Low inventory of detached homes combined with a busy summer travel season had an impact on the Sunshine Coast real estate market last month. Despite strong demand, many would-be buyers were forced to cancel showing appointments as they were not able to get on the ferry, due to heightened summertime demand.
Even with this travel congestion, multiple offers are still commonplace for properties that are priced right and have been given appropriate marketing exposure.
We move into September with pent-up demand that I expect will result in another hectic month. This assumes A) more inventory comes online; and B) ferry reservations for Horseshoe Bay to Langdale are not as hard to come by.Here are the numbers for August 2021 and this year-to-date...
AUGUST YEAR-OVER-YEAR (YOY)
- August 2020 saw 158 total sales: 85 of them were single-family detached and the average price of those homes was $839,000. The average time on market was 33 days, and the total dollar volume of sales was $110,843,000.
- August 2021 had 104 total sales: 49 of them were single-family detached houses with the average price of those homes being $1,128,000. The average time on market was 24 days, and the total dollar volume of sales was $100,841,000.
- From January 1, 2020 to the end of August 2020 saw 622 total sales: 355 of them were single-family detached, and the average price of those homes was $786,000. The average time on market was 42 days, and the total dollar volume of sales was $432,622,000.
- January 1, 2021 through the end of August 2021 had 974 total sales: 474 of them were single-family detached houses with the average price of those homes being $1,000,600. The average time on market has been 15 days, and the total dollar volume of sales was $823,934,000.
CURRENT DETACHED HOME INVENTORY LEVEL(S)
- Gibsons: 22 homes for sale; 5 of them under $1M
- Roberts Creek: 17 homes for sale; 6 under $1M
- Sechelt: 53 homes for sale; 24 under $1M
- Halfmoon Bay: 18 homes for sale; 5 under $1M
- Pender Harbour: 29 homes for sale; 10 under $1M
- TOTAL INVENTORY: 139 detached homes listed: 50 under $1M
SEPTEMBER SELLERS’ MARKET ON THE SUNSHINE COASTAt the end of last month, we had 179 detached homes listed. This is a reduction in total detached inventory of 40 homes. This drop in inventory came while buyers were finding it difficult to travel to the Sunshine Coast.
If supply remains low and out-of-market buyers are able to secure passage on the ferry, I anticipate that September will be very busy. All of this means that now is a very good time to sell if you have somewhere to go, or if you’re thinking of cashing in an investment property.
If you’re not already working with a real estate professional to sell your home, call me and ask me about my proven marketing system.