Real Estate Sales on the Sunshine Coast Set to Rise in 2015

Happy New Year 2015!

Optimism is in the air and around the office and we have the numbers prove it. With detached home unit sales up and prices holding steady there’s reason to believe the real estate market on the Sunshine Coast is set to rise in 2015.

December 2014 was an excellent month for detached home sales. Condos, town homes and bare land did not perform as well but the year to date results are fair.  Let’s break it down:

Detached Homes Sales

The detached home market on the Sunshine Coast enjoyed 46 units sold this month – an 84% increase over last year’s production of 25 sales.  Total dollar value translates to $21,911,000 over last year at $10,098,000.  A fantastic month by any measuring stick and it upsets the traditional thinking that the market is slow in the winter – January and February will tell.

What’s most exciting and cause for optimism in 2015 are the year to date stats.  We are up 28% for units sold!  There were 584 successful transactions for 2014 compared to 454 for 2013.  Home values remain fixed over last year with the price of an average home on the Sunshine Coast coming in at $433,000. Dollar sales increased by 29% over 2013 with total dollar sales of $255,433,000!

Attached Homes Sales

Condos and town homes were down significantly in December 2014 ending in a flat year for sales. December unit sales were 7 compared to last year’s 9.  Dollar value was down significantly – December saw $1,840,000 in sales while December 2013 was $3,957,000.

Year to date sales bumped up just over the total of 2013.  2014 saw $33,143,000 for an increase of 11% from the 2013 total of $29,690,000. Unit sales for 2014 were 114 compared to 98 in 2013.  Although, the average sale price per unit is down 4.4% at $285,000 compared to $298,000 in 2013.

Land Only Sales

The land only market was down significantly in December and was down slightly over the year.  December saw 7 unit sales over last year’s 5 sales. However, dollar value was down from $5,300,000 to $1,700,000.  This seemingly illogical discrepancy was accounted for by several large acreage sales last year.

Year to date the dollar volume was down 3% from $22,136,000 in 2013 to $21,414,000 in 2014.  Unit sales were up this year to 73 from 61in 2013. The average price per unit is down 19% to $293,000 from $362,000.

As we can see from these totals the detached market is coming back in a big way. The sales success ratio is inching it’s way back toward a balanced market (9% in December – a balance market is 15-20%). We will see price adjustments in the condo market for those who want to be sold and will definitely see downward adjustments for the land only market.

If you are thinking of buying or selling in 2015 give us a ring.  We are happy to have a no obligation chat regarding market values and how to position yourself for success.  All the best to you in the coming year and let’s chat soon!