Cyclical Real Estate Market Debunked on the Sunshine Coast BC

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Welcome to 2015!  We started the year on the right foot with increased sales for both detached homes and rural land for sale.  The recent drop in the overnight lending rate to 0.75%  along with a low exchange on the Canadian loonie we have continued increase in sales on the Sunshine Coast.  Here’s how it breaks down…

Sunshine Coast Homes for SaleIMG_2354

Detached homes for sale rose by 25% this January over January 2014.  Total dollar volume is up to $14,763,000 and unit sales are up to 35.  This is a healthy trend for January and puts the idea of a cyclical market on the Coast to rest.  The average price of a detached home for sale on the coast remains virtually unchanged from last year at $421,800.  Total inventory of 471 homes for sale coupled with 35 sales gives Sellers a sales success ratio of 7.5%.  It is still a Buyer’s market until the over abundance of inventory is purchased.

IMG_5716Sunshine Coast Condos and Townhomes for Sale

Condo and townhome sales are down slightly this January over last January by 12%.  Total dollar volume for January 2015 was $2,029,000.  Total unit sales were 7 compared to last January when we enjoyed 9 total sales. The average price per unit was $298,000 compared to last year at $253,000.  This is a significant difference but skewed by last month’s single high dollar sale of $588,000.  Total available units are 162 therefore the sale success ratio is 4.3%.  My gut tells me that the condo and townhome market will follow the detached home market as the year progresses.

Sunshine Coast Rural Land for SaleIMG_6074

Rural land for sale is a bright spot this month with a sales dollar volume increase of 80% over last year.  This January saw $3,426,000 in dollar volume and 8 unit sales with unit sales matching last years number.  The extra dollar volume resulted from the sale of a Secret Cove waterfront acreage for $1.75 million.  Total available inventory for rural land for sale stands at 378 properties.  I predict unique acreages will do well and subdivision lots will compete on price.

IMG_1319Thinking of buying or selling your home this spring?

Give us a call and we’ll show you how to succeed in today’s competitive real estate market with a complimentary home evaluation and marketing strategy. Valued at over $450, it’s free today!  Contact us now