Strong winds and heavy rains landed on the Sunshine Coast settling us firmly in the fall season. Generally, the Sunshine Coast real estate market is up over 2015 in price and volume but edged down in activity since the late spring and early summer. The bright and busy spot in the market is the attached market.

Residential property sales dropped slightly this October with sales totaling 78, down 15% over the same period last year, while total dollar volume of $$35,150,375 remains steady. The sales success ratio of 13% is up slightly from last year.

Sellers, investors and owners take heart, the average price of a residential property grew by 17% to $450,645.

Inventory levels dropped a whopping 37% totaling 604 properties for sale and 98 newly listed homes for sale making the housing market competitive for home buyers on the Sunshine Coast.

 

Detached Home Sales

Detached home sales for the month of October on the Sunshine Coast settled at $23,467,852. Unit sales totalled 43. Again, overall the detached market went down 30% compared to September.

The average price of a detached home fell 15% to $545,764.

Competition was up for home sellers with the number of homes for sale totalling 292 units and 51 new homes listed for sale. Sales success ratio held steady at 15%.

Year-to-date sales for detached homes in October totalled $500,309,673 with 868 detached homes sold.

 

Condo, Townhome and Apartment Sales

Condo, townhome and apartment sales for the month of October on the Sunshine Coast totaled $6,908,523 down 22% over last month with 17 units sold.

The number of active attached homes for sale remained even at 58 units with a sale success ratio of 29%, a boon for condo sellers.

Average price of an apartment, condo and townhome on the Sunshine Coast BC leapt once again 55% to $437,591 with the sale of a $1M+ sale at the George Gibsons Marine Resort and Residences.

Year-to-date sales volume increased 12% to $65,626,890 over last year with 206 units sold.

 

Land-Only Sales

Overall, the Sunshine Coast land-only real estate market continues on a steep decline for the third month in a row contrasted by an overall increase in activity when compared to the same period last year.

Sales volume dropped 38% to $4,774,000 with 18 units sold. Similarly, the average price of bare-land property dropped 28% to $265,222 with a sales-success ratio of 7%.

Year-to-date sales more than doubled to $97,531,119 a 128% increase over the same time last year. Unit sales so far this year were 353.

 

Summary

Housing market activity on the Sunshine Coast remains positive overall with big gains (approx. 25%) over last year but has taken the usual dip in activity with the onset of fall.

The market will seasonally pick up the pace in the new year.

Sellers, remain confident – home buyers looking for a home this time of year are serious buyers (who wants to venture out in the rain and cold?!)

Buyers, prices are down slightly and we expect a seasonal rise in home values in spring 2017. Now is a good time to invest in your long-term future.

 

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Timing, pricing and location are the biggest factors in how quickly a property will sell in a busy market like the Sunshine Coast BC.

Speak with a REALTOR® licensed in your area to gain insights into current real estate market activity in your neighbourhood.

For all your real estate buying, selling and investment needs on the Sunshine Coast BC contact Russ Qureshi and his team at https://coastlifestyles.ca