Whoa! Sunshine Coast Home Prices on the Rise
February 2015 real estate market on the Sunshine Coast BC came on strong with huge gains in residential detached homes and rural land for sale.
Let’s take a look:
Houses
Residential detached homes enjoyed a 54% increase in dollar sales over last February with $11,748,000. Unit sales were up by 34% to 31!
Year to date is up 36% in dollar sales and 29% in unit sales with 66 units sold in 2015 so far compared to 51 units sold by this time last year. The average home price on the Sunshine Coast creeped up 5% $410,000 from $379,000.
Take this last statistic with a grain of salt. We need to see this number trend up for several months before we can say there is any upward pressure on prices.
The sales success ratio for February was 7.9% which says were are still in a buyer’s market. The sales success ratio should be around 15% for a balanced market and 20%+ for a seller’s market.
Condos and Townhomes
Condo and townhome dollar sales on the Sunshine Coast went down 18% in dollar sales volume resulting in $2,955,000 for February 2015. Unit sales were dead even at 11 both this year and last.
Year to date is seeing a significant downturn as well. Dollar volume is down 24% to $4,984,000 this year. Unit sales are down slightly by 10% to 18 units!
The average price to buy or sell a condo or townhome on the Sunshine Coast is unchanged at $286,500. The sales success ratio for attached home sales shows were still in a buyer’s market at 11%.
Rural Land
Rural land for sale dollar volume is up a whopping 230% to $2,651,000! Unit sales are up 175% from 4 to eleven and I’m noticing more land only sales through our office.
Year to date dollar volume is up 124% to 6,078,00 and unit sales are up 58% to 19 units sold.
The sales success ratio puts us squarely in a buyer’s market at 2.8%.
Overall, the real estate market on the Sunshine Coast is looking up!
What does this mean for Home Buyers and Sellers?
Buyers – it’s a great time to buy, especially with Bank of Canada overnight rate at .75% and lenders offering 2.69% on 5 year fixed term mortgage.
Sellers – be ready to move! Yay!
Let’s see how next month plays out.
