ladder into water

Signs of recovery apparent in the attached real estate market on the Sunshine Coast BC

Signs of recovery are apparent in all categories across the board for the month of June as the economy “re-opens” in BC.

 

Both listings and sales for attached units were way up over both last month (3) and last year’s 10 sales. There were 14 strata sales for the entire Sunshine Coast of which 4 were in Gibsons, one of which was for the new Halyard development, and the other 10 in the Sechelt area include 2 for the new Edgewater complex.

 

Prices are holding steady and even the experts are not certain if a decline in pricing is in the near future. It could very well be the opposite depending on the quantity of new inventory and the number of Home Buyers that come to market. The Covid-19 melt-down has certainly got everyone guessing!

 

Mortgage rates are the lowest they have ever been, as 2.1% on a 5-year fixed mortgage is a possibility. So my advice is: if you see a home that suits you…go for it!

 

Due to the new protocols in place in the real estate world of Buying and Selling, as a Buyer’s Agent, I am happy to guide you and help you navigate these difficult times and doing so “safely”.

I will help you negotiate your best price, but be sure you have pre-approved financing in place before you make an offer. I can certainly help with some incentives you are probably not aware of, for a bonus on your accepted price.

 

The following is a list of new developments in Gibsons. Eagleview Heights is due to break ground this month. The Halyard is coming along and the other 3 have not yet started construction.

* Maplewood: 28 townhomes next to the Gibsons Community Centre.

* The Halyard: 12 townhomes & garden suites located between Lower & Upper Gibsons.

* EagleView Heights: 87 condos, garden suites and townhomes with gorgeous views.

* Cote: 4 luxury view condos overlooking Gibsons Marina.

* Touchstone at Gospel Rock: 49 condos and 22 townhomes for sale now, with approximately 350 homes in total to be built in this master-planned oceanfront community.

 

If you are considering a purchase the best time is NOW to start the process.

Call or email me directly anytime with questions about our local market.

Please check us out on Facebook, Twitter or our main website at COASTLIFESTYLES.CA

Terri Murphy / 604-741-7774 / terri@coastlifestyles.ca / Coast Lifestyles Network

ReMax City Realty in Gibsons

Sunshine Coast successful at “flattening the curve”

The Sunshine Coast continues to positively amaze me with the success of “flattening the curve” and maintaining a situation where COVID-19 is not creating a foothold in our community.  Couple this with the fact that the ALL SEGMENTS OF THE MARKET are producing significantly more sales than last year, and we see this is where many folks want to live!

 

Let’s see how it breaks out:

 

Fully-detached home sales

Fully-detached home sales are up this month by 88% in dollar volume to $58,500,000 and up by 70% in unit sales to 75 homes sold in June!

Year to date has us up 9% in dollar volume to $166,200,000 and up 5% in unit sales to 225 homes sold in 2020!  Our available inventory of homes is down 30% (explaining much of the quickness of this market) to 329 homes.

Therefore our sales success ratio is 23%!  We are experiencing a “seller’s market” territory!  The median sale price for a home last month (the house that sold right in the middle of the pack) was $650,000.

The average cost for a home on the Sunshine Coast BC this year is up 3% to $738,000.

 

Condos and townhomes sales

Condos and townhomes sales are up this June by 40% in dollar volume to $6,510,000 and up by 23% to 13 homes sold!

Year to date is a different story after 2019’s run on attached homes.  We are down by 41% in dollar volume to $24,350,000 and down 24% in unit sales to 50 units sold this year. Our available inventory of attached homes is up 5% to 119.

Therefore the sales success ratio last month was 11%, putting this segment of the market in a balanced but “leaning toward buyers” position.  The median sale for a condo/townhome last month (the house that sold right in the middle of the pack) was $437,000.

The average price for a condo/townhome this year is $490,000.

 

Land-only sales

Land-only sales are up from last month by 74% to $5,250,000, and unit sales grew 77% to 16 lots sold, a great leap up for this segment of the market.

Year to date, we still lag far behind 2019 with a 32% reduction in dollar volume to $13,350,000 and 14% fewer sales for a total of 40 lots sold in 2020.

The available inventory for land-only is down 4% to 216 units. The sales success ratio is 7% leaving this segment of the market in buyers’ hands. The median sale for a land-only property last month was $370,000.

The average price for land-only units this year is $330,000.

 

Demand for property on the Sunshine Coast, especially detached homes, is high this summer!

 

Sellers – Buyers are mostly looking for a move-in ready space, so take a week before listing to make sure your home is show-ready.  Complete any deferred maintenance, make the garden/yard look good and have a plan in place for what happens when you sell!

 

Buyers – Be ready to move quickly!  Have your financing options taken care of and, when you find the right one, don’t hesitate with an offer. It’s not a market where one has to write an offer the moment they walk out the door of the viewing, but don’t wait a week either!

 

For information, call your REALTOR®.

For market intelligence, get in touch with Russ or Terri!