(May 08, 2015)
Land sales up by 282% over previous year
Sunshine Coast Detached listings
There are currently 563 detached listings on the Sunshine Coast. This is up from last month when there were 547 detached listings. Detached sales year-to-date ending March 31, 2015: 172. In 2014 there were 154 sales; in 2013 there were 148, and in 2012 there were 171 sales. The current market's hot price range is under $400,000, with 82 of the 172 sales occurring in this price range. With the current sales pace, this represents a 13 month supply of listings. Last April (2013 we had a 24 month supply of listings.
Sunshine Coast Attached Listings
There are 167 current attached listings. This is down from the previous month when there were 178 attached listings. Attached sales this year-to-date ending March 31, 2015, there were 49; in 2014 there were 35 sales; in 2013 there were 35 sales and in 2012 there were 32 sales. With the current sales pace this represents a 24 month supply of listings. Attached listing represents strata unit apartments, condos and townhouses. Attached property sales are up over the previous years.
Sunshine Coast Land listings
There are 406 bare land listings. This is down slightly from the previous month there were 415 listings. Land sales year-to-date ending March 31, 2015: there were 42 sales; in 2014 there were 11 sales; in 2013 there were 19 sales, and in 2012 there were 19 sales. With the current sales pace this represents a 38 month supply. Last April (2014) we had a 154 month supply of listings.
- $000 to $300,000 with 32 sales
- $301,000 to $400,000 with 50 sales
- $401,000 to $500,000 with 41 sales
- $501,000 to $600,000 with 23 sales
- $601,000 to $700,000 with 7 sales
- $701,000 to $ 800,000 with 4 sales
- $801,000 to $900,000 with 3 sales
- $901,000 to $1,000,000 with 1 sales
- 3 sales over a $1,001,000 this year
All the listing types saw a significant drop in the monthly supply of listings. The biggest one to watch is the land listing. Our biggest indicator of the economy improving on the coast is land purchases. Real Estate always leads the economy and raw land purchases indicate a few things. Buyers cannot find what they are looking for because inventory is has been decreasing by 22 % over the previous year. So they buy raw land and build. Building means jobs from the building supply, contractors and right through to the restaurants. When people have good paying jobs they are able to spend more in our community.
Now once again I must caution that this activity does not necessarily mean prices are going up. I was looking at one sale where the particular home sold in April 2011 for $1,300,000 and then resold this April, 2015,l for $1,125,000. So you still need to be careful about pricing your home by paying attention to what the neighbours actually sold for and not what they were asking. Sometimes a specific housing type will get more than another comparable home. For example, a nice rancher may call for a better price than a two storey home because the bulk of our market currently is seniors. So price it right.