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!