October shows signs of  real estate market recovery on Sunshine Coast

The Sunshine Coast has been experiencing a buyers market throughout most of 2019.  However October showed some signs of change as we saw an increase of 17% in sales from September to October for Detached houses and an increase of 10.4% compared to October 2018.  Inventory decreased 14% as only a few new Detached listings came on the market, indicating sellers are reluctant to put their homes up for sale while prices are still relatively low.   This shift of low inventory and higher buyer activity could be an indication that prices are poised to see an increase.  If you are in the market to buy a home, this is time to consider putting an offer in on that home that you've had your eye on to capitalize on the still relatively soft market.  The good news for home buyers is that in October the sale price ratio dropped slightly and was average 93.6% of the list price, indicating that good deals are still to be had.  For sellers, the low inventory and increased sales activity are good indication to start preparations to ready your home for sale for what could be a strong spring market.  

For home buyers who prefer a condo or townhome lifestyle,  the market is still strongly favouring a buyers market.  And while there is typically less selection of condos for sale on the Sunshine Coast than detached homes,  there are some great opportunities for first time homeowners and investors to find some lovely properties at a great price.  As of November 1 there were 110 condos and townhomes on the market, which is an 86.2% increase over last year at the same time.   One exciting new opportunity for condo lovers is the gorgeous new development Touchstone at Gospel Rock.  This masterplanned community started sales of its Phase 1 new condo building in mid-October and was well received.  It is currently just over 30% sold and while a limited selection of oceanview 1 BR, 2 BR and 3 BR homes are still available, we anticipate them to continue to sell quickly as the real estate market recovers.  Expected to complete in 2022, this world-class development offers homebuyers and investors an opportunity to get a world-class property at today's low prices.  

To get more information about the market or to see what properties are available, please contact us at 604-817-7173, email us at jyork@yorkassociates.ca or join us November 23 for our Free Home Buyers Seminar. CLICK HERE for more info
Sunshine Coast November Market Report