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| Thursday, November 3, 2011 Sunshine Coast Real Estate Update November 2011by Russ Qureshi on Thu, Nov, 3, 2011 02:56 PM
While October's stats paint a not so rosy picture I think we can take heart in the fact that the European Union has come to an arrangement to bailout the member countries that are in deep trouble, hopefully averting another global recession.
The Bank of Canada is doing it's part by keeping the prime rate the same. Once we see some more confidence in the markets we should see that translate to higher consumer confidence and increased real estate sales on the Sunshine Coast. As we've all been blessed/cursed to live in interesting times I find it best to maintain a positive attitude and expect the best outcome possible.
Statisitcs Summary for October 2011:
Detached homes sales summary:
- dollar sales are down 24% over October 2010, year to date (YTD) decrease of 15%
- number units sold is down 27% over October 2010, YTD decrease of 10%
- average price per unit is up 3% over October 2010, YTD decrease of 5%
Attached homes (condos and town homes) sales summary:
- dollar sales are down 47% over October 2010, YTD increase of 47%
- number of units sold is down 45% over October 2010, YTD decrease of 5.5%
- average price per unit is up 1% over October 2010, YTD increase of 5%
Land Only sales summary:
- dollar sales are down 68% over October 2010, year to date (YTD) decrease of 6%
- number units sold is down 58% over October 2010, YTD decrease of 24%
- average price per unit is down 23% over October 2010, YTD increase of 23%
Sellers, my advice remains the same! Make sure your property is ready to show and when that offer does come in be prepared to work with it no matter what!
Buyers, can you think of a better time, historically, to buy? Don't be looking back in five years thinking to yourself "Gosh, I should've bought back in 2011!". Low interest + Low prices = GREAT INVESTMENTS IN YOUR FUTURE.
Cheers,
Russ
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