While province-wide restrictions for non-essential travel are still in effect until at least June 15, I believe the launch of BC's Restart plan signals that the Sunshine Coast real estate market is about to go into overdrive once more.
We finished April 2021 with 158 detached homes on the market. May 2021 came to a close with only 125 detached homes in inventory, which is a month-over-month net loss of 33 homes. And that drop comes despite travel restrictions AND an influx of 100 new listings hitting the market during May. The seemingly insatiable demand for Sunshine Coast real estate, combined with dwindling inventory, sets the stage for a frenzied start to summer 2021.
If you’re about to dive in as a buyer, you need to be preapproved and have a predetermined hard limit of what you’re willing to spend. Buyers should make this decision now before the emotion of competing offers fogs your judgment and you end up paying a price you later regret.
And while it is undoubtedly a sellers’ market, homeowners shouldn’t have a blasé attitude about readying their home for sale. No real estate market is so one-sided that a clean and tidy home goes unnoticed or unappreciated. Preparing your property puts you in the best possible position to get top dollar for your home.
Here are the numbers for May 2021 and for the year-to-date.
MAY YEAR-OVER-YEAR (YOY)
- May 2020 saw 38 total sales: 22 of them were single-family detached and the average price of those homes was $747,000. The average time on market was 55 days, and the total dollar volume of sales was $21,606,000.
- May 2021 had 144 total sales: 71 of them were single-family detached houses with the average price of those homes being $1,001,000. The average time on market was 12 days, and the total dollar volume of sales was $119,400,000
YEAR TO DATE - YOY
- From January 1 to end of May 2020 saw 214 total sales: 121 of them were single-family detached, and the average price of those homes was $716,000. The average time on market was 52 days, and the total dollar volume of sales was $149,471,000
- From January 1 to end of May 2021 had 654 total sales: 310 of them were single-family detached houses with the average price of those homes being $985,000. The average time on market has been 14 days, and the total dollar volume of sales was $532,870,000.
CURRENT DETACHED HOME INVENTORY LEVEL(S)
- Gibsons – 34 homes for sale; 14 of them under $1M
- Roberts Creek – 6 homes for sale; 2 under $1M
- Sechelt – 54 homes for sale; 32 under $1M
- Halfmoon Bay – 19 homes for sale; 7 under $1M
- Pender Harbour – 12 homes for sale; 8 under $1M
- TOTAL INVENTORY – 125 detached homes listed: 63 under $1M