Market Update July 19, 2016

Sunshine Coast Detached Listings
Sales up by 84% over the previous year

There are currently 286 detached listings on the Sunshine Coast. This is up slightly from June 30 in which there were 284 detached listings. Detached sales year-to-date ending July 19, 2016: 676 sales, in 2015: 400 sales; in 2014: 303 sales, and in 2013: 263 sales. The current market's hot price range is between $351,000 and $450,000 with 157 sales occurring in this price range. With the current sales pace, this represents a 2 1/2-month supply of listings.

Sunshine Coast Attached Listings

Sales up by 51% over the previous year

There are currently 66 current attached listings. This is up slightly from June 30, when there were 64 attached listings. Attached sales this year-to-date ending July 19, 2016: 144 sales; in 2015: 99 sales; in 2014: 64 sales and in 2013: 48 sales. With the current sales pace this represents a 3 month supply of listings. Attached listings represent strata unit apartments, condos and townhouses. Attached property sales are up over the previous years.

Sunshine Coast Land Listings

Sales up by 228% over the previous year

There are currently 290 bare land listings. This is down slightly from June when there were 292 land listings. Land sales year-to-date ending July 19, 2016: 276 sales; in 2015: 77 sales; in 2014: 35 sales, and in 2013: 28 sales. With the current sales pace this represents an almost 7 month supply.

Year-to-Date Detached Sales

•    $000 to $300,000 with 63 sales
•    $301,000 to $400,000 with 149 sales
•    $401,000 to $500,000 with 139 sales
•    $501,000 to $600,000 with 103 sales
•    $601,000 to $700,000 with 66 sales
•    $701,000 to $ 800,000 with 44 sales
•    $801,000 to $900,000 with 35 sales
•    $901,000 to $1,000,000 with 24 sales
•    52 sales over a $1,001,000

Is it Worth the Cost?

A stressful part of putting your home on the market is trying to figure out what to fix and upgrade to get the very best price. An experienced Realtor will recommend projects to consider and ones to avoid. After all, just because you put money into a renovation project doesn’t mean you will recoup the money in a sale. Home improvements magazines are also a good resource for deciding where to put your money.

Top Upgrades

In many cases, smaller-scale renovation projects recoup more of their initial cost than larger, pricier ones. For example, a minor kitchen upgrade like new counter tops can return 100% of renovation costs, but a more expensive $50,000 kitchen remodel only retains 68.7% of its value on resale. Replacing the front door with a steel entry door, this typically returns more than 100% of its cost. Also garage doors are a wise investment, returning up to 83% of their original cost when the home sells.  Other prudent outdoor renovations include siding and window replacement, returning 80% and 72.4 %, respectively.

Other  non-essential features have less resale value. Sun room additions recoup only 48.6% of renovation costs; home office remodels, 45.8%; and backup power generators, 48.5%, hot tubs, swimming pools. This is just to give you an idea of what gives you the best return.

The Sunshine Coast is still the best neighborhood in the Lower Mainland and the best value at any time of year.