June 2016 Market Update

(July 07, 2016 )

Sunshine Coast Detached Listings
Sales up by 84 % over the previous year

There are currently 284 detached listings on the Sunshine Coast. This is up slightly from May in which there were 281 detached listings. Detached sales year-to-date ending June 30, 2016: 625 sales, in 2015: 345 sales; in 2014: 267 sales, and in 2013: 227 sales. The current market's hot price range is between $351,000 and $450,000 with 147 sales occurring in this price range. With the current sales pace, this represents a 2 1/2-month supply of listings.

Sunshine Coast Attached Listings
Sales up by 51 % over the previous year

There are currently 64 current attached listings. This is down slightly from May when there were 67 attached listings. Attached sales this year-to-date ending June 30, 2016: 131 sales; in 2015: 87 sales; in 2014: 61 sales and in 2013: 45 sales. With the current sales pace this represents a 3 month supply of listings. Attached listings represent strata unit apartments, condos and townhouses. Attached property sales are up over the previous years.

Sunshine Coast Land Listings
Sales up by 228 % over the previous year

There are currently 292 bare land listings. This is up from May when there were 269 land listings. Land sales year-to-date ending June 30, 2016: 246 sales; in 2015: 75 sales; in 2014: 31 sales, and in 2013: 26 sales. With the current sales pace this represents a 6-month supply.

Year-to-Date Sales
  • $000 to $300,000 with 59 sales
  • $301,000 to $400,000 with 138 sales
  • $401,000 to $500,000 with 127 sales
  • $501,000 to $600,000 with 92 sales
  • $601,000 to $700,000 with 62 sales
  •  $701,000 to $ 800,000 with 38 sales
  •  $801,000 to $900,000 with 33 sales
  •  $901,000 to $1,000,000 with 24 sales
  •  51 sales over a $1,001,000
We are in a seller’s market: listings are in short supply and demand is high.

Looking over the last few months of sales, in March we had 136 detached sales, April 124 sales, May 133 sales and June at 105 sales. We are running down on inventory which could account for fewer sales in June or the market is slowing a bit. Talking with my Vancouver counter parts things have slowed in the city. It is not unusual in an up market for things to flatten a bit and pick back up.

I have been asked about the Real Estate Bubble; it seems to be the talk of the news lately. The Real Estate Bubble has more to do with the Vancouver & Toronto market than the Sunshine Coast. Our prices are nowhere near the Vancouver prices and are still quite reasonable in comparison. The uncertainty going on in London could push even more capital into the Vancouver market. It is something for us to keep an eye on.
The Sunshine Coast is still the best neighborhood in the Lower Mainland and the best value at any time of year.