September was a fantastic month for sales volume in the detached and condo/townhome market on the Sunshine Coast BC with a marked improvement in both unit sales and dollar volume! Land only is down, perhaps unsurprisingly. Stay tuned for October’s update regarding the Land only market as a new subdivision in Roberts Creek is selling out very quickly.
Let’s see how this breaks down:
Detached sales dollar volume was up 39% to $35,500,000 with unit sales in close step – up 24% to 46 homes sold. The amount of available inventory is 397 homes. This means our sales success ratio is 11.6% (11.6 homes sold for every 100 homes available). This continues the trend for this segment of the market as balanced. Year to date we are making great strides to catch up with 2018! Dollar volume is down only 14% to $267,000,000. Unit sales are down only 11% to 371 homes sold in 2019 so far. The average price for a home sold this year on the Sunshine Coast is down 3% to $719,000.
Condo & Townhome sales dollar volume was up 32% to $6,750,000. Unit sales are up 33% to 12 homes sold. The amount of available inventory is 120 “attached” homes. This is up over 100% since last year! The sales success ratio is 10%…..we are on the cusp of a buyer’s market in this area. The Touchstone project is coming online with the first building this week so it should be interesting to see if those units are absorbed as quickly as Eagleview Heights. Year to date dollar volume is up 12% to $60,200,000!!!! Unit sales are down only 3.5% to 112 homes sold in 2019. The average price for an attached home sold this year on the Sunshine Coast is up 11% to $534,000…a grain of salt with this latter number as the higher priced units at Eagleview Heights continue to skew the overall market. For clear information on your strata’s average sale price call Russ or Terri.
Land only sales dollar volume is down 63% to $3,000,000 and unit sales down 44% to 10 lots sold. The amount of available inventory is up 14% to 233. The sales success ratio is 4.5%. Year to date we see dollar volume down 41% to $28,600,000 and unit sales down 44% to 70 lots sold in 2019. The average price for a land only sale is up 5% to $409,000. Again, with the new subdivision in Roberts Creek, which is selling out quickly, we should see some more optimistic numbers next month!
What does all this mean?
Detached sellers have the best time of it in a not so easy market. Pricing your home competitively, having it show exceptionally well, and having your “moving forward plan” well laid out are all important factors in garnering interest and a quick sale.
Condo and Town Home sellers need to understand that the new projects are attracting most of the money “out there”. Even with possession dates being two and three years post contract these presale units are going to be a major factor for market absorption. As with the detached market, one should be ready to sell and show a motivation to garner top dollar in a reasonable amount of time.
Land only sellers…it’s the same story…depending on where, exactly, your property is will speak to demand, potential asking price and the need to ready the lot for a buyer. Call us for specifics on your property.
Buyers are now in the best position for negotiating a deal in a long time. Waiting for the market to go down further is not a serious course of action (if that is the only reason to wait). If you find the right home or property today then write the deal you want…often this strategy results in a positive outcome.
For more market stats call your realtor. For market intelligence call Russ or Terri!