Sunshine Coast Real Estate Market Update for March 2014

Some very interesting real estate sales statistics coming from the month of March 2014 on the Sunshine Coast, BC. Lets begin with detached homes.

Detached Home Sales

March saw 12% less dollar volume than last year – $15,500,000 vs $17,600,000.  We also saw a commensurate reduction in unit sales.  We’re down 10% with 34 sales this March compared to 37 from last year.

We’re down in new listings that have come on in March by 9% (129 new listing this March compared to 143 last year).  This makes correlative sense with unit sales BUT our total units listed as of March 31 are 678 whereas last year at this time we only had 566 units listed.  This is a 19% jump in inventory.

Year to date dollar volume we are only down 5% from last year – $34,800,000 compared to $36,700,000 from last year.  Unit sales for the year are 84 compared to 86 last year.

Attached Home Sales

Attached home gross dollar sales in March was $2,379,000 compared to last year at $2,830,000 for a difference of -16%.  Unit sales this past month equaled 10 versus last year’s 11.

Inventory is down slightly with 157 units available.  Last year we had 166 units available for a difference of -5.5%.

Year to date we are up across the board. Dollar volume rose 37% to $8,257,000 compared to last year where we were at $5,420,000.  Unit sales reflects the same increase with 30 sales year to date.  Last year saw only 19 sales by the same time.

Land Only Sales

Land only sales are rocking!  We’re up 220% in dollar volume with $622,000 versus $282,000 from last year.  We have 4 units sales in March this year compared to 2 from March last year.

Inventory is down 5% to 389 from 410.

Year to date we have enjoyed a total of $3,328,000 in total dollar volume compared to last year at $2,280,000.  This is an increase of 45%!  Unit sales are up too.  16 units sold this year compared to 11 from last year.

What does this mean?

In a general sense, we’re doing just fine with two segments of the market (attached and land only) up significantly despite the relatively small numbers over all.  Although we are down for detached sales we are starting to see some lovely weather that will make a positive difference for sales as we move forward into spring.

Detached sellers – Compete, compete, compete!  There are a huge amount of properties for buyers to choose from.  Show your home very well and lead the market on price. This will be your key to selling sooner than later!

Attached sellers – Although numbers are up, the total numbers are still quite small.  Be optimistic but guardedly so.  As with detached sellers you should show your home as neatly as possible and also lead the market with pricing.

Land only sellers – Again, the numbers are up in a huge way but the total numbers are still small and the competing inventory is large.  Do whatever you can with your bare land to differentiate it from the competition.  Is there a view you can exploit?  Is there some clearing or trailblazing you can do to make the property more accessible and appealing to a buyer?

Buyers for all property types – Interest rates are down to 3.14% with some mortgages available at 2.99%!  When you’re ready to purchase get pre-approved first.  With all the inventory there is something out there for you and sellers will be eager to entertain an offer!

Whether you are buying or selling talk to Russ or Ria and we can create an action plan that will work for you on many different levels.

Remember, there is no obligation when you chat with us.  We’re here to help you achieve your real estate goals!!

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