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Home sales strong although significantly off last years’ record highs

The Sunshine Coast continues to enjoy historically high average prices although sales are down and inventory is up. Lets look at how things break out:

Detached home sales

Detached home sales continue to be strong although significantly off last years’ record highs.  In May, 68 detached homes sold compared to 82 last year for a dip of 17%. Year to date has seen 225 sales on the Coast compared to last year at this time when we had sold 284 units.  This represents a 20% reduction in sales.
Inventory is up 16% to 333 available detached units compared to 285 last year.  The sale to listing ratio for last month was 20.5% putting us just inside a sellers market. The average days on market is 38. The average price for a home on the Coast this past May was $697,000, up 1% only from last years’ $689,000.

Condo and town home sales

Condo and town home sales are down slightly this month. We sold 15 units in May whereas last year we sold 18 units. Year to date trends the same with 45 sales compared to last years’ 53 for a difference of 15%.  Inventory is also up in this portion of the market with 39 available listings compared to 28 last year. The average days on market is 36. The sale to listing ratio for last month was 38.5% making the attached home market the hotspot for Sunshine Coast sellers.  This is evidenced by the average attached home price inching up 3% from last year to $430,000.

Land only

Land only had a stellar month in May!  We completed 24 sales compared to 18 last year. Year to date is down 5% to 79 sales total.  Interestingly, inventory is down 20% from last year to 190 available units.  The average sale price is inching down, in this category, by 4%  to $406,000.

Home Sellers

The market is changing so be prepared.  When you list your home for sale come out of the gate at a good price! Trying for that extra 20%+ over market value is no longer working. Make sure your house is priced well and shows well.

Home Buyers

It seems there is some breathing room now for timing and price.  Keep in mind it is still a sellers market and act accordingly.

Market Intelligence

As an interesting aside, the Sunshine Coast’s average home price is $697,000.  Compare this to similar areas in the Lower Mainland like Squamish where the average price is $968,000, Abbottsford where the average price is $855,000 and Maple Ridge where the average price is $916,000.
Even with this small expansion of perspective we see that the Sunshine Coast continues to be bargain for a home, the location and the lifestyle it affords.
For more information call your local REALTOR®, for market intelligence call Russ, Ria or Terri