Market Minute - Q3 2020

Posted on Oct 09, 2020 in Sunshine Coast, BC Real Estate Podcast

It was a busy September that capped off a strong finish to the quarter on BC's Sunshine Coast.

September Year-Over-Year (YOY)

  • September 2019 saw 66 total sales – 35 of them were single-family detached, and the average price of those homes was $728,500. The average time on market was 90 days, and the total dollar volume of sales was $42,949,000.
  • September 2020 had 145 total sales – 73 of them were single-family detached houses with the average price of those homes being $845,000. The average time on market has been 46 days, and the total dollar volume of sales was $103,792,000

Q3 (July, August and September) YOY

  • Q3 2019 saw 215 total sales – 129 of them were single-family detached, and the average price of those homes was $686,500. The average time on market was 57 days, and the total dollar volume of sales was $140,787,000.
  • Q3 2020 had 447 total sales – 241 of them were single-family detached houses with the average price of those homes being $843,000. The average time on market has been 38 days, and the total dollar volume of sales was $315,271,000

Year to date YOY

  • From January 1 to the end of September 2019, we had seen 553 total sales – 302 of them were single-family detached, and the average price of those homes was $692,000. The average time on market was 47 days, and the total dollar volume of sales was $354,287,000.
  • From January 1 this year up until the end of September, we have seen 762 total sales – 429 of them being single-family detached houses with the average price of those homes being $796,000.
  • The average time on market has been 42 days, and the total dollar volume of sales so far has been $519,695,000.
  • Note – the total number of sales for 2019 was 741, and the total value was $471,716,000, so 2020 has already surpassed that with three months left in the year.

Sunshine Coast market is HOT

Currently, the real estate market is hot because there are lots of buyers looking to buy here that historically we have not seen – or not seen in the same volume.

These buyers are those who are still employed post-COVID that no longer need to commute every day. Prior to this change, they would not consider the Sunshine Coast as a viable option as they would have had to catch the ferry/commute every day.

Historically, our leading and most affluent buyer group here has been 55+ retirees looking to downsize or who are attracted to the slower pace and lack of crime. The retiree group is still here but are finding themselves competing with the new buyers. The properties that are appealing to both groups are the ones we are seeing lots of action on at the moment.

The combination of these factors has resulted in multiple offers over asking price sales and has led to low inventory. This is especially true in Gibsons where single-family homes are in high demand, specifically those with suites that buyers can use as mortgage helpers to have a family member live in.

I expect that starting in mid-October and by the start of November, the market will have slowed. It is anticipated that next spring the Sunshine Coast market will be busy again, especially if there is another COVID lockdown or increased restrictions between now and then.

Call Tony today

Call me to talk about buying or selling on BC's Sunshine Coast. I'm never too busy to answer your questions.

Tony Browton - TrueBlueRealty.ca
Personal Real Estate Corporation
Re/Max City Realty (Gibsons)
Mobile: 604-418-2695

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