Breaking News
Market finished year strong

Market finished year strong

The Sunshine Coast real estate market finished the year unseasonably strong. Sales were up 218 percent for the month of December year-over-year, and there is currently an inventory shortage that has multiple offers still commonplace, even between Christmas and New Years’.
Here are how the numbers broke down in detail to finish up 2020:
DECEMBER YEAR-OVER-YEAR (YOY)
• December 2019 saw 44 total sales – 26 of them were single-family detached, and the average price of those homes was $770,000. The average time on market was 54 days, and the total dollar volume of sales was $34,185,000.
• December 2020 had 96 total sales – 46 of them were single-family detached houses, with the average price of those homes being $930,000. The average time on market has been 45 days, and the total dollar volume of sales was $75,580,000.
2019/2020 STATS
• From Jan. 1 to the end of December 2019, we had seen 756 total sales – 409 of them were single-family detached, and the average price of those homes was $696,000. The average time on market was 51 days, and the total dollar volume of sales was $483,862,000.
• From Jan. 1 this year up until the end of December, we have seen 1,159 total sales – 630 of them being single-family detached houses with the average price of those homes being $820,000. The average time on market has been 42 days, and the total dollar volume of sales so far has been
$825,872,000.
• Year-over-year increase in sales volume of 153 percent and detached home price of 117 percent.
Assuming that COVID-19 restrictions will continue into at least March/April, I expect unseasonable high sales volume to continue over the next few months, climaxing with another frenzied seller’s market starting in May or potentially earlier, pending provincial essential travel orders.
If you are thinking of selling in spring, you may want to consider listing early due to the current low inventory and high demand.
If you plan to buy a first home or an investment property on the Sunshine Coast in 2021, hire an experienced local buyers agent and get all pre-approvals in place. For the foreseeable future, it is unlikely that sellers will be looking at offers subject to sale or with finance subjects longer than two weeks.
Tony Browton is an award-winning realtor who lives and works on BC’s Sunshine Coast. His weekly blog can be found here www.true
bluerealty.ca/blog

Print Friendly, PDF & Email

Leave a Reply

Your email address will not be published. Required fields are marked *

*

Scroll To Top
Do NOT follow this link or you will be banned from the site!