The Real Estate Board of Greater Vancouver (REBGV) reported in their December 2nd news release that residential property sales of detached homes on the Sunshine Coast increased 30.9 percent in the period September to November compared to the same period last year. The number of listings is up only marginally from 56 in November 2014 to 62 in November 2015.
“November is typically one of the quietest months of the year in our housing market, but not this year,” Darcy McLeod, REBGV president said, speaking of the entire Metro Vancouver market, which includes the Sunshine Coast. “The ratio of sales to homes available for sale reached 44 per cent in November, which is the highest it’s been in our market in nine years.”
The sales-to-active-listings ratio for the Sunshine Coast in November was 119 per cent, up from 98 percent in October 2015. Generally, analysts say that home prices often experience upward pressure when the ratio reaches 20 per cent or higher.
So what does this mean for our local market? Sales are up, listings are down. Although I don’t have a crystal ball, it sure seems like the market is heating up. It is a good time to list your property as there are few properties on the market right now and yours will stand out. It is also a good time to buy before prices begin to rise, and while interest rates are still low.
To read the full REBGV report, click here: