Self-isolation and buying real estate online: Sunshine Coast March 2020

It is my hope that this month’s Sunshine Coast Real Estate summary finds you all in good health and not yet stir crazy from self-isolation during these unprecedented times!

 

At Coast Lifestyles Network, Terri and I continue to provide real estate trading services to our clients, even in a pandemic, as people need to buy and sell homes.  Although our present situation is very fluid and changeable Terri and I are seeing sellers list their homes, and buyers are continuing with due diligence, waiving subjects and moving into their new homes.

 

Tenanted properties

 

Tenanted properties are the most problematic now due to the freeze on tenancy terminations (even if you plan on moving in) but each situation is different and no situation is impossible.

 

As with any interaction, meeting in person, moving in/out and viewing properties in person should be undertaken with the appropriate precautions regarding the spread of COVID – 19.

 

The Provincial government is responding to the emergency admirably and you can find their COVID – 19 information page here: https://www2.gov.bc.ca/gov/content/safety/emergency-preparedness-response-recovery/covid-19-provincial-support

 

We are ready to help you navigate the current state of real estate!

 

As always, Terri and I encourage you to reach out to us if you have any questions about the Sunshine Coast real estate market, want to work on strategies for moving this spring/summer or just want to chat real estate.  We take our duty of agency seriously and remain available to help you!

 

The sales statistics for March 2020 are the reason for optimism!

 

Although we are over two weeks into the isolation protocols we are not (yet?) seeing this affect the market too greatly.  Detached sales are up significantly, condos and townhomes are down slightly (continuing to match the trend for 2020 so far) and land-only sales are down significantly!

 

Let’s see how this breaks out:

 

Detached sales

 

Detached sales are up 16% in dollar volume to $31,000,000 and up 15% in unit sales to 44 homes sold in March.  Total listings are down by 10% to 286.  Our sales success ratio (the number of sales versus the available inventory) is 15%.  This puts us on the cusp of a seller’s market…interesting indeed.

 

Year to date we are up 1% in dollar volume to $68,200,000 and up 3% in unit sales to 96.  The least expensive sale last month was $175,000 for a mobile home in a park in Pender Harbour. The most expensive home to sell last month was 1.9 million for a waterfront home in Sechelt.  The median sale, the sale in the middle, was $625,000.

 

Condos and townhome sales

 

Condos and townhome sales are down only 9% in dollar volume to $6,262,000 and up slightly by 7% to 14 units sold in March. Total listings are up by 26% to 118. Our sales success ratio (the number of sales versus the available inventory) is 12% putting us in a balanced market.

 

Year to date we are down 17% in dollar volume to $15,050,000 and down 6% in unit sales to 31. The least expensive sale last month was a 2 bedroom townhome in Sechelt for $299,000 and the most expensive attached home to sell last month was one of the presale townhomes at the Touchstone development in Gibsons for $870,000.  The median sale, the sale in the middle, was $390,000.

 

Land only sales

 

Land only sales are down 26% in dollar volume to $1,950,000 and, surprisingly, up in unit sales by 60% to 8 units sold in March. (yes, 8 sales compared to 5 same time last year). Total listings are up 7% to 210 putting much of the land-only market into the buyer’s hands.

 

Year to date we are down 31% in dollar volume to $6,300,000 and down 26% in unit sales to 17.  The least expensive sale last month was an 8000sqft lot in Pender Harbour for $97,000. The most expensive sale was a 4.2-acre parcel in Middlepoint for $460,000.  the median sale, the sale in the middle, was $215,000.

 

As you can see the market chugs along and us with it…:)

 

For market intelligence call or text Russ or Terri!

Russ 604-741-7119

Terri 604-741-7774