Low inventory and home-buyer demands keep housing prices buoyant this fall
Sunshine Coast Real Estate Statistics for October 2021
The Sunshine Coast real estate market continues with a trend toward settling down from last year’s highs. Inventory remains exceedingly low however and this is keeping prices up even with average demand from buyers.
Let’s see how it breaks out:
Detached home sales are down for dollar volume in October by 22% compared to last year to $69,850,000 and unit sales are down 39% to 63 homes sold. Our sales success ratio (the number of sales versus available inventory) is 55%! We consider it a seller’s market when this ratio is above 20%….so, with only 115 homes presently available, the competition can be fierce. Compared with LAST MONTH we are down in dollar volume by $8,000,000 and unit sales by 7 homes which can be considered quite normal for this time of year.
Year-to-date we are still up in dollar volume by 62% to $680,500,000 and unit sales by 26% to 659 homes sold so far this year.
The median price for a home on the Coast is $860,000.
The average price for a home on the Sunshine Coast this year is $1,032,000.
Condo and Townhome sales are down in dollar volume by 40% to $9,800,000 and unit sales are down 41% to 20 homes sold. Our sales success ratio (the number of sales versus available inventory) is still 38%. With inventory levels in this segment of the market falling by 13% in one month to 53 units available we are still seeing control within the seller’s hands. Compared with LAST MONTH we are up in dollar volume by 15% and unit sales by 25%.
Year-to-date we are ahead in dollar volume by 37% to $126,900,000 and unit sales by 27% to 225 units sold so far this year.
The median price for a condo or townhome on the Coast is $515,000.
The average price for a condo or townhome on the Sunshine Coast this year is $564,000.
Land only sales – are down 53% in dollar volume to $3,900,000 and unit sales are down 56% to 10 units sold in October. Our sales success ratio (the number of sales versus available inventory) is 11% bringing this segment of the market on the buyer’s side. Month over month inventory remains relatively unchanged but sales are down last month by approximately 50% in both dollar volume and units sold.
Year-to-date dollar volume is still up by 157% to $115,000,000 and unit sales are up 62% to 213 units sold.
The median price for bare land on the Coast is $421,000.
The average price for land-only is $540,000.
The real estate market on the Sunshine Coast seems to be in the process of normalized fall/shoulder season by slowing down with less inventory and sales across all segments. That said, the inventory is way down so prices, while varying over the previous month’s sales, continue to remain relatively high and the market is a seller’s market with the exception of land only.
Home Sellers – move-in ready is what buyers want so make sure your home shows well with all deferred maintenance completed prior to listing.
Home Buyers – be ready when you see the one you want! Be truly preapproved (paperwork done and only an appraisal needed on the purchase) and be ready to prioritize the purchase visit over other plans if you want that “new listing”.