Sunshine Coast BC Real Estate Sales Took Another Giant Leap Forward
Sunshine Coast real estate sales took another giant leap forward in all segments of the housing market in August.
Although this past week, prior to writing the blog, has seen a small slowdown, I expect it to be short-lived. Let’s see how things break out:
Detached home sales
Detached home sales increased in dollar volume by a whopping 137%, over last year at this time, to $86,600,000. Unit sales are up 114% to 105 units sold! The inventory for detached homes is down 29% to 300 available properties.
This means our sales success ratio (the number of sales versus the available inventory in any given month) was 35%!!! It is considered a balanced market with this ratio between 10 – 15% …. So it is clearly a sellers’ market.
The average sale price last month was up 10% to $825,000.
Year to date, we are showing an increase of dollar volume by 46% to $338,100,000 and an increase in unit sales by 32% to 431 units sold. We are just short of the entire 2019 year total!
The average sale price for the year to date is up 10% to $785,000.
What to do in Roberts Creek BC
Roberts Creek BC has lots to do and explore. Start with a stroll or hike around Cliff Gilker Park. Then head over to the Gumboot Cafe for light lunch, fresh-baked goodies and coffee. Be prepared for an ocean swim and sunbathing by the pier and hand-painted mandala. It’s absolutely gorgeous, especially at sunset.
Condo and Townhome sales
Condo and Townhome sales saw an increase in dollar volume by 258% to $15,580,000, and unit sales are slightly ahead with an increase of 263% to 29 units sold in August. The inventory for condos and townhomes sits at 130, which is even with last year. The sales success ratio for condos and townhomes is 22%, putting this segment of the market firmly in sellers’ hands.
Year to date, we are showing that we are still down 10% in dollar volume to $47,980,000, and we are down 9% in unit sales to 96 units sold in 2020 so far.
The average sale price is down 8% to $512,000…I hesitate to include this stat as many presales were occurring this time last year in the luxury townhome market, and that fact tends to wreak havoc with the stats.
Land only sales were up by 73% to $8,330,000, and unit sales with up 187% to 23 land only properties sold in August. The inventory for land-only is down 7% to 212 properties available. Still, this means the sales success ratio is 11% putting this segment of the market into a balanced position for the first time in quite a while.
Year to date, we see that we are up in dollar volume by 9% to $28,067,000, and unit sales are up 46% to 88 units sold in 2020.
The average sale price for land-only is down 39% to $362,000; however, this statistic is skewed by some very large dollar sales in 2019.
Home Sellers get your home move-in ready
Home Sellers – there are several strategies to employ in this kind of market that can help take the guesswork out of the perennial “did I leave any money on the table?” question. With all markets, good or bad, you will do better on sale price if your home is ready to move into, and there is little or no deferred maintenance.
Home Buyers get pre-approved for financing
Home Buyers – get preapproved BEFORE you start looking and be prepared to make an offer sooner than later. We’re not in a situation where it’s an instant competition on new listings, but I have seen that happen several times over the summer.
COVID next wave
COVID – the likelihood of a second wave brings an unknown variable to the fall market. If the second wave is heavy we will see a slowdown while we isolate/shelter in place, but the market will continue to rise as we come out of that. If there is no pronounced second wave, we’ll have more fundamental variables to look for, like available inventory and demand. The future is unknown, but I’m optimistic that it’s bright!
For market information, call your REALTOR®.