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.
