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Sunshine Coast BC Real Estate Market Continues To Explode

The Sunshine Coast BC real estate market continues to “explode” late this summer and into the fall season.  Those of you who regularly read my stats blog know I am not one to entertain hyperbole, but the market for last month, indeed the last five months, can aptly be described as exploding!

 

Let’s see how these impressive numbers play out:

Fully detached home sales

Fully detached home sales are up 125% in dollar volume to $79,800,000 and up 100% in units sold to 92….(unit sales even surpassed last month by 22 units!).  Available properties are down 29% to 279 available homes for sale. Therefore our sales success ratio (the number of sales versus the available inventory) for September was 33%…clearly, sellers are dictating the terms of this market.

Year to date shows us we are up by 56% in dollar volume to $418,000,000 and up 40% in unit sales to 523 homes sold so far.  We are ahead of the entire sales volume of 2019 by 16% and ahead of 2019’s entire units sold by 21 units!

The average price for a home sold in September was $867,000, and this year the average home price is up 11% to $799,000!

Condo and townhome sales

Condo and townhome sales are up 158% to $15,800,000, and unit sales are up 136% too 33.  Available properties are down 20% to 96 units for sale. Therefore, the sales success ratio is 34% putting the attached market firmly in sellers’ hands.

Year to date shows a less dramatic, yet still impressive, leap from 2019. YTD dollar volume is up 5.5% to $63,800,000.  Unit sales are up 13% to 129 units sold.

The average price for a condo or townhome was $475,000 last month.  The average price this year is actually down by 8% to $494,500.

Land only sales

Land only sales are up 179% in dollar volume to $8,191,000, and unit sales are up 100% to 20 units sold in September.  Available lots are down 10% to 208. Therefore, the sales success ratio is 9%…making this market “edge” on balanced territory.

Year to date sales show we are up in dollar volume by 26% to $36,250,000 and up on unit sales by 54% to 108 lots sold this year. The average price for a piece of bare land last month was $410,000 but is down by 17% year to date to $335,000.

 

I have not seen such a fast-moving market as this one…ever.

Buyers, be ready to purchase as soon as you see what you like. 

 

Sellers, this may look like you can charge whatever you like for your property and have it in any shape.

I’m seeing that buyers are willing to pay but don’t want to have to do any work. The more you can make your home “move-in ready,” and there is little or no deferred maintenance, the better you will do on both price and time on the market.

 

For market stats, call your REALTOR®.

For Market Intelligence, call Russ 604-7417119 and Terri 604-741-7774!

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