Year-End Housing Market Smashes All Records On The Sunshine Coast
Year in Review
Sunshine Coast housing market of 2016 was the strongest ever smashing records across all areas of the coast.
HPI (Housing Price Index) closes out the year at $453,983 up 22% over last year. Total dollar sales year ending topped out at $635,386,149 up 55.8% with 1,187 homes and property sold. A banner year all around.
Looking ahead, 2017 proves to be interesting year with steady demand tempered with a sense of caution from buyers due to government intervention last year. Prices should remain steady with the continuation of low inventory levels.
December 2016
Total dollar volume for the month of December is down 15% across the Sunshine Coast to $31,478,730.
Unit sales of 50 are down 32.4% while the average price of all property is $484,288 and a sales success ratio of 13%.
The housing market continues to be competitive for home buyers on the Sunshine Coast with inventory levels dropping slightly to 489 available properties for sale and 40 newly listed.
Detached Home Sales
Detached home sales for the month of December on the Sunshine Coast settled at $25,660,170 down slightly from the month before. Unit sales totaled 43.
The average price of a detached home leveled out for the year at $596,748.
The number of homes for sale totaled 212 units with 26 new homes listed for sale. Sales success ratio remained at 20%.
Year-to-date sales for detached homes in December totaled $556,958,393 with 952 detached homes sold.
Condo, Townhome and Apartment Sales
Condo, townhome and apartment sales for the month of December on the Sunshine Coast totaled $2,670,250 with 7 units sold.
The number of active attached homes for sale remained steady at 50 units with a sale success ratio of 14%.
Average price of an apartment, condo and townhome on the Sunshine Coast BC dropped 9% to $366,552.
Year-to-date sales volume increased 54% to $76,648,701 over last year with 231 units sold so far.
Land-Only Sales
The Sunshine Coast land-only real estate market is on a roller-coaster ride with sales activity moving up and down drastically over the past few months.
Sales volume dropped 50% to $3,148,310 in December with 15 units sold. The average price of bare-land property is $209,887 with a sales-success ratio of 7%.
Year-to-date sales are on trend for the year more than doubling to $108,427,077 up 114%. Unit sales for the year is 386.
Summary
Keep in mind averages are just that, average. It’s a place to benchmark activity month over month and year after year.
Many factors play into the numbers and working with a REALTOR® with a solid grounding in the numbers and what they mean to your investment as well as genuine care and enjoyment helping people reach their dreams is key in being successful in real estate.
Timing, pricing and location are the biggest factors in how quickly a property will sell in a busy market like the Sunshine Coast BC.
Speak with a REALTOR® licensed in your area to gain insights into current real estate market activity in your neighbourhood.
For all your real estate buying, selling and investment needs on the Sunshine Coast BC contact Russ Qureshi and his team at https://coastlifestyles.ca
