The real estate market on the Sunshine Coast is picking up and we are definitely noticing more action at Coast Lifestyles Network.
Here’s how things are playing out for the Sunshine Coast:
Detached homes have seen a 15% drop in dollar volume (from last year’s record-breaking highs) to $26,600,000. Unit sales are mirroring this trend with a 13% drop since last year to a total of 38 units sold Inventory is up 24% 321 units available. The success ratio (the number of sales versus the available inventory) was 12% which puts us on the cusp of a balanced/buyers market.
Year to date we are down overall for dollar sales by 17% to $67,300,000. Unit sales this year are down 19% to 93. The average cost per home is up 2% for the year to $723,000.
Condos and Town Homes
Condos and Town Homes have seen a 25% drop in dollar volume to $6,950,000. Unit sales are close to this with a 31% drop to 13 units sold. Inventory is up over 100% with 87 units available. Much of the latter skew can be attributed to presale units for development in Gibsons. The success ratio is 16% making this segment of the market on the seller’s side of balanced.
Year to date we are down overall for dollar sales by only 2% to $18,300,000. Unit sales this year are down 19% to 33. The average cost per unit is up 15% to $547,000 (this number is skewed by the new development price/unit occasionally topping $1,000,000).
Land only sales have seen a 61% drop in dollar volume to $2,640,000. Unit sales are down 58% to 5 units sold. Inventory is up 8% to 195 units available. The success ratio is about 2.75% keeping the land only market in buyers hands.
Year to date shows the same picture with dollar volume down 45% to $9,150,000. Unit sales down 42% to 23 sold this year. The average cost per unit of land only is down 4% to $398,000.
Coming out of the slump
Interesting numbers to be sure…the feeling is we are coming out of the slump that has been the market for the past six months. Let’s see if the Sunshine Coast selling cycle is back (most sales occurring in the spring months).