The Sunshine Coast market continues to break all kinds of records! Did you know that we have exceeded 2019’s total dollar volume by more than $250,000,000? Yes, you read that correctly, two hundred and fifty million dollars! And, we still have December to go….lets see how this breaks out:
Detached home sales
Detached home sales surpassed last November’s dollar volume by 114% to attain a total of $74,100,000. Unit sales were up 76% to a total of 83 units sold. Available inventory is down 42% to 174 homes on the market. This means our sales success ratio is 52%!!! This is the number of sales versus the available inventory. Anything over 20% is considered a sellers’ market. I have been selling real estate on the Sunshine Coast for the past 18 years, and I have never seen the sales success ratio this high!
Year to date, we are ahead in dollar volume by 72% to a total of $581,900,000 and ahead in unit sales by 51% to 710 units sold so far in 2020.
The average home price has risen 14% this year to $820,000.
Condo and townhome sales
Condo and townhome sales are also way ahead. Dollar volume for November was up 109% to $12,350,000, and unit sales are up 104% to 23 units sold. Available inventory is down 36% to 82 units on the market. This means our sales success ratio is 28%. Not quite the same astronomical rise as the detached market, but puts this segment of the market in the seller’s hands.
Year to date dollar volume is up 26% to $93,500,000 (already surpassing the entire 2019 year by more than $20,000,00), and unit sales are up 29% to 186 units sold.
The average attached home price is actually down 5% to $497,750, but this is due to the high-value presales that occurred with several projects in 2019.
Land only sales
Land only sales are up 65% in dollar volume to $8,200,000, and unit sales are up 50% to 24 units sold in November. Available inventory is down 22% to 171 lots on the market. This puts our sales success ratio at 14%, showing we are in a balanced market for land sales.
Year to date, we have seen a 49% increase in dollar volume to $53,000,000, and unit sales increase by 63% to 155.
The average price for bare land this year is down 8% to $341,000.
Economic fundamentals of housing prices in 2021
Economic fundamentals are in play here as we move forward. Lower and decreasing inventory + higher and higher demand (coupled with the fact the second wave of Covid 19 isolation protocols create more pent up demand) + record low interest rates means we are set to see another year of record-breaking prices and, depending on available inventory, unit sales.