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

 

 

Sunshine Coast Sales Statistics December 2020 and Year-End

 

It has been a crazy real estate ride on the Sunshine Coast BC for 2020, and we ended the year on another high note! Despite the Covid 19 Pandemic….or maybe because of it…the Sunshine Coast was one of the busiest regions in the province for real estate sales and market gains/increases last year.  Let’s see how it breaks out:

Fully detached home sales

Fully detached sales increased by 174% in December to $61,500,000 in dollar volume! Unit sales follow suit with an increase of 96% to 63 units sold last month.  The available inventory is down by 47% to 125 available properties.  Despite the traditionally slow time of year, this is a marked decrease in available inventory.  Our sales success ratio (the number of sales versus the available inventory) is just over 50%.  It’s a seller’s market when this ratio is over 20%.

Year to date, we have surpassed 2019’s totals by a whopping 79% in dollar volume to $643,500,000 and by 53% in unit sales to 773.

The average price for a home on the Sunshine Coast increased by 16% in 2020 to $832,000.

Condo and townhome sales

Condo and townhome sales increased by 229% to $8,700,000 in dollar volume.  Unit sales follow suit with an increase of 257% to 18 units sold last month. The available inventory is down by 56% to 67 available condos or townhomes.  This means our sales success ratio (the number of sales versus the available inventory) is 27%.  While not as “mind-blowing” as the detached ratio, it still puts this segment of the market in the seller’s hands.

Year to date, we have seen an increase of 39% to $101,250,000 in dollar volume and an increase in unit sales by 68% to 204. The average price for a condo or townhome on the Sunshine Coast actually decreased by 5% to $496,000.  This counter-intuitive decrease is due to the high price presales that occurred in 2019 with several luxury developments here on the Coast.

Land only sales

Land only sales also enjoyed an increase of 124% in dollar volume to $9,100,000 and 425% in unit sales to 21 lots sold in December.  Available inventory is down 29% to 149 land only properties. This means the sales success ratio is 20%…..on the cusp of a seller’s market!

Year to date, there was an increase of 57% to $62,000,000 in dollar volume and an increase of 77% in units sold to 176.

The average sale price of a lot decreased by 11% to $352,000.

A crazy year

As a result of a pandemic, we have seen a crazy year in all aspects of life and on the local real estate market.  My intuition tells me we should expect to see a continued absence of inventory.  That, coupled with the pent up demand building over this second lockdown, will mean even higher prices and more buyer competition during the early months of 2021.

 

Whether buying or selling, you can move forward confidently with a strategy to help you succeed. I encourage you to reach out for a consultation on what kind of opportunities you can expect from the market this year.

More than just market statistics–contact Russ for your complimentary personalized market intelligence report.

Call Russ direct at 604-741-7119

Email russ@coastlifestyles.ca

As we settle into Fall the real estate statistics for our little peninsula continue to amaze me! All segments of the real estate market on the Sunshine Coast BC are up in a big way!

 

Let’s have a look:

Fully detached home sales

Fully detached home sales surpassed last November in dollar volume by 154% to soar to $89,800,000.  Unit sales are up 100% to 104 units sold in November 2020.  The inventory of available homes is down 35% to 227.  This puts the sales success ratio, the number of sales versus the number of available homes, at 46%….the industry considers it a seller’s market when this percentage is at 20% or higher!

Year to date we have seen an increase in dollar volume of 68% to $507,750,000 and unit sales up 48% to 627 homes sold this year.

The average home price is up 13% this year to $810,000. 

Condo and Town Home sales

Condo and Town Home sales have surpassed last November in dollar volume by 494% to $16,500,000….take a moment to let that sink in… and unit sales by 425% to 34! The inventory of available condos and town homes are down by 24% to 87 units available.  This puts the sales success ratio the number of sales versus the number of available homes, at 39%…very much a seller’s market!

Year to date we have seen an increase in dollar volume of 20% to $80,200,000 and unit sales have seen an increase of 26% to 163 units sold this year.

The average condo price is down 12% to $495,000. Many of the high-end presales that occurred last year account for this counter intuitive stat.

The average price of a town home is unchanged at $490,000.

Land only sales

Land only sales have skyrocketed by 373% in dollar volume to $8,405,000 and unit sales by 155% to 23 units sold in November! The inventory of available land is down 12% to 198. This puts the sales success ratio 12% putting this segment of the market in a balanced position.

Year to date we have seen a 47% increase in dollar volume to $44,700,000 and an increase in unit sales by 65% to 131 lots sold in 2020.

The average price of a land only sale is down 11% to $340,000.

 

Detached home sellers get your home ready for sale!  I continue to see market price homes, with work to do, sit on the market too long. Those sellers that have made their home as near to move in ready as possible are selling in days and, sometimes, even hours.

 

The same can be said for those selling condos and townhomes….get your place ready and in good show condition!

 

Buyers – this is a tough market….get preapproved (fixed rates can be had for as low as 1.84 on a 5-year term mortgage) and then be ready to buy as soon as you see what you want!

 

For market intelligence beyond just stats call Russ or Terri with Coast Lifestyles Network!

Russ 604-741-7119 / russ@coastlifestyles.ca

Terri 604-741-7774 / terri@coastlifestyles.ca

Sunshine Coast real estate sales took another giant leap forward in all segments of the housing market in August.

Although this past week, prior to writing the blog, has seen a small slowdown, I expect it to be short-lived.  Let’s see how things break out:

Detached home sales

Detached home sales increased in dollar volume by a whopping 137%, over last year at this time, to $86,600,000. Unit sales are up 114% to 105 units sold! The inventory for detached homes is down 29% to 300 available properties.

This means our sales success ratio (the number of sales versus the available inventory in any given month) was 35%!!! It is considered a balanced market with this ratio between 10 – 15% …. So it is clearly a sellers’ market.

The average sale price last month was up 10% to $825,000.

Year to date, we are showing an increase of dollar volume by 46% to $338,100,000 and an increase in unit sales by 32% to 431 units sold. We are just short of the entire 2019 year total!

The average sale price for the year to date is up 10% to $785,000.

 

What to do in Roberts Creek BC

Roberts Creek BC has lots to do and explore. Start with a stroll or hike around Cliff Gilker Park. Then head over to the Gumboot Cafe for light lunch, fresh-baked goodies and coffee. Be prepared for an ocean swim and sunbathing by the pier and hand-painted mandala. It’s absolutely gorgeous, especially at sunset.

 

Condo and Townhome sales

Condo and Townhome sales saw an increase in dollar volume by 258% to $15,580,000, and unit sales are slightly ahead with an increase of 263% to 29 units sold in August. The inventory for condos and townhomes sits at 130, which is even with last year.  The sales success ratio for condos and townhomes is 22%, putting this segment of the market firmly in sellers’ hands.

Year to date, we are showing that we are still down 10% in dollar volume to $47,980,000, and we are down 9% in unit sales to 96 units sold in 2020 so far.

The average sale price is down 8% to $512,000…I hesitate to include this stat as many presales were occurring this time last year in the luxury townhome market, and that fact tends to wreak havoc with the stats.

Land only

Land only sales were up by 73% to $8,330,000, and unit sales with up 187% to 23 land only properties sold in August.  The inventory for land-only is down 7% to 212 properties available.  Still, this means the sales success ratio is 11% putting this segment of the market into a balanced position for the first time in quite a while.

Year to date, we see that we are up in dollar volume by 9% to $28,067,000, and unit sales are up 46% to 88 units sold in 2020.

The average sale price for land-only is down 39% to $362,000; however, this statistic is skewed by some very large dollar sales in 2019.

Home Sellers get your home move-in ready

Home Sellers – there are several strategies to employ in this kind of market that can help take the guesswork out of the perennial “did I leave any money on the table?” question. With all markets, good or bad, you will do better on sale price if your home is ready to move into, and there is little or no deferred maintenance.

Home Buyers get pre-approved for financing 

Home Buyers – get preapproved BEFORE you start looking and be prepared to make an offer sooner than later.  We’re not in a situation where it’s an instant competition on new listings, but I have seen that happen several times over the summer.

COVID next wave 

COVID – the likelihood of a second wave brings an unknown variable to the fall market.  If the second wave is heavy we will see a slowdown while we isolate/shelter in place, but the market will continue to rise as we come out of that.  If there is no pronounced second wave, we’ll have more fundamental variables to look for, like available inventory and demand. The future is unknown, but I’m optimistic that it’s bright!

 

For market information, call your REALTOR®.

For market intelligence, call Russ 604-741-7119 or Terri 604-741-7774.