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Market Still Red Hot

Market Still Red Hot

The Sunshine Coast real estate market is still red hot. More listings have come on the market, but demand is still far beyond supply. Anything decent is selling right away unless the listing realtor holds offers, in which case it sells on the day offers are reviewed.
Multiple offers are commonplace, and there is a lot of “buyer fatigue” happening after some find themselves still looking, even after writing offers on several properties. Buyers trying to go it alone (calling listing agents direct) have little chance of success and people hoping to buy somewhere “subject to sale” are wasting their time even looking.
Here are how the numbers broke down in detail for
February:
FEBRUARY YEAR-OVER-YEAR (YOY)
• February 2020 saw 47 total sales – 24 of them were single-family detached, and the average price of those homes was $649,000. The average time on market was 57 days, and the total dollar volume of sales was $30,220,000.
• February 2021 had 127 total sales – 55 of them were single-family detached houses, with the average price of those homes being $962,000. The average time on market has been 24 days, and the total dollar volume of sales was $98,886,000.
YEAR TO DATE – YOY
• Jan. 1 to the end of February 2020 saw 79 total sales – 42 of them were single-family detached, and the average price of those homes was $629,000. The average time on market was 68 days, and the total dollar volume of sales was $50,380,000.
• Jan. 1 to the end of February 2021 had 209 total sales – 89 of them were single-family detached houses with the average price of those homes being $930,000. The average time on market has been 49 days, and the total dollar volume of sales was $153,761,000.
CURRENT DETACHED HOME INVENTORY LEVEL(S)
• Gibsons – 41 homes for sale, 19 of them under $1 million
• Roberts Creek – 2 homes for sale, one under $1 million
• Sechelt – 55 homes for sale, 33 under $1 million
• Halfmoon Bay – 17 homes for sale, eight under $1 million
• Pender Harbour – 19 homes for sale, five under $1 million
• Total inventory – 134 detached homes listed, 66 under $1 million and a large percentage of those (around 50 percent) are already under offer.
In summary, a great time to sell (if you have somewhere to go) and a tough time to be buying. If you are a seller thinking of waiting till spring to list, consider listing early and capitalizing on low inventory and high buyer demand.
Tony Browton is an award-winning realtor who lives and works on BC’s Sunshine Coast. His weekly blog can be found at www.true
bluerealty.ca/blog.

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