May 31, 2021
Is the real estate market on the Sunshine Coast pausing? The sales statistics say no way….
We continue to see a high volume of transactions across all property types on the Sunshine Coast. In speaking with my colleagues, we are noticing a marked slowdown in calls of interest on our listings and that properties are generally taking longer to sell. The stats have yet to coincide with those observations, but the general sense is: the market is slowly changing. Let’s see how it breaks out:
Fully detached home sales
Fully detached home sales increased in dollar volume by 355% to $86,065,000 and unit sales by 203% to 85 units sold in May. Active listings are up by 6 over last month to a total of 182. This is down 41% compared to last year. The sales success ratio (the number of sales versus the available inventory) is 45% keeping the market in the seller’s hands.
Year to date, we are up in dollar volume by 259% to $387,000,000, and unit sales by 156% to 384 units sold so far in 2021.
The average price for a home on the Sunshine Coast is $1,007,000.
Condo and townhome sales
Condo and townhome sales increased in dollar volume by 172% to $16,050,000 and unit sales by 1000% to 30 units sold in May. Active listings are up by 1 unit to 51 available condos or townhomes for sale. This is down by more than 50% from the same time last year and puts the sales success ratio for this segment of the market at 60%…firmly in the hands of the seller.
Year to date, we have seen a 415% increase in sales dollar volume to $74,000,000 and an increase in unit sales by 365% to 135 units sold in 2021.
The average price for a condo or townhome is $547,500.
Land only sales
Land only sales have increased in dollar volume by 800% to $15,850,000 and unit sales by 314% to 29 units sold in May. Active listings decreased by 6 units to 123 available lots/land only units available. This is down 45% from last year. This means the sales success ratio for this segment of the market is 24%!!! Unheard of territory for land only.
Year-to-date dollar volume is up 742% to 67,850,000, and unit sales are up 462% to 135 units sold so far in 2021.
The average price for land-only is $502,000.
Home Sellers: offer a home that is move-in ready
As has been the cemented trend over the previous 12 months, make sure your home shows well. Buyers expect a move-in ready home when they’re paying these recent prices…so give them move-in ready and save yourself time on the market.
Home Buyers: get preapproved
As of June 1st, the Federal Government has increased the stress test for insured and uninsured mortgages, making it even more difficult for those most benefited by entering the market. If you have all or mostly cash, you will be fine. Be as liquid (financially) as possible and be prepared to act quickly on the home you love.
COVID19 long view
With the country on the way to getting through the pandemic, we will see much of the built-up cash reserves (accumulated over the recent months by folks not travelling, going out or finding ways to easily spend) get spent. It won’t all be on real estate but be prepared for a relatively calm summer and then another wild ride this fall.