Good news! Things are looking up as a whole and especially in the detached real estate market on the Sunshine Coast.
For detached sales in the month of April we enjoyed 57 units sold over last year's 33. This is a very healthy increase of 72%. The YTD is up as well with a total of 152 sales over 2011's 132, or a 15% increase!
This past month we also enjoyed a sales success ratio of 68% which means if your home is priced right and shows well you had a 68% chance of selling it last month. No doubt those odds will increase for May. An interesting note is that the average detached sale price for April, 2011 was $494,281 and this year the average is $451,501. That's down 8% and means sellers need to be leading the market with prices lower than you are thinking! Even though unit sales are up you should seriously consider, when it comes to price, are you an owner or are you a seller?
Condos and town homes, interestingly, are not enjoying the same kind of surge in sales we are seeing with the detached market. For April we saw 8 units sold over last year's 12 for a decrease of 33%. The YTD is not near as bad with a total of 31 units sold over the 2011 number of 32.
The YTD average selling price is up slightly for town homes to $309,220 over 2011's $292,883 for an increase of 5%. Condos are down so far this year with the average selling price at $241,893 whereas last year the average unit sold for $279,178. This is a decrease of 13%.
Land only sales are minimal again this year with 5 units sold in April over 2011's 4 units. YTD is we have sold 16 units compared to last year where 28 had sold by the end of April. Interestingly, the average sale price difference, YTD, is negligible. This year the average lot/land only price is $214.937 where last year is was $215,610. Land only sellers, price your property lower than you think! Sales success ratio YTD is 17%. I'm hopeful we'll see these numbers rise for May.
Overall, real estate on the Sunshine Coast is looking up.
Buyers are gaining confidence and we're seeing that played out in the detached market.
Sellers, it is still a buyers market. You must do everything you can with price and presentation when you list. The Buyers out there today are choosy and can afford to be! That said, April and I are seeing multiple offers on well priced properties. This is regardless of whether they are new listings, re-listed or have been on market awhile.
A small caveat for Buyers, the Bank ofCanada has been rumbling about raising interest rates toward the end of the year rather than next year. Seriously consider locking in a great rate on a pre-approved mortgage and then call us to go out house hunting :-)
Residential detached homes sales on the Coast this past month of March went well.
We had 40 homes sold of 2011's 44 homes sold in the same month for a decline of 9%. YTD is 95 homes sold over last year's 99 for a decline of just 4%. We have 570 active listings this year over last year's 515 for an increase of 10%.
Sales success ratio (meaning your chances of selling in one month) is 27% for March this year over 28% for last year and YTD is 25% over 2011's 26%.
Residential attached (condo and town home) sales fared better with 8 sold in March this year over last year's 6. That's a decent 25% increase.
YTD is up with 23 sales of last year's 20 for an increase of 13%. There are 146 active listings over last years 87 but much of this is attributable to new developments like Watermark in Sechelt and Cedar Garden Terraces in Gibsons.
Sales success ratio for attached is 56% over last years 39% so this bodes well.
What does this mean if you're selling....
Make sure your home is ready to show! Need fresh paint, the carpets cleaned, little repairs and big should be attended to prior to listing.
Next is your price. It absolutely has to be right and reasonable before anyone will consider making an offer. Take into account other listed homes in your neighbourhood but make sure you understand what has sold recently and for how much. Recent solds are your best barometer for your home's value!
The bareland market is making a go of it this past month with 6 sales over last year's 5. Although we are trying to catch up on the YTD stats as we've only had 11 bareland sales this year over last year's 24.
Sales success ratio for the YTD is 10% over 2011's 19%.
Bareland sellers should understand it is all about price and location. If you have a great location then you should be able to sell if you are asking a reasonable price. If you're location is lacking in anyway then you will have to compensate with a lower asking price.
As always, April and I are here to help you find the right value for your property, work out a marketing strategy and GET YOU SOLD!
Stats are in for February 2012 on the Sunshine Coast and they're.....well...jiving with our personal experience.....
Residential detached sales for February 2012 are down 17% in dollar volume over last year but only down 2% for the YTD.
There were 125 new listings this month which is down 2% over last year but we're up 5% for the YTD ( 224 listed homes vs last year's 212 ). Cumulatively we have sold 33 units over last year's 39 and YTD is dead even at 55 units.
What is telling is the sales success ratio. This is the amount of units sold vs the amount of units listed. We're even with last year for February at 56%. That means if your home is in show condition and you've priced it right you had a 56% chance of selling in February. That is a pretty good bet considering how the market has been faring. YTD is more realistic with a 34% sales success ratio over last year's 36%
Attached (condos and town homes) sales for February 2012 are UP 28% in dollar volume over last year and UP 18% YTD.
There were 19 new listings this month with is down 11% over last year but up 23% YTD (45 listed condo/town homes vs last year's 35). Cumulatively we have sold 11 units over last year's 9 and YTD is 15 units sold over 14 from 2011. The sales success ration for attached dwellings 45%, a significant drop from last year's 67%. YTD is fairly even with 2012 showing a 47.5% sales success ratio as compared to last year's 44%.
What do all these numbers really mean....?
Optimistic as I am I will posit that these stats show us climbing out of the real estate slump in a big way!
January was very busy with a slight tapering off in February, but, with the combination of sellers becoming more and more realistic about pricing and buyers having decided they've waited long enough I think we're in for a brisk spring market.
For sellers the same rules apply - ask the right amount for your home from the start, make sure your home is in show condition and be prepared to deal seriously with any offer that comes to the table.
For buyers - cash is still king! You will realize your best discount on price if you can bring a "clean" offer to the seller (you will pay more if you require a "subject to sale" condition but, regardless, you will still do well). Be prepared to see more competitive offer situations, especially with well priced properties, as we move toward spring.
Things are looking up! If you're ready to buy or sell this spring give us a call!
Sales stats for January 2012 give April and I a lot of optimism for the year and are mirroring our own experience.
Residential detached sales on the Sunshine Coast for the month of January was 22 units compared to last year's 16 for an increase of 37%!
Priceis where we lost a little ground with this year's average thus far at $457,000 and last year's average at $492,000. That's down 7%.
Sales success ratio, meaning your chances of selling in this month if you are priced right and in showable condition is up to 23% compared to last year's 17%!
Good news!
Condo & Town Home sales for the month of January were 4 units compared to last year's 5 for a decrease of 20% (but that's only one unit :-).
We have lost some ground on price with the average town home selling for $242,000 compared to last year's $303,000 for a reduction of 19% (these are for the two town home units sold in January) and for the two condos sold, they averaged $171,000 compared to last year's $250,000 for a reduction of 31% (again only for two units).
Sales success ratio for January, meaning your chance of selling in this month if you are priced right and in showable condition, is up to 38% compared to last year's 32%.
Clearly, the market continues to adjust with regard to pricing.
More importantly, January's indicators show a trend toward the return of consumer confidence in the housing market and real estate in general.
Sellers need to stay the course.
If you've listed last year and you haven't yet adjusted your price now is the time!
Better to adjust your price now, or list now, at the right price and garner a sale rather than find yourself having to reduce further after the spring "rush".
Also, consider that the vast majority of yearly sales happen prior to May 31st.
Does this seller senario sound familiar to you?
A vendor insists that their home is worth 500k (for example) when their realtor has shown them, via comparable sales and current market conditions in the neighbourhood, that their home's worth is actually 475k.
Mr. and Mrs Seller list at 499k and sit on market for 3 or 4 months before they realize
"hey, maybe our realtor was right" and lower their price.
However, the market has slipped even further and now a realistic price is actually 459K.
They could have received an offer close to asking price if they had listened to their realtor's original suggestion of 475k.
Now, they find themselves suffering the process for several months and in a position where they will now have to accept an even lower sale price due to the continued downward trend in values.
Don't let this be you!
If you're considering selling call us for the real price, the first time.
Remember, the vast majority of yearly sales happen prior to May 31st.
Buyers continue to enjoy amazing opportunities to purchase real estate for both primary residences and for investment. Even as markets fluctuate, real estate has, and continues to be the most solid long term investment you can make.
For example, have you always thought waterfront would be out of reach?
Waterfront is now within reach!
There are some great value propositions out there in the 700 - 900k range that would be great legacy properties for your family and/or medium (5 - 10 year) term investments.
If you have any questions or simply want to chat about real estate give April or I a ring!
Good news this month on the Housing Price Index! We're up across the board. April and I both noticed we were more busy with buyers of the month of December. I even showed a property on Christmas Day! No problem:-)!
Housing Price Index for the month of December is up over last year by 5.6%, up 4.3% over 3 years ago, up 4.5% over 5 years ago and (again proving real estate is, overall, your best investment) up 123% over 10 years ago.
Lets look at the past year entirely over the whole year of 2010:
In 2011 there were 94 attached home sales with a median price of $273,000 as compared to 2010 with 106 sales and the median price $245,000. Percentage wise we were down 11% in total unit sales and up just over 10% in selling price. The rise in asking price can, partially, be attributed to the new development Watermark in Sechelt coming online and the higher asking prices that project commanded.
In 2011 there were 452 detached home sales with the median price of $390,000 as compared to 2010 with 506 sales and the median price of $410,000. As a percentage we were down just over 10% in total unit sales and down almost 5% in selling price.
Detached home figures paint a clear picture of the market on the Sunshine Coast over 2011. We are/were seeing less sales and the homes that sold did so for less money. Definitely a buyers market and I see this trend continuing through 2012.
On a positive note it's heartening to see, that despite the tough time attracting buyers last year, we only dipped 5% in actual sold prices of most homes. We're weathering this economic uncertainty quite well here on the Coast. This statistic clearly shows that sellers must price their home and property correctly right out of the starting gate.
April and I have both been extremely busy over the previous month of December and this is continuing into January so lets move forward into 2012 with a sense of optimism!
dollar sales are 4% over November 2010, year to date (YTD) decrease of 13%
number units sold is even with November 2010, YTD decrease of 9%
average price per unit is up 4% over November 2010, YTD decrease of 4%
Attached homes (condos and town homes) sales summary:
dollar sales are down 41% over November 2010, YTD increase of 9.8%
number of units sold is down 64% over November 2010, YTD decrease of 10%
average price per unit is up 34% over November 2010, YTD increase of 18% (keep in mind the total sample for condo's and town homes is less than 100 units and the price changes are caused by one new project in particular)
Land Only sales summary:
dollar sales are down 0% over October 2010, year to date (YTD) decrease of 6%
number units sold is down 33% over October 2010, YTD decrease of 22%
average price per unit is down 24% over October 2010, YTD increase of 21%
The Housing Price Index shows the Sunshine Coast
down 6.7% over 2010,down 11.2% over 2008, down 2.7%over 2006
SELLERS, the housing price index paints a tough picture!
Price your property right "out of the gate" or you simply won't sell.
Make sure your property is ready to show and when
that offer does come in be prepared to work with it no matter what!
BUYERS, can you think of a better time, historically, to buy?
Don't be looking back in five years thinking to yourself
"Gosh, I should've bought back in 2011!".
Low interest + Low prices = GREAT INVESTMENTS IN YOUR FUTURE
Your energy-efficient condo, townhome or detached home could net you a 10% refund on your Canadian Mortgage and Housing Corp. (CMHC) insurance premium.
There's also an opportunity to extend your ammortization up to 30 years without surcharge with CMHC insured financing.
By purchasing an enery-efficient home or making energy-saving renovations you can apply online, by fax, phone or mail for a premium refund.
Here's how:
1. Find out the energy efficiency rating of your home by:
arranging an energy assessment completed by an NRCan (Natural Resources Canada) qualified energy advisor,
obtaining an R-2000 certificate,
obtaining a CMHC declaration from a certified builder or
for condo units a letter from NRCan or project engineer.
2. Boost energy efficiency, if needed.
3. Talk to your mortgage broker about arranging a CMHC insured mortgage.
4. Confirm your improvements with your energy advisor.
While October's stats paint a not so rosy picture I think we can take heart in the fact that the European Union has come to an arrangement to bailout the member countries that are in deep trouble, hopefully averting another global recession.
The Bank of Canada is doing it's part by keeping the prime rate the same. Once we see some more confidence in the markets we should see that translate to higher consumer confidence and increased real estate sales on the Sunshine Coast. As we've all been blessed/cursed to live in interesting times I find it best to maintain a positive attitude and expect the best outcome possible.
Statisitcs Summary for October 2011:
Detached homes sales summary:
dollar sales are down 24% over October 2010, year to date (YTD) decrease of 15%
number units sold is down 27% over October 2010, YTD decrease of 10%
average price per unit is up 3% over October 2010, YTD decrease of 5%
Attached homes (condos and town homes) sales summary:
dollar sales are down 47% over October 2010, YTD increase of 47%
number of units sold is down 45% over October 2010, YTD decrease of 5.5%
average price per unit is up 1% over October 2010, YTD increase of 5%
Land Only sales summary:
dollar sales are down 68% over October 2010, year to date (YTD) decrease of 6%
number units sold is down 58% over October 2010, YTD decrease of 24%
average price per unit is down 23% over October 2010, YTD increase of 23%
Sellers, my advice remains the same! Make sure your property is ready to show and when that offer does come in be prepared to work with it no matter what!
Buyers, can you think of a better time, historically, to buy? Don't be looking back in five years thinking to yourself "Gosh, I should've bought back in 2011!". Low interest + Low prices = GREAT INVESTMENTS IN YOUR FUTURE.
The latest statistics from Cameron Muir, Chief Econmist BCREA (British Columbia Real Estate Association) shows real GDP growth of 0.3% over August 2011 stemming from the energy sector.
Since I partnered with Russ in July as Coastlifestyles - "Making Your Sunshine Coast Real Estate Dreams Come True" I've been thinking up ways to generate new business.
Russ has bulit a successful business over the past 8 years with referrals from clients, friends and family so I thought I'd give it a try. I let friends, family and past clients know that I'm accepting new clients by referral. They often ask "What is a referral?"
re·ferral n. re·ferred, re·fer·ring, re·fersv.
1. To direct to a source for help or information: referred her to a heart specialist.
2. A recommendation to consult the professional person refferred to: this client is a referral from Mrs. and Mr. Jones.
The next comment is often, " Well, if I bring you a home buyer or seller, What's in it for me?"
It's a great question!
That question lead me to talk to Russ. We've come up with our exclusive Reciprocity Program that benefits both you and me as well as those in need. Here's how everyone benefits...
When your referral results in a successful purchase or sale of real estate we'll make a tax-deductatble donation of $250 in your name to a registered charity of your choice...even if it that charity happens to be YOU!
Your referral client gets benefits too! Here's how...
expert advice so your referral can relax knowing they have all the information needed to make the decision that's right for them,
access to our exclusive referral network of professional service providers mortgage brokers, licensed home inspectors, interior designers and more,
timely follow up with vital information,
our full attention as we listen to thier needs and desires,
peace of mind knowing that we're working for them 24 hours a day, 7 days a week,
access to our comprehensive online marketing system,
exposure of thier home to potential buyers from around the world resulting in a quicker sale and for top dollar in today's market,
access to all availble properties with just a click of you mouse, and
your referral is in control with thier own Virtual Office Website (VOW), that tailors thier personal criteria so that they can view homes as soon as they come onto the market, even before the home is on the MLS®.
With your referrals of our real estate services to your clients, family and friends we are able to meet our goals, build a solid business, plan for a prosperous future and help others in need.
Russ and I look forward to building a strong relationship with you that will take us all toward a future we desire.
September 2011 was another bright month in comparison to September 2010.
Today's market is catching up with last years results on the Sunshine Coast due to increases in dollar sales, number of units sold and average unit prices in September 2011 over September 2010.
All the statistics point in a positive direction despite the fact that April and I are facing a lack of consumer confidence on the ground.
What does this mean for buyers?
Most buyers are very savvy and guess that there will not be a significant rise in market values over the next few months. This results in a mind set of "lets wait and see".
Personally, I think this is risky and mistaken thinking when it comes to buying for long term investment. Generally, homes on the Sunshine Coast are selling at 3-7% below asking value. When you write your offer today you can make your offer taking into account any near future slippage in prices.
What does this mean for sellers?
Sellers have to be priced right for the market today and must be open to all offers. Sometimes a price adjustment needs to be made to reflect overall market values to date as it takes an average of 120 - 180 days to sell on the Sunshine Coast.
Despite the sudden increases in September we are still down year to date. Housing price index on the Sunshine Coast is down 0.7% over last year and down 4.4% over three years.
Statisitcs Summary for September 2011:
Detached homes sales summary:
dollar sales are up 24% over Sept 2010, year to date (YTD) decrease of 13%
number units sold is up 17% over Sept 2010, YTD decrease of 8%
average price per unit is up 5% over Sept 2010, YTD decrease of 5%
Attached homes (condos and town homes) sales summary:
dollar sales are up 70% over Sept 2010, YTD decrease of 15%
number of units sold is up 20% over Sept 2010, YTD decrease of 17%
average price per unit is up 41% over Sept 2010, YTD increase of 2%
Land Only sales summary:
dollar sale are up 6% over Sept 2010, year to date (YTD) increase of 2%
number units sold is up 37% over Sept 2010, YTD increase of 19%
average price per unit is down 22% over Sept 2010, YTD increase of 27%
Buyers, when you find the right place at the right price now is a great time to write the best deal.
Sellers, keep your home in tip top condition, price it right and be ready to look at all offers.
See you next month for more insightful commentary regarding real estate on the Sunshine Coast of BC.
Featured listing
expert advice so your referral can relax knowing they have all the information needed to make the decision that's right for them,
Email