July was a great month for sales on the Sunshine Coast!!! For the first time in a year, we have sold more detached and attached units than the same month from last year. Let’s see how it breaks down:
Detached sales dollar volume for July was down by a mere 1% over the same time last year to $42,825,000. Unit sales were up by 16% to 63 units sold!!! The total available listings are up 18% to 441. The success ratio, or the amount of sales versus the available inventory, is 14.25% putting us in a balanced market for July. The average price for a home last month was down 15% to $680,000. Year to date paints a less dramatic picture. Dollar volume is down 18% to $195,000,000 and unit sales are down 16% to 276. The average home price, year to date, is down 2% to $706,000.
Town homes and condo sales
Town homes and condo sales dollar volume for July saw an increase of 43% to $6,750,000! Unit sales were also up 62% to 13 units sold in July. The total available inventory is up 51% to 110 units. Therefore the sales success ratio in the attached market is 12% putting us just inside a balanced state. The average price for a unit last month was up 31% to $510,000. Year to date dollar volume has increased by 6% to $47,450,000 and unit sales are down 11% to 89 units sold. The average attached unit sale price is up 16% to $530,000. If you’ve been reading the stats blog regularly you will know that these results are skewed somewhat by high-value units in several newer developments.
Land only dollar volume for July saw a decrease of 68% to $1,105,000. Unit sales were also down 58% to 5 units sold. The total available inventory is up 11% to 230 units. Therefore the sales success ratio is approximately 2% meaning the land only market continues to be in buyers hands. The average price of those 5 units sold last month is down 23% from last year to $221,000. Year to date dollar volume has decreased 45% to $20,900,000 and unit sales are down 49% to 52 units sold. The average price, over the year, for land only has actually increased by 6% to $401,000.
What does all the mean????? It might be a bit early for conclusions but we did see the interest rate drop very slightly last month and this may have been what was needed to release some of the present pent up demand. From the Rockies eastward we are hearing good news about the real estate market. This has taken more time to have an effect in BC, but perhaps, we are starting to see that now.
Detached sellers, especially in the $750,000 and up range, need to take a cautious approach and increase value wherever you can. New paint, carpets and upgrades should be completed prior to offering your home for sale. Certainly, if you have deferred any maintenance you should have that completed or be prepared to take a hit on price. The basics, such as curb appeal, de-cluttering, clean windows etc should all be considered and completed before marketing your home. One should also take into account the home’s location as little things can make a big difference when it comes to desirability.
Attached sellers should have an easier time of it however price is still a huge factor and with inventory availability increasing every month all the caveats I provided in the detached seller game plan should be considered.
Land only sellers should make sure the property shows how it can be developed (cleared property, development site clearly marked, views opened up and at least a site survey are minimums). Make sure you stand out from that neighbouring property!
For market statistics call your realtor. For market intelligence call Russ or Terri with Coast Lifestyles Network.