Sunshine Coast housing market is up in a big way across all segments!
The Sunshine Coast of BC has enjoyed its strongest month for real estate market sales in many years. After months of working from home, folks understand (as are their employers) that they can work from home and be productive!
This has caused many buyers to move up timelines and simply make the decision, to make a move to the Sunshine Coast. Let’s see how this breaks out:
Detached home market sales doubled
Detached home sales were up 99% (yes, they doubled) in dollar amount over last year. July saw $85,500,000 in sales. Unit sales were up 60% to 101 units sold. Inventory is down a full 24% to 331 available homes for sale. Therefore, the sales success ratio (the number of sales versus available inventory) is 30% making it a very HOT seller’s market. The average price for a home last month is up 24% to $845,000. Temper that with the fact that the average price so far in 2020 is up 9% to $772,000.
Year to date sales dollar amounts are up 29% to $251,500,000, and unit sales are up 18% to 326 homes sold.
Condo and Townhome market is balanced
Condo and Townhome sales were up 17% to $8,050,000 in dollar amount. Unit sales are up 23% to 17 sales. Inventory is up 24% to 138 condos or townhomes available. Therefore, the sales success ratio is 12% bring this segment of the market back into balance from a buyer’s market.
The average price for townhome last month is up 4% to $537,000 but down for the year to date at $474,000. The average price for a condo is down 24% to $383,000 last month and down 9% to $496,000 year-to-date. This change can be accounted for all the presale condos selling on the market last year…the majority of these past months’ sales are pre-existing homes.
Bare land is a buyer’s housing market
Bare land sales are up 479% to $6,400,000 in dollar amount and up 400% in sales to 25 units sold in July. Inventory is down 6% from last year, with 216 available bare land properties. Therefore out sales success ration is 9.25%. This is still a buyer’s market territory, but we are on the cusp of a balanced market.
Year to date, we are down 5% in dollar volume to $19,750,000 and up 25% in unit sales to 65. The average price for bare land on the Sunshine Coast this year is $304,000.
Home Sellers, the homes that are sitting on the market, are severely overpriced and/or do not show well.
As per my usual advice, do not defer the maintenance before listing! Especially if you’re selling a rental investment…take care of and clean up your home, so it looks great. If you prepare your home, so there is minimal work for a buyer to do; you are far more likely to achieve your price in a reasonable timeframe. This goes for all segments of the selling market.
Home Buyers, be prepared!
If you require financing, make sure it is in place before you look. Sit down with your REALTOR® and get a handle on the market and be prepared to make your offer that day if you find the “right one.”
Ready to talk with a real estate agent who has local knowledge and over 15 years of experience?
See you on the coast soon!