Home Sales Continue a Steady Rise on the Sunshine Coast BC
Hello!
I write on this frigid December day with my scarf on and the sun beaming in through my office window. I hope you are warm wherever you are!
The Sunshine Coast real estate market stayed the course for November. Detached sales were up significantly again, condos and town homes held their own and land only was down a little. Here’s how it played out:
Detached Home Sales
Dollar volume for November rose a shocking 93% over last year with $17,774,000 in sales! Unit sales are up 52% with 38.
Year to date was up 25% to 538 over last year this time with 429 sales. The average price per unit remains unchanged at $434,000. Last months sales success ratio was 6.4%
All this is good news! The increased unit sales and dollar volume year to date are great reasons to celebrate.
Attached Home Sales
Dollar volume for November 2014 was up 207% to $3,038,000 compared to last year at $1,464,000. Unit sales were up 20% to 10 sales. The huge difference in sales volume referred to two penthouses at Watermark that sold for $650,000 each.
Year to date looked good for condos and town homes, too. Total dollar volume rose 18% over last year at this time to $31,295,000. Unit sales edged up over 2013 by 17% to 107 for 2014. The average price per unit was skewed by the higher end sales and made that figure merit-less. The sales success ratio was 5.9%.
Land Only Sales
Dollar volume for November was down 23% to $747,200. Unit sale held steady at 5 for last month.
Year to date stats were sunnier with dollar volume up 16% to $19,678,000. Unit sales are up 17% to 66 bareland properties sold and the sales success ratio was 1.1% – that’s a s-l-o-w market.
Sales Success Ratio Explained
A 6.4% sales success ratio means that for every one hundred homes for sale on the coast, there are 6.4 buyers compared to Greater Vancouver average of 20% (that’s 20 buyers for every 100 homes for sale). A balanced market is between 15-20% anything above or below that translates to a seller’s market or a buyer’s market.
Overall, the real estate market is excellent on the Sunshine Coast.
But…It’s still a Buyer’s Market
Detached home Sellers rest assured that you can and will sell over the medium time frame of 3 – 6 months. As the sales success ratio shows, it is still a buyers market. Avoid being too ambitious with your price and continue to add value wherever you can. Before you list, attend to any deferred maintenance, such as touch up the paint, have the windows cleaned and show the home for the season. Maximize your home’s potential with “10 tips for selling your home in the winter”
Condo and town home Sellers, despite sales being up significantly, need to sharpen their pencils and compete on price. Spend a few dollars to make sure your home looks it’s best AND compete on price in a big way. Perhaps, look at selling as an investment property.
Land only sellers should very much consider whether it’s worth selling at all. If you want or need to sell then you should be willing to set a new bar for pricing. For example – if you feel value for your acreage has been in the 200k range for the past several years but you have yet to see an offer, then you should consider bringing it on in spring for 150k – it’s a bitter pill to swallow but if you are serious about selling that’s what it’s going to take in 2015. Ask yourself, with 450 land only properties available, how am I going to compete?
Merry Christmas and Happy Holidays to all!
