Home Prices Continue To Rise In March 2017 On The Sunshine Coast BC
March 2017 compared to March 2016
The month of March 2017 real estate housing market update finds prices remained strong and inventory levels low.
Overall, the real estate market on the Sunshine Coast held strong with the HPI (Housing Price Index) continuing to trend in the positive, up 25% over March last year to $480,608.
Total dollar volume for the month of March is up 14% across the Sunshine Coast to $44,412,125.
Unit sales are down 55% over last March with 83 homes and property sold, while the average price of all property is $535,085 down 4% and a sales success ratio of 16% making it a balanced market overall.
The housing market continues to be competitive for home buyers on the Sunshine Coast with 528 available homes and land for sale and 150 newly listed properties for sale in March.
Detached Home Sales
(March 2017 compared to February 2017)
The detached real estate market for March 2017 on the Sunshine Coast continued to climb with sales up 17% to $35,586,300 over February. Unit sales totaled 59.
The average price of a detached home grew 17% to $603,157 over February.
The number of homes for sale grew 9% to 239 units with 98 new homes listed for sale. Sales success ratio was 25%, a seller’s market.
Condo, Townhome and Apartment Sales
(March 2017 compared to February 2017)
Condo, townhome and apartment sales for the month of March on the Sunshine Coast totaled $4,759,825 down 48% from last month with 13 unit sold.
The number of active attached homes for sale grew 10% to 49 units with a sale success ratio of a 27%.
Average price of an apartment, condo and townhome on the Sunshine Coast BC slipped 4% to $367,440 for the month of February.
Land-Only Sales
(March 2017 compared to February 2017)
The Sunshine Coast land-only real estate market is on a roller-coaster ride with sales activity moving up and down drastically over the past few months.
Sales volume was $4,066,000 in March up 33% with 11 units sold. The average price of bare-land property almost doubled over last month up 42% to $369,636 while the sales-success ratio was 4.5%.
Active listings totaled 240 with 29 newly listed land-only properties in March which was slightly more than last month.
Summary
Sellers, the sweet spot for a quick sale, average 66 days on market, is in the $400,000-$500,000 range for detached homes and $200,000-$300,000 for attached homes such as apartments, condos and townhomes.
Buyers, it remains to be prepared to move quickly to purchase your ideal home, which means speaking to your mortgage broker and having contingencies in place and ready to go. Multiple offers are not uncommon on certain properties and homes.
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Timing, pricing and location are the biggest factors in how quickly a property will sell in a busy market like the Sunshine Coast BC.
Speak with a REALTOR® licensed in your area to gain insights into current real estate market activity in your neighbourhood.
For all your real estate buying, selling and investment needs on the Sunshine Coast BC contact Russ Qureshi and his team at https://coastlifestyles.ca
