Market Updates & Stats
We are still in a buyers market however, seeing a drop in new active listings which is normal for this time of year - everyone out doing their summer activities. In 2018 we had 419 active listings vs 585 for the same time this year. Our Benchmark Price for Detached Properties has dropped 4.6% from $628,000 to $599,100. Attached Properties went from $402,450 to $432,000 (up 7.34%) but down 5.88% since last month May 2019 ($459,000). Attached properties went up since last year due to the lack of volume of attached properties on the Coast as well as affordability creates a different type of market compared to detached.
If your thinking of selling and feel this might not be the right time, I would recommend you to reconsider. Due to the lack of inventory for the Summer, you in-fact have less competition then you would in the spring and fall when remaining sellers find these times of year the most convenient.
If your thinking of buying, it still is a great time to buy because other buyers may be off doing a bit of summer activity or can't find that home they are hoping to find so if you do like a listing currently on the market, talk to an agent! See what might be worth offering - you just never know! A local agent may have information regarding the property that you didn't think you could obtain and help get you into your dream home that felt farther away then you imagined.
Total sold for June 2018 were 61 vs 54 for this year
If your thinking of listing, we are certainly in a buyers market and you really want to ensure you are priced sharply to portray that best deal for buyers and beat all your competition. In the last year, May 2018 to May 2019 the market has gone from a Benchmark Price of $631,400 to $600,300 which is down 4.9% for detached properties while for attached properties its only gone down approx less then 1% and that is due to the affordability condos and town homes still offer.
If your thinking of buying, its your time to buy! Deals are to be had right now and don’t suggest being so focused on the listing price without speaking to a professional local Real estate agent like myself to help determine what is market value of a particular property. In contrary to what I just said for sellers not to do I still find they tend list above market value to allow for “negotiating” room.
Total Active Listings for the entire Sunshine Coast in May 2019 was 554 vs 404 in May of 2018.
Total sold were 61 vs 86 for last year
If you have any questions or would like a detailed market update to your area specifically please feel free to contact me!