Homebuyer dip less pronounced on the Sunshine Coast BC

The Sunshine Coast real estate market continues to see less interest from homebuyers than last year across all segments of the market but the dip is less pronounced than in months’ past.

Let’s see how it breaks out:

 

Detached home sales

Detached home sales over the month of June were down 22% in dollar volume from the same time last year to $31,025,000.  Unit sales were down 13% to 44 units sold.  Year to date we see dollar volume down 22% to $152,055,000 and unit sales down 22% to 213 units sold.  The amount of available detached listings has risen 35% to 471.  Therefore, our success ratio, or the number of sales versus available inventory, this past month was 9.35% putting this segment of the market in the hands of buyers. The average price for a home so far this year is averaging at $713,000.

 

Condos & Town Homes sales

Condos & Town Homes sales over the month of June were down 30% in dollar volume from the same time last to $4,037,000. Unit sales were down 30% to 10 units sold.  Year to date we see dollar volume down only 2% to $40,787,000 and unit sales down 33% to 246 units sold. (Again, this idiosyncrasy can be attributed to the pre-sales of several proposed developments.) The amount of available attached listings is up 133% to 112.  Therefore, our success ratio this past month was 8.9% putting the condo and townhome market in buyer’s hands for the first time in a long time!  The average sale price for an attached home is $403,700.

 

Land only sales

Land only sales over the month of June were dead even for dollar volume at $3,029,000. Unit sales were down 18% to 9 units sold.  Year to date we see more pronounced numbers with dollar volume down 43% to $19,754,000 and unit sales down 47% to 47 units sold this year. The amount of available Land Only listings is up 12% to 226.  Therefore, the success ratio for this segment of the market is still very much in buyer’s hands at 4%.  The average sale price for a piece of land this year is $420,000.

 

Overall

Overall, the market continues to adjust to government intervention and consumer jitters.  Although we are hearing good news coming out of the Toronto market in particular and the national market as a whole (east of Alberta) it is still incumbent upon home sellers to sharpen their price and make their home highly showable, Declutter, depersonalize and repair any deferred maintenance before you list your home. When the offer comes be prepared to negotiate!

 

 

Homebuyers, if you wait too long to buy you will pay more (remember 2012 – 2013 as the market was coming back from our long and low trough many buyers continued to wait for the “bubble to burst” and then lost out in the rapidly rising market in the years to follow).  There are some great deals out there right now so put pen to paper and write the offer you want today.

For market information call your realtor.  For market intelligence call Russ or Terri with Coast Lifestyles Network!

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