Sunshine Coast Market Update August 2016

(September 06, 2016)

Sunshine Coast Detached Listings
Sales up by 59% over the previous year

There are currently 318 detached listings on the Sunshine Coast. This is up slightly from July 31 when there were 309 detached listings. Detached sales year-to-date ending August 31, 2016: 772 sales, in 2015: 487 sales; in 2014: 375 sales, and in 2013: 325 sales. The current market's hot price range is between $351,000 and $450,000 with 183 sales occurring in this price range. With the current sales pace, this represents approximately a three-month supply of listings.

Sunshine Coast Attached Listings
Sales up by 49% over the previous year

There are currently 65 current attached listings. This is up slightly from July 31, when there were 69 attached listings. Attached sales this year-to-date ending August 31, 2016: 170 sales; in 2015: 114 sales; in 2014: 80 sales and in 2013: 60 sales. With the current sales pace this represents an approximate 3-and-a-half-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 223%over the previous year

There are currently 255 bare land listings. This is down slightly from July 31 when there were 282 land listings. Land sales year-to-date ending August 31, 2016: 314 sales; in 2015: 97 sales; in 2014: 42 sales, and in 2013: 39 sales. With the current sales pace this represents an almost six-and-a-half-month supply.

Year-to-Date Detached Sales
  • $000 to $300,000 with 143 sales
  • $301,000 to $400,000 with 163 sales
  • $401,000 to $500,000 with 173 sales
  • $501,000 to $600,000 with 118 sales
  • $601,000 to $700,000 with 75 sales
  • $701,000 to $ 800,000 with 49 sales
  • $801,000 to $900,000 with 39 sales
  • $901,000 to $1,000,000 with 24 sales
  • 59 sales over a $1,001,000
Summer was a little quieter with the market taking a breather from the super-hot spring and its rapid rise in pricing. Here is how the last few months looked for detached sales on the Sunshine Coast: March - 127 sales, April - 127 sales, May - 123 sales, June - 88 sales, July - 65 sales and August - 72 sales. Here is an interesting note: last year to August 31, 2015 there were 53 sales over $701,000; this year there have been 171 sales over $701,000 and 59 sales over $1,000.000.

There is great discussion that the foreign tax has caused the cooling in the market but we can see that the cooling started in June, well before the tax was announced. It is not unusual in any market to have a cooling. Looking at any graph you can have an upwards trend with flattening and even downwards dips within the market. This market is not over and looking in the Langley area as a comparison, we are still under priced.

For a bi-monthly report on market conditions, check out my blog at www.kenanmackenzie.com

The Sunshine Coast is still the best neighborhood in the Lower Mainland and the best value at any time of year. Please call me with any questions or for a free market evaluation on your home or business: 604.885.7810 or kenan@kenanmackenzie.com.