Sunshine Coast is still in a strong seller’s market despite the slow down
We are still in a strong seller’s market despite the slow down in dollar volume and homes sold.
One might say, if the trend continues, we will be heading toward more normalized conditions over the next months.
Let’s see how last month breaks out:
Fully detached home sales are down in dollar volume, from last year at this time, by 2% to $77,500,000 and down in unit sales by 23% to 70 total detached homes sold in September. This is up over last month by approximately $6,000,000 in dollar volume and 3 home sales…. Inventory is down to 136 available homes making the sales success ratio (the number of sales versus the available inventory) 51.5%. When we consider that a sales success ratio of 20% or more constitutes a “seller’s market,” we can see that statistically, sellers are still very much in control.
Year to date, we are still way ahead of last year. We are up in dollar volume by 62% to $680,500,000, and unit sales by 26% to 659 units sold so far in 2021.
The average price for a home on the Sunshine Coast is up 29% over this time last year to $1,032,000.
Condos and townhome sales are down in dollar volume by 47.5% to $8,300,000 and down by 54% in unit sales to 15 attached homes sold in September. This is down in dollar volume compared to last month by 49.5% and down 34% in unit sales. Inventory is down to 61 available condos and townhomes, making the sales success ratio (the number of sales versus the available inventory) 24.5%, keeping this market segment in the hands of sellers.
Year to date, we are still way ahead of last year. Dollar volume is up by 46% to $117,100,000, and unit sales are up by 37% to 205 units sold so far in 2021.
The average price of an attached home on the Sunshine Coast is up 13% to $570,000.
Land only sales are up 23% to $10,100,000, and unit sales are down 10% to 18 land only properties sold in September. This is down in dollar volume compared to last month by 45% and down in unit sales by 10%. Inventory is down to 99 available land-only properties, making the sales success ratio a little over 18%, showing this market segment to be balanced.
Year to date, we are way ahead of last year. Dollar volume is up by 206% to $111,100,000, and unit sales are up by 87% to 203 bare land properties sold in 2021 so far.
The average price of a piece of land is up 62% to $547,000.
Takeaway
I feel a change coming on! Considering the market has done nothing but rise for the last 18 months, a settling of prices is considered by many to be a good thing! The biggest “wildcard” will continue to be the lack of available inventory. With so little inventory available, even minimal demand will maintain prices at or very close to current levels.
For market information call your realtor. For market intelligence call Russ Qureshi at 604-741-7119 or email russ@coastlifestyles.ca
