Real Estate Market Hums Along This Fall On The Sunshine Coast
October brings autumn, a change of weather, and a steady pace to the market on the Sunshine Coast. The real estate market hummed along for September after a slight slowdown at the end of summer.
Overall, residential property sales dropped slightly in September 2016 with sales totaling 76, down 16% over the same period last year, while total dollar volume of $$44,675,496 went up 10% over the same period last year with a sales success ratio of 20%.
The average price of a residential property grew by 32.4% to $587,835.
Inventory levels dropped 41.9% from last year to just 380 total properties for sale with 113 newly listed homes for sale in September raising competition for homes buyers.
Detached Home Sales
Detached home sales dollar volume for the month of September 2016 on the Sunshine Coast remained steady at $35,685,666. Unit sales totalled 56.
The average price of a detached home jumped 21% to $637,244 giving credence to the fact that prices are indeed continuing to rise.
The competition was up for home sellers with the number of homes for sale totalling 329 units with 90 new homes listed for sale. Sales success ratio was 17% for the month of September.
Year-to-date sales for detached homes in September totalled $476,841,821 with 825 detached homes sold.
Condo, Townhome and Apartment Sales
Condo, townhome and apartment sales remain strong for the month of September on the Sunshine Coast with 20 units sold totaling $8,989,830 up 50% over last month.
The number of actively attached homes for sale remained even at 60 units with a sale success ratio of 33%, a boon for home sellers.
Average price leapt for an apartment, condo and townhome on the Sunshine Coast BC 48% to $449,491, taking into account 3 large waterfront sales at Watermark condos in Sechelt.
Year-to-date sales volume increased 60% to $58,718,368 over last year with 189 units sold.
Land-Only Sales
Sales volume for the Sunshine Coast land-only real estate market for the month of September 2016 dropped by 50% to $7,742,029 with only 21 units sold compared to last month.
The average price of bare-land property on the Sunshine Coast BC took a turnaround and dropped 36% to $368,668 over last month with a sales-success ratio of only 8%.
Year-to-date sales more than doubled to $92,757,119 a 137% increase over the same time last year. Unit sales so far this year were 335.
Summary
We can expect market activity to remain strong for both sellers and buyers with a steady rise in pricing and sales volume this fall.
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Timing, pricing and location are the biggest factors in how quickly a property will sell in a busy market like the Sunshine Coast BC.
Speak with a REALTOR® licensed in your area to gain insights into current real estate market activity in your neighbourhood.
For all your real estate buying, selling and investment needs on the Sunshine Coast BC contact Russ Qureshi and his team at https://coastlifestyles.ca
