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Lower Sunshine Coast Real Estate Market starting to slow down

Lower Sunshine Coast Real Estate Market starting to slow down

The new rules around essential travel and social gathering as we move into the holiday season have started to slow down the Lower Sunshine Coast real estate market.
There is still demand due to low inventory, especially in Gibsons, but it is not at the “frenzy” level we saw in October. Pending status of a lockdown in February, I expect things to pick up right where they left off post-Christmas in the new year.
People stuck in a condo or townhouse, near an office they no longer need to frequent, are en masse considering rural communities. This is not unique to the Sunshine Coast, BC or even Canada. Rural growth is reversing urban migration, driven by changing perceptions and priorities, across North America and Europe.
November 2019 saw 74 total sales – 13 of them were single-family detached, and the average price of those homes was $707,000. The average time on market was 55 days, and the total dollar volume of sales was $44,737,000.
November 2020 had 135 total sales – 72 of them were single-family detached houses, with the average price of those homes being $894,000. The average time on market has been 40 days, and the total dollar volume of sales was $95,408,000.
From Jan. 1 to the end of November 2019, we had seen 698 total sales – 302 of them were single-family detached, and the average price of those homes was $690,000. The average time on market was 50 days, and the total dollar volume of sales was $441,532,000.
From Jan. 1 this year up until the end of November, we have seen 1,057 total sales – 588 of them being single-family detached houses with the average price of those homes being $815,000. The average time on market has been 41 days, and the total dollar volume of sales so far has been $729,498,000.
When selling a property in a market such as this, exposure to the market is key. If you list your home and get an immediate full-priced offer from the first person that views it, you may have left money on the table.
We see more and more listing agents “stacking” offers to make sure they have not undervalued a property. Not a great environment for buyers to compete in, but sometimes necessary to guarantee the seller gets true “market value” for their home.
If listing in a market such as this, it is important to work with a local expert that has an effective marketing strategy. If trying to buy in this market, find a good buyer’s agent, active in the area you wish to move. In both scenarios, local market expertise is key.
Tony Browton is an award-winning realtor who lives and works on BC’s Sunshine Coast. His weekly blog can be found here http://www.truebluerealty.ca/blog

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