Sunshine Coast Real Estate Statistics for November 2021 by Russ Qureshi
The Sunshine Coast real estate market is realizing our seasonal slowdown. Fully detached and Land only properties are down a wee bit from last year’s totals and the Condo/ Town home market is up! Let’s see how it breaks out: Fully detached sales are down 7% in dollar volume to $68,750,000 with unit sales down 33% to 55 homes sold in November. This stat shows the increase in value of each unit and how significant that has been over the recent past. It’s interesting to note, too, that we are only down $1,000,000 from last months dollar volume (approximately 1.3% lower) but we sold 8 less homes (approximately 12% less). The available inventory is down 40% to 104 homes for sale…Therefore the sales success ratio (the amount of sales versus the available inventory) is 53% keeping the detached market in sellers’ hands. Year to date we are still up in total dollar volume by 40% to $820,000,000 and up 9% in unit sales to 777. The average sale price last month (total dollar volume divided by total sales) is $1,250,000
while the average sale price year to date is $1,054,000. Condos and Town home sales are up in dollar volume by 18% to $12,350,000 and unit sales are down by 3% to 23 homes sold last month. As with the detached stat this illustrates the increase in value clearly. Compared to last month we are up 34% in dollar volume! The available inventory for the segment of the market down 55% to 37 homes. Therefore, the sales success ratio (the amount of sales versus the available inventory) is 51% keeping the attached market in sellers’ hands. Year to date we are up in dollar volume by 35% to $141,975,000 and unit sales by 25% to 249 condos or town homes sold so far this year. The average sale price last month is $612,000 while the average price year to date is $570,000. Land only sales are down in dollar volume by 5% to $7,700,000 and unit sales by 41% to 14 lots sold in November. Compared to last month we are up 49% in dollar volume and up 40% in unit sales. The available inventory for land is down 49% to 86 available units. Therefore, the sales success ratio is 16% giving
this segment of the market some balance. Year to date we are up in dollar volume by 132% to $123,000,000 and units sales are up 46% to 227 lots sold in 2021 so far. The average price last month is $550,000 while the average year to date price is $540,000. While demand eases, inventory continues to drop causing prices to remain high and continue to climb in many cases. Sellers are in control but to realize a quick offer, at or over asking price, still requires some thoughtful planning and preparation. Buyers need to be prepared to act quickly and in a robust way to acquire the property you want…..there are rumours of increased interest rates next year and that would affect the market strongly. There are also rumours of the Provincial Government implementing a “cooling off ” period for buyers (one of the strangest “sounds good” ideas I’ve heard in my career) in 2022. More on both of those potential eventuality’s in my 2021 year end review coming in early January. For market statistics call your realtor. For market intelligence call Russ Qureshi at Coast Lifestyles Network 604-741-7119.
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