The stats are in for September and the Sunshine Coast real estate market continues to decline significantly from last years’ highs. Lets break it down:
Detach sales are down in both units and dollar volume. The Sunshine Coast real estate market has declined 39% from last years’ highs with only 37 sales last month from last year. Total dollar volume came in at $25,4440,000 which is down 41% from last year. The average price for a detached home also fell from $750,000 to $690,000. This is a 8% drop.
Year to date the average price is still up 6% at $743,000 over last years $700,000. Total unit sales this year are down 24% to 421. The total units available for sale is up 25% to 383. Our closing ratio (total sales against available inventory) is 9.6% putting us in a buyers market for the first time in 36 months!
Condos and Town Home Sales
Condos and town home sales are down for both units and dollar volume. We saw 8 units sold compared to last years’ 17 units. Total dollar volume came in at $4,605,000 which is down 30% from last year. The average price of an attached home in September is a bit skewed at $549,000. The reason for the skewing was some high priced waterfront sales (879k and 794k respectively). The average price is up over last year by 22%.
Year to date we see that dollar volume is down 32% to $52,800,000 and unit sales closely match at 116 which is down 37% over last year. Total units available for sale are up 24% to 62. Our closing ratio is 12.9% showing this segment of the market to be balanced.
Land Only Sales
Land only sales are down slightly. September enjoyed 18 units sales…down only 1 unit compared to last year. Total dollar volume is down 14% to $8,000,000. The average price of bare land is down 7% to $600,000 but, of course, prices vary greatly depending on size and location.
Year to date we have seen the dollar volume slip 26% to $49,000,000 and units sales have slipped 21% to 126. Total available units for sale are down 8% to 200. Our closing ratio is 9% keeping land only properties in a buyers market.
Market considerations for home buyers and sellers
While the portion of the market that includes folks that have to sell or buy continues, those buyers that enjoy the luxury of creating their own timing are waiting “to see what happens”. The successful sellers are leading the market by asking a price that is not only competitive but off the astronomical highs of this past spring.
There is a lot of uncertainty around the provincial budget and municipal elections. Once the provincial budget is tabled and the elections are finished we should see a surge of sales until just prior to Christmas.
If you are considering entering the market contact Russ, Ria or Terri at Coast Lifestyles Network for market intelligence!