May was another record-breaking month for Sunshine Coast real estate. Sales of detached properties are up by 121% over this time last year, condos are up 200%, and townhomes 54%. Listings, meanwhile, are down 54% for detached properties, down 62% for condos, and down 51% for townhomes.
The benchmark price for a detached home is now $445,200, compared to $388,700 in June of last year.
The sales-to-active ratio, which measures the balance between sales and listings, climbed upward again and sits at 47% for detached, 39% for condos and 53% for townhomes. A balanced market would be half those numbers. The Seller’s market continues to prevail.
The majority of the 133 sales of single detached homes in May were in the $400K to $900K range, which also represented the largest number of listings. It took an average of only 39 days for homes in this price range to sell, compared to 71 days in April.
The hottest area for sales of detached homes in May was Sechelt , with 57 sales and 103 active listings. The benchmark price in that community is $407,200.
The best value remains in Pender Harbour/Egmont, which had 17 sales, 73 active listings, and a benchmark price of $363,900, up slightly from April’s price.
The average price per square foot paid for detached homes was $324, condos $321 and townhomes $218.
Land sales are up 225% over last year, as the bidding wars and lack of availability prompt folks to buy land and build. This is good news for the construction industry and local economy.
All factors point to continued upward trends in sales and prices. The Sunshine Coast has been discovered!