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Sunshine Coast real estate market jumps ahead into spring

Sunshine Coast real estate market jumps ahead into spring in both detached homes and condos and townhomes this past month whereas land only continues the trend of a downward slide.

 

Let’s break it down and see what this looks like:

Detached Homes

Detached Homes saw an 11% increase in dollar volume for a total of $27,250,000. Units sales are only up 2% to 36 units sold. February was a catch-up month as the year to date totals for dollar volume are down 18% to $40,750,000 and unit sales down 22% to 55 units sold in 2019. Some of the increase can be accounted for by a single $4,300,000 sale.

 

The amount of available detached homes for sale is up 28% to 275. This puts our sales ratio at 13% (13 homes are sold for every 100 available) which is generally thought of as a balanced market. The average price for a home on the Sunshine Coast in February was $758,000 with the year to date average price coming in at $740,000.

Condos and Townhomes

Condos and Townhomes saw a 31.5% increase in dollar volume for a total of $7,000,000. Units sales are up 15% to a total of 13 units sold in February. The skew in the dollar volume comes from the fact that many of these sales are “pre-sale” units in the Eagleview Heights development in Gibsons. As per the developer’s disclosure on this project, these units should be available in spring 2022.

 

Year to date we have seen an uptick of 16% to $11,350,000. Unit sales this year are down 10% to 20 units sold. The amount of available condos and townhomes for sale is up 43% to 63. This puts our sales ratio at 21% (21 units are sold for every 100 available) which is generally thought of as a seller’s market. The average price for a condo or townhome on the Sunshine Coast in February was $543,500 with the year to date average price coming in at $583,500.

Land Only Sales

Land Only Sales saw a 30% decrease in dollar volume to $3,100,000. This is not unusual from a seasonal point of view. Unit sales are down 50% to 7 units sold in February. Year to date we have seen a slide in dollar volume of 33% to $6,500,000. Unit sales this year are down 35% to 18 units sold.

 

The amount of available bare land lots for sale is up only 4% to 181. This puts our sales ratio at 4% (4 units are sold for every 100 available) which is very much a buyers market. The average price for bare land on the Sunshine Coast in February was $445,000 with the year to date average price coming in at $361,500.

 

We are seeing some renewed jump in the market! My colleagues are reporting more people at open houses and more offers being written.

 

Buyers can still look at getting a good deal in the detached market but don’t be stingy if you want to get into a condo or townhome.

 

Sellers should consider having a competitive price to get an offer on the table but it depends on your situation and goal for a sale.

 

For information contact your realtor. For market intelligence contact Russ or Terri with Coast Lifestyles Network.

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