Market Update for December 2014

(January 09, 2015)



 

From my family to yours, we wish you a very happy, healthy, and prosperous 2015!

 
 
 

Market Update for December 31 2014

Detached Sales finish up 23.64 % over previous year

Sunshine Coast Detached listings

There are currently 464 detached listings on the Sunshine Coast. This is down from 2013, where in the same period we had 522 detached listings. Detached sales year–to- date ending, December 31, 2014: there were 570; in 2013 there were 461 sales; in 2012 there were 479, and in 2011 there were 458 sales. The current market's hot price range is between $301,000 and $400,000, with 184 sales occurring in this price range. With the current sales pace, this represents a ten month supply of listings.

Sunshine Coast Attached Listing

Attached Sale Finish up 12.12 % over previous year

There are 162 current attached listings. This is up slightly over 2013, where in the same period we had 147 attached listings. Attached sales this year-to-date ending December 31, 2014 there were 111; in 2013 there were 99 sales; in 2012 there were 90 sales, and in 2011 there were 94 sales. With the current sales pace, this represents a 17 month supply of listings. Attached listings represents  strata unit apartments, condos and townhouses. Attached property sales are up over the previous years.

Sunshine Coast Land listing

Land Sales Finish up 4.69% over the previous year

There are 353 bare land listing. This is down slightly from 2013 when we had 358 listings. Land sales year-to-date ending December 31, 2014:  there were 67 sales; in 2013 there were 64 sales; in 2012 there were 66 sales, and in 2011 there were 83 sales. With the current sales pace this represents a sixty-three month supply. December sales - the highest over the last 4 years - the trend continues...
  • $000 to $300,000 with 137 sales
  • $301,000 to $400,000 with 184 sales
  • $401,000 to $500,000 with 97 sales
  • $501,000 to $600,000 with 61 sales
  • $601,000 to $700,000 with 37 sales
  • $701,000 to $ 800,000 with 24 sales
  • $801,000 to $900,000 with 6 sales
  • $901,000 to $1,000,000 with 8 sales
  • 16 sales over a $1,001,000 this year

If the Sales trend continues at the present pace 2015 will be a more balanced market for the Sellers. I was asked the question,what does a more balanced market mean?  As defined by British Columbia Real Estate Association “A balanced market is one in which the sales to active listings ratio is in a range of 14 to 20 per cent. In general, a balanced market results in home prices remaining relatively stable.” Other ways to tell the market has become more balanced is the listing supply will be in the range of five to six months.  If we look at the detached sales currently we have a 10 month supply and this is down from highs of a 25 month supply as we have seen in the past.

Just because the sales are up does not mean that price is up. Looking back on previous Real Estate cycles, in our UP cycle, it took 2 to 3 years of positive sales volume before prices moved. So price it right, which means it’s better to look at what your neighbor sold for than to look at what neighbor listed for. Through the internet many buyers are very well informed and they know the market. Buyers want to make sure they are getting best value for their money. So think strategically and put aside your emotions and price it right or wait.

Call me today for a free market evaluation or let me help you find your new home - Kenan MacKenzie 604.885.7810 or email me at kenanmackenzie@dccnet.com  .