February shows a slight slowdown in sales volume in both the detached home and condo/townhome market segments. Land only was up for sales volume in a big way, and prices are significantly higher across the board. Let’s see how it all breaks out:

 

Fully Detached home sales suffered a 10% decline in dollar volume to $61,100,000 and a 30% reduction in unit sales to 49 homes sold in February. Inventory is down by 33% to 88 detached homes available on Sunshine Coast. This means our success ratio (the number of sales versus available inventory) is at 55%, keeping the market in the hands of sellers. Year-to-date sales show us down 11% in dollar volume to $92,250,000 and down in unit sales by 24% to 85 homes sold in 2022 so far. The average price for a home (total dollar volume divided by units sold) in 2022 is up 18% to $1,120,000. The median price for a house (the price of the middle home sold) was $1,100,000.

 

Condo and townhome sales are down in dollar volume by 36% to $11,500,000 and down in unit sales by 40% to 18 condos and townhomes sold in February. Inventory in this market segment is down only 2% to 45 available units. However, based on this, our sales success ratio is still 40% keeping it a seller’s market. Year-to-date sales volume is down 34% to $17,900,000, and unit sales are down by 43% to 27. The average price for a condo/townhome (total dollar volume divided by units sold) is up 5% to $613,000, and the median price (the price of the middle home sold) was $650,000.

 

Land-only sales were the only market segment that was up over last year. Dollar volume was up 30% to $14,125,000 and down in units sold by 16% to 20 lots sold in February. Land-only inventory is down 57% to 56 available units. This means that, for the first time in my 20 year career, the closing ratio is at 35% and signifies a seller’s market. Year-to-date sales volume is up 22% to $21,500,000, and unit sales are down 21% to 36 lots sold so far in 2022.   The average price for a piece of land (total dollar volume divided by units sold) is up 56% to $597,000, and the median price (the price of the middle property sold) was $501,000. Two high-value sales, one on Gambier for 2.5 million and another in Sechelt for 1.8 million, will skew these averages….

 

February is traditionally a much slower month for sales on the Sunshine Coast. That said, while we see a slowdown in demand, inventory is still not keeping pace – resulting in ever-higher prices. While strategies for purchasing and selling are often custom to the individual, this is more true than ever now. To succeed in this market, one needs to assess motivations carefully, timing and value propositions for both yourself and the person at the other end of the transaction…..for more clarity on that, please get in touch.

 

For market statistics contact any realtor. For market intelligence contact Russ Qureshi and Coast Lifestyles Network!

Home sales volume fell across the board on the Sunshine Coast in December.  Although demand has tapered off a bit, the main culprit for lower volumes has been the lack of available inventory…there is less inventory now than at any point in my 19-year career. A less significant factor has been the extreme weather (both rain and snow) keeping buyers at bay…so to speak. Let’s see how it breaks out:

 

Fully detached home sale

Fully detached home sales were down a modest 10% to $55,300,000 and unit sales were down 26% to 46 homes sold in December.  Available inventory is down 41% to 73 homes for sale, therefore the sales success ratio (the number of sales versus the available inventory) was 63% maintaining a pronounced Seller’s Market!

 

Year to date shows 2021 to be the highest volume year ever recorded on the Sunshine Coast.  Dollar volume was up 35% to $874,400,000 and unit sales were up 6% to 823 homes sold.

 

That average price for a home (total dollar volume divided by total sales) on the Sunshine Coast in 2021 was up 27% to $1,062,000. The median price for a home this year (the price of the home that sold in the middle) was $899,000.

 

Condos and Townhome sales

Condos and Townhome sales were down 32% in dollar volume to $5,850,000 and 39% in unit volume to 11 attached homes sold in December. Available inventory is down 44% to 36 units, therefore the sales success ratio (the number of sales versus the available inventory) was 31% maintaining a Seller’s Market.

 

Year-to-date shows dollar volume up over 2020 by 32% to $147,800,000 and unit sales up 22% to 260.

 

The average price for a condo or townhome (total dollar volume divided by total sales) was $568,500. The median price this year (the price of the home that sold in the middle) was $525,000.

 

Land only sales

Land only sales are down in dollar volume by 59% to $3,700,000 and unit sales are down by 52% to 10 lots sold in December. The available inventory is down 51% compared to last year at this time, therefore, the sales success ratio (the number of sales versus the available inventory) was 14%….this puts this segment market in Balanced Territory.

 

Year-to-date numbers paint a more accurate picture of the overall land-only market.  Dollar volume is up over 2020 by 104% to $126,300,000 and unit sales are up 34% to 237 lots sold in 2021.

 

The average price for a lot in 2021 was up 51% to $532,000 while the median price was $399,000.

2021 in Review – There were several factors that produced these year-to-date volume and value results:

 

• Continued demand/migration to the Sunshine Coast – although this has tapered off a bit, the Covid – 19 Pandemic continues to be a driving force in folks’ thoughts about where they want to live and what they are willing to do to get there.
• Continued low-interest rates, despite the more demanding federal stress test, was one factor that made paying more easier than originally thought.
• The slow reduction of available inventory created a situation where prices rose in a very significant way. Even toward the end of the year, where demand was slowing down, the amount of inventory was so drastically reduced that prices continued to rise.

 

What will 2022 bring – there are several potential factors that will make the coming year continue to be a competitive market for buyers:

 

• A promised interest rate increase from the Bank of Canada (BOC). With inflation conservatively at 4%, the BOC will raise the prime rate. How much is the question?  I think we will see several modest increases…but, even a ½ percent, makes a noticeable difference in monthly payments.
• There will be another rush to buy when the increase is announced as everyone who locked in a rate for 90 or 120 days will now be in a hurry to purchase before the lock-in expires.
• Inventory will continue to be the most significant factor when it comes to price in 2022. I think we will see fewer transactions, due to inventory, and higher prices.

 

Buyers – lock in a low rate asap and be prepared to devote significant resources, both in time and capital, to finding your home.  Pick a realtor you like because it’s going to get intense.

 

Sellers – make sure you have somewhere to go and a reason to go there! It’s not a good idea to simply sell because you can get “top dollar”. Buying back into the same market will almost guarantee a loss.  However, if you have a plan to downsize, move to a different market, or cash in equity and move up to that dream home then the 2022 market will help you realize that plan.

 

For a no-nonsense, sensible approach to selling your home call me, Russ Qureshi, REALTOR®, to get the job done.  Enjoy the benefit of my market intelligence now and call 604-741-7119 or send me an email at russ@coastlifestyles.ca Visit my website at www.coastlifestyles.ca

 

 

Sunshine Coast Real Estate Statistics for October 2021

 

The Sunshine Coast real estate market continues with a trend toward settling down from last year’s highs. Inventory remains exceedingly low however and this is keeping prices up even with average demand from buyers.

 

Let’s see how it breaks out:

 

Detached home sales are down for dollar volume in October by 22% compared to last year to $69,850,000 and unit sales are down 39% to 63 homes sold.  Our sales success ratio (the number of sales versus available inventory) is 55%! We consider it a seller’s market when this ratio is above 20%….so, with only 115 homes presently available, the competition can be fierce.  Compared with LAST MONTH we are down in dollar volume by $8,000,000 and unit sales by 7 homes which can be considered quite normal for this time of year.

Year-to-date we are still up in dollar volume by 62% to $680,500,000 and unit sales by 26% to 659 homes sold so far this year.

The median price for a home on the Coast is $860,000.

The average price for a home on the Sunshine Coast this year is $1,032,000.

 

Condo and Townhome sales are down in dollar volume by 40% to $9,800,000 and unit sales are down 41% to 20 homes sold. Our sales success ratio (the number of sales versus available inventory) is still 38%.  With inventory levels in this segment of the market falling by 13% in one month to 53 units available we are still seeing control within the seller’s hands. Compared with LAST MONTH we are up in dollar volume by 15% and unit sales by 25%.

Year-to-date we are ahead in dollar volume by 37% to $126,900,000 and unit sales by 27% to 225 units sold so far this year.

The median price for a condo or townhome on the Coast is $515,000.

The average price for a condo or townhome on the Sunshine Coast this year is $564,000. 

 

Land only sales – are down 53% in dollar volume to $3,900,000 and unit sales are down 56% to 10 units sold in October. Our sales success ratio (the number of sales versus available inventory) is 11% bringing this segment of the market on the buyer’s side. Month over month inventory remains relatively unchanged but sales are down last month by approximately 50% in both dollar volume and units sold.

Year-to-date dollar volume is still up by 157% to $115,000,000 and unit sales are up 62% to 213 units sold.

The median price for bare land on the Coast is $421,000.

The average price for land-only is $540,000.  

 

The real estate market on the Sunshine Coast seems to be in the process of normalized fall/shoulder season by slowing down with less inventory and sales across all segments. That said, the inventory is way down so prices, while varying over the previous month’s sales, continue to remain relatively high and the market is a seller’s market with the exception of land only.

 

Home Sellers – move-in ready is what buyers want so make sure your home shows well with all deferred maintenance completed prior to listing.

 

Home Buyers – be ready when you see the one you want! Be truly preapproved (paperwork done and only an appraisal needed on the purchase) and be ready to prioritize the purchase visit over other plans if you want that “new listing”.

 

For market information call a realtor. For market intelligence call Russ Qureshi at 604-741-7119 or email russ@coastlifestyles.ca

August saw a continued “tapping of the brakes” across all sections of the residential Real Estate market on the Sunshine Coast. We are still way up over last year at this time but trending toward a slowdown overall.

Let’s see how this breaks out:

Fully detached sales

Fully detached sales were down in dollar volume from last year by 17% to $71,750,000 and unit sales by 36%, down to 67 units sold in August. Compared to last month, we are down 10% in dollar volume and 13% in sales. Our inventory in this market segment is down by 45% from last year to 163 homes for sale. This means our sales success ratio, the number of sales versus the available inventory, is 41% – still very much a sellers’ market. Compared to last month, inventory is down by 12%!!! This lack of inventory continues to drive the higher price points.

Year to date tells the story we are becoming used to…dollar volume is up 111% to $532,000,000 and up in sales by 60% to 522 homes sold this year.

The average price for a home on the coast remains unchanged from last month but up from last year by 31% to $1,017,000.

Condo and townhome sales

Condo and townhome sales were up in dollar volume by 5.5% to $16,500,000, and unit sales were even at 23 compared to last year at this time. Compared to last month, we are way up in dollar volume by 49% and 48% in unit sales. Our inventory in this market segment is down from last year by 57% to 56 available condos or townhomes for sale. The sales success ratio for this portion of the market is equal with the detached market at 41%….a sellers’ market! The inventory for August was down 15% from July.

Year to date is up in dollar volume by 56% to $108,750,000, and unit sales are up 47% to 180 units sold so far this year.

The average price for a condo or townhome is up 12% to $572,000.

Land only sales

Land only sales were up in dollar volume by 116% to $18,050,000, and unit sales were down 13% to 20 lots sold….that tells us something about the average price! We are up in dollar volume by 52% and unit sales by 30% compared to last month. Our inventory for bare land is down from last year by 47% (and down from last month by 9%) to 111 lots available. This means the sales success ratio is 18% which puts the market, just, in the hands of sellers.

Year to date is up in dollar volume by 259% to $101,000,000 and unit sales by 110% to 185 units sold in 2021 so far.

That average price from a bare land property is up 71% from last year to $545,000.

Inventory continues to be the single most deciding factor when it comes to buyer’s willingness to pay the prices we see recently…

Buyers – we are not seeing as many competitive offers but be prepared. If you require financing, make sure you have done the paperwork with your lender so you are ready with true preapproval and your purchase needs only appraise at the agreed-upon price.

Sellers – buyers will buy quickly but make sure your home is show-ready, and you have dealt with any deferred maintenance.

Of course, strategies for success are based on many personal variables as well, so give me a call, and we can chat! Call Russ Qureshi at 1-604-989-2253 or send him an email with your questions to russ@coastlifestyles.ca

Is the Sunshine Coast real estate market normalizing?

 

Sales in the month of June on the Sunshine Coast prove my inclination that the market was/is slowing. With statistics this month showing we are still ahead in all sections of the market compared to last year’s numbers we have seen a marked decrease in sales compared to last month.  Let’s see how this breaks out:

Detached home sales

Detached home sales are up in dollar volume by 9% over last year to a total of $63,945,000.  The average price is well up too as the total units sold this month is down 18% to 61.  Compared to last month, the market has slowed considerably.  We are down 25% in dollar volume and down 28% in unit sales.

 

Year to date shows we are still enjoying a huge increase over 2020.  Up in dollar volume for 2021 by 171% to $450,900,000, unit sales are up 97% to 445 homes sold this year.

 

While inventory is still 40% less than last year at 197 available homes, it has increased by 15 units since last month.  This is another factor taking the edge off some of the buying frenzies that we’ve experienced until recently.  Nonetheless, the sales success ratio (the number of sales versus the available inventory) is at 31%, continuing a seller’s market.

Condos and townhome sales

Condos and townhome sales are up 35% in dollar volume over last year to $10,000,000.  Unit sales are up 28% to 18 sales; however, compared to last month, we are down 38% in dollar volume and 40% in unit sales.

 

Year to date shows we are still well up from last year.  Our dollar volume for this market segment is up 344% to $84,000,000, and unit sales are up 306% to 153 condos or townhomes sold this year.  Inventory is still down 53% from last year to 56 units but is up 12% from last month.  Nonetheless, the sales success ratio is 32% maintaining a seller’s advantage for this portion of the market.

Land only sales

Land only sales are up 23% in dollar volume from last year to $6,500,000.  Unit sales are dead even with last year at 16 lots sold in June.  We are down in dollar volume by 49% and unit sales by 45% compared to last month.

 

Year to date shows we are still ahead of last year’s pace by 457% in dollar volume to $74,350,000 and unit sales by 277% to 151. Inventory is down 43% from last year to 123 lots available but even with last month’s inventory.  This puts the sales success ratio at 13%, which is considered a balanced market.

The market is changing

We can see the market is changing. From a historical point of view, it is still solid.  But from the relative point of view of (comparing to last month), we have seen the market has settled by about 30% on average.

Home Sellers

Home Sellers – start thinking about price and keeping your expectations in check.  Certain highly desirable properties are going under multiple offers; however, the vast majority of properties coming to market are not receiving multiple offers and are having to negotiate price! Imagine that!:) As always, the more turn-key / ready-made your property is will result in a quicker sale for more money.

Home Buyers

Home Buyers – the immediate market over the summer is your best time to get a deal; as I predict (with Covid in the rearview mirror), the market will start to get very busy again.  If you see the right property for you, don’t wait to make an offer….go for it today!