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

 

 

log cabin snowed in

January 2021 was one of the busiest on record for real estate sales on the Sunshine Coast BC

The real estate statistics for January 2021 show a continued rise in action here on the Sunshine Coast.

Truly one of the busiest Januarys I have experienced in my 17-year real estate career!

 

Let’s see how it breaks out:

Detached home sales

Detached home sales were up 130% in dollar volume to $39,000,000. Unit sales are up 100% to 42 homes sold in January.  The available inventory of fully detached homes is down 45% from last year at this time to 128 homes for sale! Wow! This means our sales success ratio (the number of sales versus the available inventory) is 33% showing that this continues to be a market that is in the seller’s hands.

The average price of a detached home on the Sunshine Coast in January was $929,821.

Condo and Townhome sales

Condo and Townhome sales were up 330% in dollar volume to $9,100,000 and up 257% in unit sales to a total of 18 homes sold in January.  The available inventory of condos and townhomes is down 54% to 62 available homes for sale.  This means our sales success ratio (the number of sales versus the available inventory) is 29 % putting this segment of the market into the seller’s hands.

The average price of an attached home on the Sunshine Coast in January was $503,583.

Land only sales

Land only sales were up 1289% in dollar volume to $6,750,000, and unit sales were up 633% to 22 lots sold in January!  The available inventory for land-only is down 35% to 134 available units.  This means our sales success ratio is 16 % bringing this segment of the market into a balanced territory for two or three months running now.

Detached home sellers are in an enviable position

Make sure your home is in show condition and that there will be no surprises upon inspection (deal with that deferred maintenance!).  Buyers expect a “move-in ready” situation if they are going to compete and/or pay full price.  Make it easy for your buyer and make your home show well!  This suggestion is the same for condo and townhome sellers.

Land only sellers should clear the land (if pragmatic) to expose what you are selling……perhaps have a surveyor insert new corner pegs if there are presently none.

Home Buyers should be preapproved

Understand the lending market is changing.  While cash flow is king, assets and equity (unless accessing a Home Equity Line of Credit) mean less than they used to.  Also, if you see something that “ticks the boxes,” don’t think about the offer overnight, make the offer now.

 

Get the advice you need to make an informed real estate purchase, sale or investment. Call Russ Qureshi for trusted guidance, call or text directly at 1-604-741-7119.

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.

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

Economic Fundamentals Of Housing Prices In 2021 On The Sunshine Coast BC

The Sunshine Coast market continues to break all kinds of records! Did you know that we have exceeded 2019’s total dollar volume by more than $250,000,000?  Yes, you read that correctly, two hundred and fifty million dollars! And, we still have December to go….lets see how this breaks out:

Detached home sales

Detached home sales surpassed last November’s dollar volume by 114% to attain a total of $74,100,000.  Unit sales were up 76% to a total of 83 units sold.  Available inventory is down 42% to 174 homes on the market.  This means our sales success ratio is 52%!!! This is the number of sales versus the available inventory.  Anything over 20% is considered a sellers’ market.  I have been selling real estate on the Sunshine Coast for the past 18 years, and I have never seen the sales success ratio this high!

Year to date, we are ahead in dollar volume by 72% to a total of $581,900,000 and ahead in unit sales by 51% to 710 units sold so far in 2020.

The average home price has risen 14% this year to $820,000.

Condo and townhome sales

Condo and townhome sales are also way ahead. Dollar volume for November was up 109% to $12,350,000, and unit sales are up 104% to 23 units sold.  Available inventory is down 36% to 82 units on the market.  This means our sales success ratio is 28%.  Not quite the same astronomical rise as the detached market, but puts this segment of the market in the seller’s hands.

Year to date dollar volume is up 26% to $93,500,000 (already surpassing the entire 2019 year by more than $20,000,00), and unit sales are up 29% to 186 units sold.

The average attached home price is actually down 5% to $497,750, but this is due to the high-value presales that occurred with several projects in 2019.

Land only sales

Land only sales are up 65% in dollar volume to $8,200,000, and unit sales are up 50% to 24 units sold in November.  Available inventory is down 22% to 171 lots on the market.  This puts our sales success ratio at 14%, showing we are in a balanced market for land sales.

Year to date, we have seen a 49% increase in dollar volume to $53,000,000, and unit sales increase by 63% to 155.

The average price for bare land this year is down 8% to $341,000.

Economic fundamentals of housing prices in 2021

Economic fundamentals are in play here as we move forward.  Lower and decreasing inventory + higher and higher demand (coupled with the fact the second wave of Covid 19 isolation protocols create more pent up demand) + record low interest rates means we are set to see another year of record-breaking prices and, depending on available inventory, unit sales.

More than just market information, get market intelligence that you can rely on, call Russ at 604-741-7119.

ferry boat to Sunshine Coast

Condo And Townhome Sales Surge Over 400% On The Sunshine Coast BC

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

flying lawnmower

Sunshine Coast BC Real Estate Market Continues To Explode

The Sunshine Coast BC real estate market continues to “explode” late this summer and into the fall season.  Those of you who regularly read my stats blog know I am not one to entertain hyperbole, but the market for last month, indeed the last five months, can aptly be described as exploding!

 

Let’s see how these impressive numbers play out:

Fully detached home sales

Fully detached home sales are up 125% in dollar volume to $79,800,000 and up 100% in units sold to 92….(unit sales even surpassed last month by 22 units!).  Available properties are down 29% to 279 available homes for sale. Therefore our sales success ratio (the number of sales versus the available inventory) for September was 33%…clearly, sellers are dictating the terms of this market.

Year to date shows us we are up by 56% in dollar volume to $418,000,000 and up 40% in unit sales to 523 homes sold so far.  We are ahead of the entire sales volume of 2019 by 16% and ahead of 2019’s entire units sold by 21 units!

The average price for a home sold in September was $867,000, and this year the average home price is up 11% to $799,000!

Condo and townhome sales

Condo and townhome sales are up 158% to $15,800,000, and unit sales are up 136% too 33.  Available properties are down 20% to 96 units for sale. Therefore, the sales success ratio is 34% putting the attached market firmly in sellers’ hands.

Year to date shows a less dramatic, yet still impressive, leap from 2019. YTD dollar volume is up 5.5% to $63,800,000.  Unit sales are up 13% to 129 units sold.

The average price for a condo or townhome was $475,000 last month.  The average price this year is actually down by 8% to $494,500.

Land only sales

Land only sales are up 179% in dollar volume to $8,191,000, and unit sales are up 100% to 20 units sold in September.  Available lots are down 10% to 208. Therefore, the sales success ratio is 9%…making this market “edge” on balanced territory.

Year to date sales show we are up in dollar volume by 26% to $36,250,000 and up on unit sales by 54% to 108 lots sold this year. The average price for a piece of bare land last month was $410,000 but is down by 17% year to date to $335,000.

 

I have not seen such a fast-moving market as this one…ever.

Buyers, be ready to purchase as soon as you see what you like. 

 

Sellers, this may look like you can charge whatever you like for your property and have it in any shape.

I’m seeing that buyers are willing to pay but don’t want to have to do any work. The more you can make your home “move-in ready,” and there is little or no deferred maintenance, the better you will do on both price and time on the market.

 

For market stats, call your REALTOR®.

For Market Intelligence, call Russ 604-7417119 and Terri 604-741-7774!

sunset-wave

Sunshine Coast BC Real Estate Sales Took Another Giant Leap Forward

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.

 

Roberts creek mandala

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.

man-on-the-beach-wearing-mask-summer-web

Sunshine Coast housing market is up in a big way

Sunshine Coast housing market is up in a big way across all segments!

 

The Sunshine Coast of BC has enjoyed its strongest month for real estate market sales in many years. After months of working from home, folks understand (as are their employers) that they can work from home and be productive!

 

This has caused many buyers to move up timelines and simply make the decision, to make a move to the Sunshine Coast. Let’s see how this breaks out:

Detached home market sales doubled

Detached home sales were up 99% (yes, they doubled) in dollar amount over last year.  July saw $85,500,000 in sales.  Unit sales were up 60% to 101 units sold.  Inventory is down a full 24% to 331 available homes for sale. Therefore, the sales success ratio (the number of sales versus available inventory) is 30% making it a very HOT seller’s market.  The average price for a home last month is up 24% to $845,000.  Temper that with the fact that the average price so far in 2020 is up 9% to $772,000.

 

Year to date sales dollar amounts are up 29% to $251,500,000, and unit sales are up 18% to 326 homes sold.

Where to go in Gibsons?

If you’re planning a tour around the Sunshine Coast you’ll land in Langdale. Your first stop should be Persephone Brewing Co for micro-brewed beer and local nosh handmade with locally grown produce.

Condo and Townhome market is balanced

Condo and Townhome sales were up 17% to $8,050,000 in dollar amount.  Unit sales are up 23% to 17 sales. Inventory is up 24% to 138 condos or townhomes available.  Therefore, the sales success ratio is 12% bring this segment of the market back into balance from a buyer’s market.

 

The average price for townhome last month is up 4% to $537,000 but down for the year to date at $474,000.  The average price for a condo is down 24% to $383,000 last month and down 9% to $496,000 year-to-date.  This change can be accounted for all the presale condos selling on the market last year…the majority of these past months’ sales are pre-existing homes.

Bare land is a buyer’s housing market 

Bare land sales are up 479% to $6,400,000 in dollar amount and up 400% in sales to 25 units sold in July.  Inventory is down 6% from last year, with 216 available bare land properties.  Therefore out sales success ration is 9.25%.  This is still a buyer’s market territory, but we are on the cusp of a balanced market.

 

Year to date, we are down 5% in dollar volume to $19,750,000 and up 25% in unit sales to 65.  The average price for bare land on the Sunshine Coast this year is $304,000.

The market is swinging up due to high demand!young-multicultural-couple-cleaning-house

Home Sellers, the homes that are sitting on the market, are severely overpriced and/or do not show well.

As per my usual advice, do not defer the maintenance before listing! Especially if you’re selling a rental investment…take care of and clean up your home, so it looks great.  If you prepare your home, so there is minimal work for a buyer to do; you are far more likely to achieve your price in a reasonable timeframe.  This goes for all segments of the selling market.

Home Buyers, be prepared!

If you require financing, make sure it is in place before you look.  Sit down with your REALTOR® and get a handle on the market and be prepared to make your offer that day if you find the “right one.”

Ready to talk with a real estate agent who has local knowledge and over 15 years of experience?

Learn how to navigate the Sunshine Coast housing market with the trusted advice and market intelligence from Russ and Terri at Coast Lifestyles Network!

 

If you’re making the trip over from the City of Vancouver be sure to book with BC Ferries for priority loading.

See you on the coast soon!