We saw little change in the market in October over September. A slight decrease in sales and a small 3.1% decline in the HPI Benchmark price brought the single-family detached homes to $917,000 for the Sunshine Coast. The market activity we are experiencing is typical of fall trends as we head into the winter. The sales to the active ratio for the Sunshine Coast in October reached 10%, meaning 10% of homes listed for sale in October sold. Sechelt had 10 homes sold, Gibsons 7 and the remaining 11 dispersed between Pender Harbour, Halfmoon Bay and Roberts Creek.
Inventory is still low across the Sunshine Coast, with 95 homes for sale in Sechelt and 73 in Gibsons. Sellers, like buyers, are taking the wait-and-see approach to the real estate market.
Sellers, if you price it right, they will come. So, when getting ready to list, ask yourself, who is your ideal buyer? Where are they coming from? What is their price range? For example, on the Sunshine Coast, most sales (22 of the 28) were between $400,000 and $1,499,000. In the $400,000 - $899,000 range, we had 12 sales of 60 listings with an average of 36 days on the market. In the $900,000 to $1,499,000 price range, we had 10 transactions of the 106 listings with an average of 30 days on the market. There are considerably fewer homes under the $899,000 price range, meaning less competition, but ask yourself how you can be one of those 12 sales and what you can do to make your home more appealing to a buyer in a buyer's market.
Buyers, you have a little more time to decide, but don't take it for granted, as a well-priced property in good condition will appeal to other waiting buyers. Inventory is still low, particularly under $899,000, so be sure to have your pre-approval in place, and when the perfect house comes up, you will be ready to go.
When buying and selling, there is a lot to consider, and speaking with a local and trusted professional is the best course of action. Start the conversation early with your realtor so you can understand the process and make the right decisions for you in today's real estate market.
The statistics are for single-family detached homes on the Sunshine Coast, Gibsons, and Sechelt. All data is collected by the Real Estate Board of Greater Vancouver.
Whether you're considering buying or selling or have a general inquiry about a property, Tara's always happy to connect!