real estate investor

Delay and You May Lose Out in the Sunshine Coast Real Estate Market

Last month was one of the busiest for real estate activity on the Sunshine Coast and Greater Vancouver with heavy competition, low inventory and home prices on the rise – and it’s not slowing down anytime soon.

The downward blip in sales noticed in May is a distant memory. Detached sales were the busiest June in recent years but condos and town homes were surprisingly slow.

Detached Home Sales

Detached home unit sales for June 2015 were 58% higher than last year with 106 sales (yes! 106!!) compared to 67. Dollar volume closely matches with a 62% jump to reach an amazing $47,652,000. Total listings are down 23% from last year to 590. The sales success ratio (the ratio used to determine whether we are in a buyer’s, seller’s or balanced market) is very close to 18% making this a balanced market teetering on a seller’s market.

Year-to-date numbers show the same storey although toned down a bit. Total unit sales for the year are up 29% to 345 homes sold. Dollar volume is up 39% to $162,563,000.

The average sold home price for 2015 so far is $471,000.

When selling your home in the summer clean, tidy and decluttered are your key words inside the home while outside you’ll want to make a grand impression with a manicured lawn, colourful flowerbeds and welcoming patio furniture.

Although prices are edging upward be careful your ambition on list price does not exceed the realities of the market place.

Buyers for detached homes want to have all your “ducks in a row” before going to look at homes. Make sure you have your down payment, you are locked into a pre-approved mortgage and you’re working with an experienced REALTOR®!

“The competition in today’s market means that buyers have less time to make decisions,” Darcy McLeod, REGVB president said. “Given this, it’s important to work with your REALTOR® to gain insight into the local market, to get quick access to new MLS® listings, to develop a buying strategy that meets your needs and risk appetite, and to receive other services and protections that come from having professional representation.”

 

Townhome and Condo Sales

Attached home unit sales (condos and townhomes) for June were 6% over last year at 17 units sold compared to 16 last year. Dollar volume increased just 2% to $2,289,000. Total available listings are down 18% to 158 units and the sales success ratio is 10.75% putting attached homes into a balanced market zone.

Year to date we enjoyed a 28% increase in unit sales to 85 compared to 62 last year. Dollar volume matched with a 28% increase to $24,550,000.

The average townhome sold for $287,000.

Condo and townhome Sellers – presentation and price are your two key factors for selling. Deal with deferred maintenance and exploit the positive features of your home for the summer months.

The time is ripe to invest in the attached market which shows excellent value for home Buyers and investors alike.

Land for Sale

Land for sale went up significantly in dollar volume but very modestly on unit sales. Dollar volume for June was up 171% to $4,755,000 but only up 20% on unit sales for a total of 12.

This is explained by an acreage sale in Princess Louisa Inlet for $3,200,000 and another acreage sale on Sakinaw Lake for $2,250,000.

Total available listings sit at 435 units which were down 5% from last year. The sales success ratio is 2.75% leaving the land only market firmly in the buyer’s favour.

Land Sellers note that price, access and potential development are key factors to appeal to the market.

Now is an exceptional time to build the family estate, build recreationally, enjoy some timber value or simply hold for future opportunities.

“Conditions today are being driven by low interest rates, a declining supply of detached homes, a growing population, a provincial economy that’s outperforming the rest of Canada, pent-up demand from previous years and, perhaps most importantly, the fact that we live in a highly desirable region,” McLeod said.

Curious about the value of your home on the Sunshine Coast? Contact our team of experienced REALTORs® at Coast Lifestyles Network.

Search the MLS® here