Sunshine Coast Residential Real Estate Statistics Year End Wrap for 2019
A new year and optimism are in the air for buyers and sellers alike. With huge leaps in sales during October, November and, especially, December we came close to matching 2018’s numbers in the detached market, we surpassed 2018’s numbers in the condo and townhome market and made a valiant comeback for land-only sales.
The future is so bright I gotta wear shades….as they say.
Let’s break it down:
Detached home sales
Detached sales dollar volume surpassed last December’s total by 156%! Reaching $22,400,000! Unit sales are in close step with a 128% increase in sales to 32 units sold in December. The median sales price (the price of the sale that falls in the middle of all sales) last month was $627,500 while the average price (the total dollar volume divided by the number of sales) was $700,060 which is up 12% from last month. Available inventory is also down 15% to 237 units. This puts our sales success ratio at almost 16%. This is considered a sellers’ market, but only just.
When we look at the entire year of 2019 we see that we are a mere 3% under 2018’s dollar volume! We reached $358,900,000 in 2019. Unit sales for the year fell short by 2% with a total of 502 sales. The average sale price for 2019 was down 1% to $715,000. The median sale price for the year was $638,500. The following chart breaks the unit sales down by price:
|Dollar Amount||Total unit sales|
|Up to $399,999||54 (including mobile homes in parks)|
|$400,000 – $499,999||59|
|$500,000 – $599,999||114|
|$600,000 – $699,999||90|
|$700,000 – $799,999||54|
|$800,000 – $899,999||38|
|$900,000 – $999,999||27|
|$1,000,000 – $1,249,000||29|
|$1,250,000 – $1,499,999||16|
|$1,500,000 – $1,749,999||7|
|$1,750,000 – $1,999,999||7|
|Greater than $2,000,000||9|
The least expensive sale for 2019 was a recreational RV on a pad in Pender Harbour for $27,000. The most expensive sale for 2019 was a 5700 sqft waterfront home on five acres in Halfmoon Bay for $4,350,000.
Condo and Townhome sales
Condos and Townhome sales dollar volume surpassed last December’s total by 15%. Reaching $3,735,000! Unit sales are equal to last December’s total of 7. The median sale price (the sale price that falls in the middle of all sales) was $425,000 while the average price (the total dollar volume divided by the number of sales) was $533,600 which is up 17% from last month. Available inventory is up 62% to 120 units available. This puts our sales success ratio at 6%…despite the appearance of “action” for condo/townhome sales this portion of the market is in the buyer’s hands.
When we look at the entire year we see that dollar volume up by 12% to $72,635,000! Unit sales for the year are down slightly by 5% to a total of 138 units sold in 2019. The average sale price for 2019 was $528,500, up over 12% from 2018. The median sales price for the year was $435,000. The following chart breaks the unit sales down by price:
|Dollar Amount||Total unit sales|
|0 – $299,999||10|
|$300,000 – $399,999||39|
|$400,000 – $499,999||40|
|$500,000 – $599,999||17|
|$600,000 – $699,999||6|
|$700,000 – $799,999||4|
|$800,000 – $899,999||9|
|$900,000 – $999,000||4|
|$1,000,000 – $1,199,999||6|
|$1,200,000 – $1,299,999||3|
The least expensive sale for 2019 was a ¼ share unit in Pender Harbour for $100,000. The least expensive 100% ownership unit was $219,500 in Sechelt. The most expensive sale for 2019 was $1,259,900 for a presale unit at Eagleview Heights in Gibsons.
Land only sales
Land only dollar volume skyrocketed 205% to $4,050,000 over this month last year. Unit sales were down 20% to 4 total units sold in December 2019. This discrepancy is accounted for with a “big money” sale in Middle Point of a 7-acre waterfront piece for $2,815,000. That particular sale skews the average sale price beyond usefulness. The sales success ratio at 2%.
When we look at the entire year we see that dollar volume is down from 2018 by 30% to $39,400,000. Units sales are in close step – down 34% to 100 units sold. The average sale price from a land only property is up 6% to $397,000. The median sales price (the price of the sale that falls in the middle of all sales) for 2019 was $287,000. The following chart breaks the unit sales down by price:
|Dollar Amount||Total unit sales|
|0 – $99,999||8|
|$100,000 – $199,999||27|
|$200,000 – $299,999||23|
|$300,000 – $399,999||21|
|$400,000 – $499,999||7|
|$500,000 – $599,999||7|
|$600,000 – $699,999||2|
|$700,000 – $799,000||3|
|$800,000 – $899,999||2|
|$900,000 – $999,999||0|
|$1,000,000 – $2,000,000||1|
|$2,000,000 – $3,000,000||1|
|$3,000,000 – $3,500,000||2|
The least expensive sale for land this year was $130,500 for a lot in Pender Harbour and the most expensive sale was a 1300+ acre parcel up Jervis Inlet for $3,300,000.
What does all this mean?
What does all this mean? I would interpret that this data shows us we have definitely headed out of the correction we faced in 2019 relatively unscathed. The residential-detached market is coming back in a big way. The condo/townhome market’s trajectory is also up but with a much less pronounced curve due to inventory/competition. The land-only market will continue to hobble along over 2020.
Prior to listing your home, detached home & condo/townhome sellers should consider tackling all deferred maintenance from major repairs to touch up painting and cleaning windows. No job is too small to prepare your home for the market! Have a friend or, better yet, your realtor come by and offer you a critical eye as to what items need to be prioritized before you head to market. Condo/townhome sellers keep in mind the kind of competition you are facing when you decide on price.
Land only sellers…..stay the course, make the property look as desirable as possible and make sure buyers can enter the property for a good look around.
Detached home buyers had the luxury of being a bit more discerning during most of 2019. That is changing! With less inventory and more buyers “out there” you should have your financial ducks in a row before you even start looking and be prepared to make an offer when you find the “right place’.
Condo/townhome buyers have the luxury of choice. There is quite a bit of inventory available whether you are looking for entry-level prices or luxury pre-sale units. Prices remain more or less static so, while it is unlikely you will get that “screaming deal” you can still negotiate a good price.
Land only buyers are in a place where you can cut an amazing deal on the right piece of land. This is not to say every seller will take a big haircut but your best opportunity for savings as a buyer is in this segment of the market.
In 2020 if you want market information call your realtor. If you want Market Intelligence call Russ or Terri with Coast Lifestyles Network.