The Trend For Increased Home Buying Continues On The Sunshine Coast BC
Sunshine Coast Real Estate Market Update for November 2015
The trend for increased home buying versus fewer homes to choose from continues in November across all property types on the Sunshine Coast BC. This corresponds with activity across the Real Estate Board of Greater Vancouver.
Active listings are down 34% and sales are up 46% over the same time last year on the Sunshine Coast BC, which means fewer homes to choose from for homebuyers. The MLS® Home Price Index composite benchmark price for all residential properties on the Sunshine Coast is up 9.6% to $385,900 compared to the same time last year. The average days on market, across all property types is 130 days.
Detached Home Sales
Detached home sellers are in an enviable position as November 2015 represents the largest home-sales volume on record on the Sunshine Coast since 2005. Make sure you know where you want to go once you get an offer, as closing processes may happen quickly.
Detached home sales dollar volume for the month of November on the Sunshine Coast is up 20% from last month to $33,865,851 matching unit sales of 74 homes, up 21%. Average price of a detached home is down slightly, by 1 percent, to $457,646.
The home-buying advantage is firmly in the hands of the home-seller with a sales-success ratio of 20%. Detached homebuyers will feel pressure to make decisions quickly as demand continues to grow and inventory reduces.
Buyers, be prepared by knowing what you want in a home, what community you want to live in and, especially, be pre-approved for mortgage financing in your price range.
Year-to-date dollar volume sales in the detached market rose 41% to $330,447,416 over the same period in 2014. Unit sales are up 30% to 700 homes sold so far in 2015.
Condos, Townhomes and Apartment Home Sales
Condo, townhome and apartment buyers can enjoy very good deals on the Sunshine Coast. Create an advantageous position for yourself by being prepared to make an offer prior to beginning your search.
Condos, townhomes and apartments combine for a total sales volume of $3,945,328 for November, an increase of 10% over October. Unit sales are even at 14. Average price of an apartment, condo and townhome is $281,809 down less than one percent compared to last month. Sales-success ratio is 13% edging into a balanced market for apartment, condo and townhome on the Sunshine Coast.
Sellers in the attached condo and townhome market will need to compete on price and make sure their home shows better than the competition.
Year-to-date dollar sales volume compared to November last year are up 55.5% to $44,864,466. Similarly, unit sales of a townhomes, condos or apartments on the Sunshine Coast grew 50.5% to 122 units sales so far in 2015.
Land Only Sales
Dollar volume sales for the Sunshine Coast land-only market are down 6% to $ 3,412,233 in November compared to October with unit sales down 17% to 15 units sold this month. Average price of a piece of bare land on the Sunshine Coast BC is up this month slightly to $227,482.
Land-only buyers can get some excellent deals as this portion of the market is turning the corner on price and volume very slowly.
Year-to-date total sales of $46,096,680 sent the land only market on the Sunshine Coast up 134% over last year along with unit sales up 121% to 146 units over 2014. A sales-success ratio on bare land inched up to 4% remaining in the land buyer’s corner and the average days on market is 400.
Although the land-only market, in general, is on a slight upswing, land-only sellers should to keep the asking price down and expect to be on market for the “long haul”.
