see our sales success ratio (the number of sales versus the available inventory) is as high as I’ve ever seen it at 71%….golly, we consider it a sellers’ market when this figure is at 20%!!! The year-to-date numbers paint a similar picture with an increase of dollar volume by 212% to $213,300,000 and unit sales increasing by 128% to 219 homes sold so far this year.  The average price for a home has increased by 37% to $975,000 so far this year.

 

Condo and Townhome sales in March increased by 223% to $14,100,000, and unit sales increased by 192% to 27 units sold.  The amount of condos and townhomes for sale is 52….66% less than last year. With that in mind, we see our sales success ratio (the number of sales versus the available inventory) is 52%…truly a mind-boggling ratio in my experience. The year-to-date numbers are up 153% in dollar volume to $18,500,000, and unit sales are up 142% to 34 sold so far this year. The average price for a condo or townhome has increased by 10% to $550,000.

 

Land only sales in March increased by…wait for it….898% in dollar volume to $19,500,000 and unit sales by 337% to 35 lots sold in March.  The available inventory for land only is down 37% to 131 lots available.  With that in mind, we see our sales success ratio (the number of sales versus the available inventory) is 26%. This puts the land-only category into a sellers’ market again this month!  The year-to-date numbers for dollar volume are up 489% to $37,100,000 and up for unit sales by 376% to 81 lots sold this year.  The average price for land only is up 23% to $458,000.

 

How long can this rise last?

 

One might ask the question, at this point, how long can this rise last? Where is the point where folks simply cannot afford to buy at home? Of course, that is relative, and many individuals have already realized that the market has “left them behind.”  Some lucky buyers can still go out and get what they want, and, let’s face it, compared to many of the Lower Mainland areas, we still offer a deal on price here on the Sunshine Coast.  We also have to look at the low inventory as a major culprit for rising prices.

 

The coming months should see (as we have seen this cycle consistently in the past) an increase in inventory, and this should have a cooling effect on rising prices.  I don’t think we will see prices reduce in any significant way, but I don’t think we’ll see the same rapid rise in values that we’ve experienced for the last while.

 

Home Buyers – take heart! If you’ve been struggling in this market, don’t worry. Remain focused and prepared to go after the one you want.  Be pre-approved financially and, if there is more than one decision-maker, make sure you are on the same page for what’s important to you for a purchase because you will (in all likelihood) pay more for something that doesn’t quite check all the boxes.

 

Home Sellers – indeed, you are in the driver’s seat.  Make sure the home is ready to sell and move into…complete deferred maintenance and make your home “show ready.” Buyers just want to move in for the most part…they don’t want to have to take on your deferred maintenance and repairs…you will sell regardless, but the difference when preparing your home for the market versus not preparing can be measured in the tens of thousands of dollars range.

 

 

Strongest seller’s market since … ever! And, what to do about it.

SELLER’S MARKET OVERVIEW FOR THE NEXT 3 MONTHS

 

Did you know it is the strongest “seller’s market” on the Sunshine Coast since….ever?

We usually measure a “seller’s market” when 20 or more houses per 100 available sell in a given month. In the last three months, we have seen 50+ houses sell for every 100 available.

This is also happening, to a lesser degree, in the condo and townhome market

With high demand and low inventory, this trend looks like it will continue for at least the next 3 months

WHAT ARE THE KEYS TO SELLER’S MARKET SUCCESS? (Broad strokes)

HAVE A PLAN!

Know why you are selling and have somewhere to go! Are you downsizing? Upsizing? Moving off Coast?  These scenarios, and others, require sound planning and execution. THIS IS WHERE WE EXCELL!

GET SHOW HOME READY!

While it seems like everything is flying off the shelves what I’m finding is that homes that are “move-in ready” are the ones that are selling in a few days for amounts well over the asking price. Complete that deferred maintenance, put on a coat of paint, DECLUTTER (especially personal belongings and photos).  While this process can seem a bit overwhelming WE MAKE IT SIMPLE!

GET READY TO MOVE!

The contracts are signed, due diligence is complete, deposits have been made – this is where most realtors disappear – not me! WE HAVE A PLAN! We help you with a step-by-step process to make sure you “wind down” your old address and “wind up” your new one.

 

Even with a strong real estate market, there can be points along the process that require an experienced, calm, confident hand of a seasoned. real estate agent and excellent negotiating skills.  When you work with Russ Qureshi you will understand the value of a clear plan and an organized execution.  The results are a highly satisfying experience and peace of mind!!

 

Call Russ today! 604-741-7119

standsome-worklifestyle-work-at-home-baby-web

Home-buying frenzy continues on the Sunshine Coast BC

The home-buying frenzy continues, hand in hand with a severe shortage of inventory, here on the Sunshine Coast through the second month of 2021.

Let’s see how things look:

 

Detached home sales

 

Detached home sales show an increase in dollar volume by 235%, or $68,100,000, over last year in February. Unit sales are up by 129% to 71 homes sold.

 

Available inventory is down by 50% to 133 available homes for sale.  This means our sales success ratio (the number of sales versus the available inventory) is 53%…. which is previously unheard of seller’s market.

 

The year-to-date totals are up 187% in dollar volume to $107,150,000 and up 117% in unit sales to 113 homes sold this year so far.

 

The average home price has vaulted up by 32% to $950,000.

Condos and Townhome sales

 

Condos and Townhome sales show an increase in dollar volume of 33% to $18,000,000 and an increase in unit sales by 300% to 30 homes sold.

 

Available inventory is down 63% to 49 available homes for sale.  This means the sales success ratio is 61%…putting the condo and townhome market in the seller’s hands again.

 

Year-to-date we see an increase in dollar volume by 107% to $12,200,000 and an increase in unit sales by 90% to 21 homes sold this year.

 

The average price for a condo or townhome has increased by 12% to $567,500.

Land only sales

 

Land only sales show an increase in dollar volume by 180%, or $10,800,000, over last year.  Unit sales are up 300% to 24 units sold.

 

Available inventory is down by 37% to 131 properties for sale.  This means the sales success ratio (amount of sales versus available inventory) is 18%.  This is even more of a seller’s market for land than last month.

 

The year-to-date totals paint the same kind of picture. We are up 305% in dollar volume to $17,600,000 and up 411% in unit sales to 46 lots sold in 2021.

 

Counter-intuitively, the average price for bare land has dropped by 20% this year.  This anomaly can be accounted for by some high dollar sales last year compared to the volume of sales this year.

 

So, what to do and how to strategize a plan of action during the home-buying frenzy?

 

Home Sellers should consider all variables in the transaction

 

If you’re a seller, CALL ME and we will strategize your path through this market and help you make the right decisions for YOU! Dollar value is one thing but there are other variables that can, and do, bring value to the transaction and the overall home selling experience.

Home Buyers be ready to compete with multiple offers 

 

Buyers, if you can access cash then, do so. I’m seeing “average priced” homes in the 700-800k price range sell under multiple offers for tens and, in some cases hundreds, of thousands of dollars more than asking with little or no due diligence contingencies.

 

Another option is to keep to a holding pattern and hope things balance out (as they always do) sooner than later.  That said, even a trifecta of cooling variables (think increased lending rates, an influx of inventory, and decreased demand) will only result in a small drop in the huge market gain we’ve seen over the past 12 months.

 

Coast Lifestyles and Russ Qureshi offer more than just market information. If you want market intelligence and a sound real estate buying, selling and investment strategy reach out to Russ at 604-741-7119 or email russ@coastlifestyles.ca