Home Prices Remain Strong On The Sunshine Coast BC
The month of February 2017 real estate housing market update finds prices remained strong month over month and since February 2016 while low inventory keeps the market volume low.
Overall, the real estate market on the Sunshine Coast is strong with the HPI (Housing Price Index) up 27% over last year to $506,100 and trending in the positive for the long term.
Total dollar volume for the month of February is down 21.2% across the Sunshine Coast to $38,319,300.
Unit sales are down 31.7% over February 2016 with 69 homes and property sold, while the average price of all property is $555,352 up 15.3% and a sales success ratio of 26%.
The housing market continues to be competitive for home buyers on the Sunshine Coast with inventory levels of 269 available homes and land for sale, down 37% and 80 newly listed for sale in February.
Detached Home Sales
The detached real estate market for February on the Sunshine Coast surged with sales doubling to $29,074,000 over January. Unit sales totaled 44.
The average price of a detached home grew 28% to $514,315.
The number of homes for sale remains even at 213 units with 62 new homes listed for sale. Sales success ratio was 21%.
Condo, Townhome and Apartment Sales
Condo, townhome and apartment sales for the month of February on the Sunshine Coast totaled $9,245,300 double again month over month along with unit sales of 25.
The number of active attached homes for sale dipped 17% to 44 units with a sale success ratio of a whopping 57%.
Average price of an apartment, condo and townhome on the Sunshine Coast BC jumped 10% to $382,533 for the month of February.
Land-Only Sales
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 came in at $2,984,462 in February with 14 units sold. The average price of bare-land property settled back into long-term averages at $213,175 down 70% while the sales-success ratio remained even at 6%.
Active listings totalled 225 with 24 newly listed land-only properties in February mirrored last month’s numbers.
Summary
Sellers, the sweet spot for a quick sale, average 67 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
