In February 2018, the Sunshine Coast real estate market saw fewer sales, less inventory (overall) and a significantly higher-than-average price across all segments of the market.
February enjoyed 35 units sold compared to 44 last year. When we look at the fact that inventory levels are nearly unchanged over the same time period (at 214 available units) and the average price has increased 6% from $660,000 to $701,000 perhaps we are seeing a lessening of demand?
Personally, I chalk it up to the intensely inclement weather over the past month. The reason is the year to date numbers tend to show a more accurate picture and, with that in mind, we see a total of 71 sales so far in 2018 compared to 76 last year with the average price up from $599,000 to $704,000.
February saw only 11 condo and town home units sell compared to last year at 25 units. This is explained with the fact that available inventory is down from 44 units last year to only 36 units this year. The average price in this popular area of the market is approximately $430,000. This is up significantly from last year at $386,000.
As demand continues to focus on the attached market, due to affordability, we will continue to see upward pressure on condos and town homes. Especially in light of the fact that inventory is at a total of 36 available total units!
February has seen 14 sales of bare land which is unchanged from last year. There are 173 active listings which is way down from last year at 225 units. The average price is soaring in bare land up to $320,000 this year from $213,000 last year.
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