by the fire sunshine coast lifestyles

Home sales depress across all types of property on the Sunshine Coast

Sunshine Coast Real Estate Market Statistics for November 2018

Home sales depress across all types of property on the Sunshine Coast, however, the average price, year to date, is still up over 2017!  Let’s break it down by property type.

Detached home sales

Detached home sales in November were down 45% in dollar volume to $21,110,000 and down 40% in unit sales to 30 homes sold.  Inventory is up 41% to 333 available detached homes for sale.  Year to date we see a decline of 23% in dollar volume to $363,000,000 and a 26% reduction in unit sales to 500.  These figures have remained quite steady for the entire year.  The average price for a home on the Sunshine Coast last month was $727,000 which is up 3% from last year. The closing ratio (amount of sales versus available inventory) for last month was 9%, dipping us back into a buyers market (an under 10% closing ratio).

Condos and townhome sales

Condos and townhome sales in November were down 63% in dollar volume to $3,344,000 and down 56% in unit sales to 7 condos/townhomes sold.  Inventory is up 22% to 53 units available.  Year to date we see a decline of 36% to $61,000,000 in dollar volume and a 59% reduction in unit sales to 132.  The average price for an attached home on the Sunshine Coast is $462,000 which is a 6.5% increase over last year.  The closing ratio  (amount of sales versus available inventory) for last month was 13% which is considered a balanced market (10 – 15% closing ratio).

Land only sales

Land only sales in November were down 36% in dollar volume to $3,400,000 and down 33% in unit sales to 10 land only properties sold.  Inventory is up 5% to 208 units available.  Year to date we see a decline of 26% to $55,200,000 in dollar volume and a 22% reduction in unit sales to 147.  The average price for land only is $375,000 which is down 5% from last year.  The closing ratio (amount of sales versus available inventory) for last month was 4.8% leaving this section of the market firmly in the hands of buyers.

Property Values

We continue to see a decline in sales volume but no real decline in property values.  Also, the year to date declines remains relatively steady month after month.  Even those declines, when measured against a 10-year average, lead our team to believe that the market is adjusting to “normal” as it comes off an all-time high number of sales and low inventory experienced from 2015 to the end of 2017.

Bank of Canada rate increase in January 2019

With the loss of the car manufacturing plants in Ontario last month and the lowered production of oil in Alberta look to the Bank of Canada to NOT raise the prime in the early New Year and, possibly, the feds to revisit and soften the mortgage stress test.

For real market intelligence contact Russ, Ria and Terri from the Coast Lifestyles Network team!

 

 

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