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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.
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