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April 2024 Market Update

Real Estate Monthly Market Update Sunshine Coast, BC: April to May!

This is your upbeat monthly real estate market update for April, brought to you by your local agents at Good People Realty Group. Let’s explore the latest statistics of the market from April to May:

New Listings:

April: 152 homes

The market continues to see a healthy influx of new listings.

Solds:

April: 29 homes

Despite the slightly lower number of sales compared to the previous month, the market remains active, with transactions still taking place at a steady pace.

Home Price Index (HPI):

April: $826,300

May: $824,500

A slight decrease of $1,800!

While there’s a minor dip in the HPI, the market remains resilient, with home values holding steady.

Percentage of Original Price:

April: 96.4%

May: 96.5%

An increase of 0.1%!

Sellers continue to receive offers close to their original listing prices, indicating a strong demand and competitive market conditions.

Days on Market (DOM):

April: 38 days

May: 25 days

A decrease of 13 days!

Homes are selling even faster than before, with properties spending an average of just 25 days on the market. This rapid turnover underscores the high demand and competitiveness of the current market.

Price per Square Foot:

April: $472

May: $513

An increase of $41!

The price per square foot has seen an uptick, suggesting a growing demand for properties and potentially higher quality listings entering the market.

Market Insight:

April has shown the continued resilience of the real estate market. Despite slight fluctuations, overall market conditions remain favourable for both buyers and sellers. The slight decrease in the HPI and the increase in the percentage of original price indicate a balanced and stable market, where sellers are still able to fetch favourable prices for their properties.

The significant decrease in the days on market and the rise in the price per square foot highlight the intense competition among buyers. it is essential for both buyers and sellers to stay informed and proactive in navigating this market.

For personalized advice and assistance with your real estate needs, don’t hesitate to reach out to your local agents at Good People Realty Group.

March 2024 Market Update

Hello Good People! This is your upbeat monthly real estate market update for the Sunshine Coast from February to March, brought to you by your local agents at Good People Realty Group. The real estate market continues to show robust growth and promising trends. Let’s dive right into the exciting numbers!

Home Price Index (HPI):

  • February: $803,000
  • March: $826,000 That’s a rise of $23,000!

The HPI reflects the overall value of homes in the market, detached, townhomes & condos, and this uptick demonstrates increasing confidence and demand among buyers and sellers alike.

Median Sale Price:

  • February: $818,000
  • March: $895,000 An impressive jump of $77,000!

This substantial increase in the median sale price further emphasizes the strong seller’s market we’re experiencing. Sellers are benefiting from higher returns on their investments, while buyers continue to invest in this flourishing market.

Days on Market (DOM):

  • February: 90 days
  • March: 38 days A significant drop of 52 days!

Homes are selling faster than ever, with properties spending less than 40 days on the market on average. This swift turnaround time highlights the high demand and competitive nature of the current market.

Median Price per Square Foot:

  • February: $489
  • March: $472 A decrease of $17!

While there’s a slight dip in the price per square foot, it’s important to note that the overall home prices are on the rise. This could indicate a broader mix of home sizes and types entering the market.

Inventory:

  • February: 316 homes
  • March: 397 homes An increase of 81 homes!

With more properties available, buyers have a wider selection to choose from, providing them with more opportunities to find their dream home.

New Listings:

  • February: 99 homes
  • March: 177 homes A whopping 78 more listings!

The surge in new listings demonstrates growing confidence among sellers to list their properties in this thriving market.

Sales:

  • February: 39 homes
  • March: 43 homes A steady increase of 10%!

Despite the increase in new listings, the number of sales has also seen a modest growth, indicating a balanced and active market.

The real estate market from February to March has been nothing short of dynamic and exciting! The significant rise in the HPI and median sale price underlines the strong and confident market sentiment. Homes are selling faster, and with more options available due to increased inventory and new listings, buyers are finding more opportunities to make their move.

The decrease in the price per square foot, combined with a rise in the median sale price, suggests a diverse range of properties entering the market, catering to various buyer needs and preferences.

In conclusion, the current real estate market is vibrant, competitive, and favourable for both buyers and sellers. If you’re considering making a move in the near future, now might be the perfect time to take advantage of these favourable conditions.