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Real Estate Market update

Real Estate Market update

As we move deeper into July, our real estate market here on the Sunshine Coast continues to heat up. Gibsons, specifically, is suffering from a lack of inventory which is pushing prices higher.
Spring is typically a busy time for real estate, but that demand was bottled up due to quarantine. With restrictions lessening, interest in the Sunshine Coast is surging.
We have our usual migration of retirees but now young-ish people from Vancouver are eyeing our quiet paradise and picturing their families thriving in a less densely populated area.
Many I have worked with in the last few weeks explained that being locked up in a condo for two months had more of an impact on them than expected. One client spoke of taking his son to the local park to find it closed and walking up and down the sidewalk explaining to a four-year-old why they couldn’t “play anymore”.
The rapid adoption of telecommuting is also playing a role. With proximity to an office no longer a concern, the comparatively affordable Sunshine Coast is becoming even more alluring.
Here are how the numbers break down for June year over year:
June 2019 saw 63 total sales during June – 34 of them were single family detached and the average price of those homes was $722,890.00. The average time on market was 44 days and the total dollar volume of sales was $38,091,612.
June 2020 saw 104 total sales during the month – 67 of them were single family detached houses and the average price of those homes was $775,488.00. The average time on market was 34 days and the total dollar volume of sales was $70,314,476
We are returning to a market where multiple offers are commonplace. Whether you are buying or selling, you will want to work with an experienced agent who is a skilled negotiator.
Negotiating is a skill that is perfected through years of experience and the hard, cold truth is the best negotiator typically wins. You want to work with a realtor that thrives on winning because they won’t back down in order to wrap the deal up and get their commission. When representing his or her client, a good realtor is not focused on getting paid or trying to close the deal as quickly as possible. They are negotiating to get their client the best deal possible, end of story.
Tony Browton is an award-winning Realtor who lives and works on BC’s Sunshine Coast.
His weekly blog can be found here

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