2014 Sunshine Coast Monthly Sales Stats

[Skook]

Hey Everyone! Guess what time it is?

Why, it’s time for ‘Real Estate Reflections’ with SC Realtor Kenan MacKenzie! It’s seems like forever since I’ve shared MacKenzie’s thoughts on the state of the Sunshine Coast real estate market. His insightful report appears at the beginning of the month in the Coast Reporter’s 'Real Estate Weekly' insert.

So, without further ado...Kenan MacKenzie...

Quote:Market Update for the Month of November

Detached Sales are up 24.06 % over last year.

(Skook note: Sigh, oh great right off the top...now where did he get that number: 24.06%? It’s “point oh 6”, too...damn, I wish I could still drink. Oh hell, a glass of wine won’t kill me...I’ll be right back. Aw, that tastes good and will definitely help. Okay, Kenan, let’s look at the figures. In November, there were 38 detached home sales and in November 2013 there were 24 sales. Is that where you got that number? Because when I use Microsoft’s own Excel formula, =(38/24)-1, I get a whopping 58.3% increase over last year. Yep, 58.3% - now, isn't that a much better percentage to cheer about?)

Sunshine Coast Detached listings
There are currently 548 detached listings on the Sunshine Coast. This is up marginally from 2013 where in the same period we had 579 detached listings. Detached sales year –to- date ending November 30, 2014: there are 526, in 2013 there were 424 sales, in 2012 there were 450 and in 2011 there were 440 sales. The current market's hot price range is between$301,000 and $400,000, with 168 sales occurring in this price range. With the current sales pace this represents a ten month supply of listings.

(Skook note: I agree with Kenan’s detached “year-to-date” sales even though they don’t match my numbers. Kenan is likely using the REBGV totals whereas I have been using SC Realtor Gary Little’s figures and I am coming to the conclusion the difference is due to sales on Gambier and Keats Islands which Little may omit from Gibsons’ sales stats. Yep, the hot price range is definitely $300,000 - $399,999 which as of November 30th counted for 33.8% of 2014 sales.)

Sunshine Coast Attached Listing
There are 160 current attached listings. This is up slightly over 2013, where in the same period we had 157 attached listings. Attached sales this year to date ending November, 2014 there were 104; in 2013 there were 87 sales; in 2012 there were 85 sales and in 2011 there were 89 sales. With the current pace of sales this represents an 11 month supply of listings. Attached listing represents strata unit apartments, condos and townhouses. Attached property sales are up over the previous years.

(Skook note: Let’s see...Kenan gives us the sales figures ending November 2014, 2013, 2012 and 2011 and then ends the paragraph with, “Attached property sales are up over the previous years.” Thank you, Kenan, otherwise I might have missed the obvious. Hmm, think I need to top up my mug of wine...)

Sunshine Coast Land listing
There are 421 bare land listing. This is up slightly from 2013 when we had 378 listings. Land sales year –to- date ending November, 2014: there were 61 sales, in 2013 there were 53 sales, in 2012 there were 61 sales and in 2011 there were 75 sales. With the current sales pace this represents a seventy-five month supply.

(Skook note: 75 month supply = 6 years 3 months. Let’s see... the pace is directly proportional to SC land being incredibly dirt cheap...so says my Folonari Valpolicella 2013...thank you very much.)

November sales - the highest over the last 4 years - the trend continues...

• $000 to $300,000 with 128 sales
  
• $301,000 to $400,000 with 168 sales
  
• $401,000 to $500,000 with 88 sales
  
• $501,000 to $600,000 with 59 sales
  
• $601,000 to $700,000 with 33 sales
  
• $701,000 to $ 800,000 with 23 sales
  
• $801,000 to $900,000 with 6 sales
  
• $901,000 to $1,000,000 with 8 sales
  
• 13 sales over a $1,001,000 this year
  

Just a note about the stats recorded above, if you are getting information from your Realtor these stats may be different. The Real Estate Board records stats two ways one by the date the sold is processed ie the day a Buyer removes all their subjects from the contract and the other is by the date of the contract is signed by the parties. I have chosen to do the stats by the date of the contract. The Board puts information out to the Realtors by the process date, both will record all sales. Both ways of recording the stats the market on the Sunshine Coast is up 24.06 % over the previous years.

(Skook note: Kenan tells me something I didn’t know – that the Real Estate Board “records stats two ways”. He says this could affect the info given to you by a Realtor. My question is, “How does this affect the REBGV’s monthly stats? Could it result in some property sales being counted twice, at least in the short term? I wonder if this explains why almost each month Gary Little has been correcting the 2012 SC sales data on his website stats page – has the REBGV been catching past duplicated sales? As for Kenan’s last two sentences – there’s that 24.06% again – I can only say, “What?” And, no, it’s not the wine; although, I have over reheated my dinner and the beets are burnt.)

Talking with a few of my colleagues the market does not seem to be taking the seasonal break. November and October were great months for sales, seems like December is going to be busy as well. The inventory is down from August by 23 % giving those Sellers less competition to compete for the Buyers. We had a spike in sales between 600 and 700 very quiet on listings over $800,000.

(Skook note: I do believe I said more or less the same in my own November stats report above – hopefully, I was more lucid...LOL.)

If the Sale trend continues at the present pace 2015 will be a more balanced market for the Sellers.

(Skook Note: Kenan's own sentence highlighting here. Months ago, Kenan stopped talking about the return of an SC “Seller’s” market. I’ve just cruised through his previous “Reflections” and this is his first mention of a possible “balanced” market for the SC. Hmm, did he read my December 1st post? Regardless, I would say “balanced it is for 2015 and Kenan has ended on just the right note. I think I'm going to drink to that.)

Oh dear, I don’t feel so good. RFM, I need hair of dog.