2020 A Record-breaking Year In Real Estate On The Sunshine Coast BC
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.