The year-end statistics are in and they confirm what we've reported for most of the past year: real estate sales on the Coast have returned to more traditional levels. After 5 years of sub-par activity, we finally see 12 consecutive months of improved sales. Overall, 584 detached home sold in 2014. That’s up 130 units, or almost 29% from the 454 sales we had in 2013. Interestingly, there were no appreciable changes in prices. The benchmark price started the year around $350K and finished the year at that same level. However, this should not be surprising. We've identified lower prices as one of the keys to the return of our market. The other is confidence. If you charted an upward line on a graph for confidence and a downward line for prices, you’d find we are at a point of intersection. Attractive prices, plus renewed buyer confidence has brought sales back to more normal activity. We see no reason why this should change going forward into 2015.
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SALES THIS WEEK: 7 [SUNSHINE COAST, ALL OFFICES]
NEW LISTINGS THIS WEEK: 28 PRICE REDUCTIONS
CURRENT LISTINGS : 966
DET’D SALES to LIST RATIO: 5.3%
5.3% 15% 22%+
*The Sales/Listings Ratio is a guide to market conditions. A value below 15% puts downward pressure on prices.15 – 22 reflects a balanced market. Over 22% puts upward pressure on prices.