It was a busy October to start Q4 on the Sunshine Coast. Low inventory and high demand saw many sellers enjoying multiple offers and sales over asking price.
Disappointed buyers were commonplace, especially those trying to do it on their own or those that chose to work with a non-local Realtor as their buyer’s agent.
Here is how the numbers finished as of October 30, 2020.
October Year-Over-Year (YOY)
- October 2019 saw 71 total sales – 46 of them were single-family detached, and the average price of those homes was 670,000. The average time on market was 99 days, and the total dollar volume of sales was $42,506,000.
- October 2020 had 155 total sales – 82 of them were single-family detached houses, with the average price of those homes being $828,000. The average time on market has been 38 days, and the total dollar volume of sales was $110,574,000.
YEAR TO DATE YOY
- From Jan. 1 to the end of October 2019, we had seen 624 total sales – 348 of them were single-family detached, and the average price of those homes was $689,000. The average time on market was 49 days, and the total dollar volume of sales was $396,793.
- From Jan. 1 this year up until the end of October, we have seen 916 total sales – 510 of them being single-family detached houses with the average price of those homes being $801,000. The average time on market has been 41 days, and the total dollar volume of sales so far has been $630,097,000.
- Note – the total number of sales for 2019 was 741, and the total value was $471,716,000, so we are currently 175 sales and $158,381,000 up with two months left in the year.
The collective consciousness of Greater Vancouver now seems to be aware of the Sunshine Coast, and demand from buyers is building. Not having to commute to work has opened our market as a viable option for families with working parents.
Bylaw changes aimed to increase rental properties and reduce Airbnb/short-term vacation rentals may result in some properties being sold by Vancouver-based investors at the start of next year. This may give pre-qualified buyers a reprieve, but it will likely be short-lived as demand is so far beyond supply.
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