Sunshine Coast successful at “flattening the curve”

The Sunshine Coast continues to positively amaze me with the success of “flattening the curve” and maintaining a situation where COVID-19 is not creating a foothold in our community.  Couple this with the fact that the ALL SEGMENTS OF THE MARKET are producing significantly more sales than last year, and we see this is where many folks want to live!

 

Let’s see how it breaks out:

 

Fully-detached home sales

Fully-detached home sales are up this month by 88% in dollar volume to $58,500,000 and up by 70% in unit sales to 75 homes sold in June!

Year to date has us up 9% in dollar volume to $166,200,000 and up 5% in unit sales to 225 homes sold in 2020!  Our available inventory of homes is down 30% (explaining much of the quickness of this market) to 329 homes.

Therefore our sales success ratio is 23%!  We are experiencing a “seller’s market” territory!  The median sale price for a home last month (the house that sold right in the middle of the pack) was $650,000.

The average cost for a home on the Sunshine Coast BC this year is up 3% to $738,000.

 

Condos and townhomes sales

Condos and townhomes sales are up this June by 40% in dollar volume to $6,510,000 and up by 23% to 13 homes sold!

Year to date is a different story after 2019’s run on attached homes.  We are down by 41% in dollar volume to $24,350,000 and down 24% in unit sales to 50 units sold this year. Our available inventory of attached homes is up 5% to 119.

Therefore the sales success ratio last month was 11%, putting this segment of the market in a balanced but “leaning toward buyers” position.  The median sale for a condo/townhome last month (the house that sold right in the middle of the pack) was $437,000.

The average price for a condo/townhome this year is $490,000.

 

Land-only sales

Land-only sales are up from last month by 74% to $5,250,000, and unit sales grew 77% to 16 lots sold, a great leap up for this segment of the market.

Year to date, we still lag far behind 2019 with a 32% reduction in dollar volume to $13,350,000 and 14% fewer sales for a total of 40 lots sold in 2020.

The available inventory for land-only is down 4% to 216 units. The sales success ratio is 7% leaving this segment of the market in buyers’ hands. The median sale for a land-only property last month was $370,000.

The average price for land-only units this year is $330,000.

 

Demand for property on the Sunshine Coast, especially detached homes, is high this summer!

 

Sellers – Buyers are mostly looking for a move-in ready space, so take a week before listing to make sure your home is show-ready.  Complete any deferred maintenance, make the garden/yard look good and have a plan in place for what happens when you sell!

 

Buyers – Be ready to move quickly!  Have your financing options taken care of and, when you find the right one, don’t hesitate with an offer. It’s not a market where one has to write an offer the moment they walk out the door of the viewing, but don’t wait a week either!

 

For information, call your REALTOR®.

For market intelligence, get in touch with Russ or Terri!