January 31, 2017 Market Update

(February 06, 2017)

Sunshine Coast Detached Listings
Sales down by 27% over the previous year

There are currently 203 detached listings on the Sunshine Coast. This is up slightly from December 31 when there were 197 detached listings. Detached sales year-to-date ending January 31, 2017: 32 sales, in 2016: 44 sales; in 2015: 35 sales, and in 2014: 28 sales. The current market's hot price range is between $351,000 and $450,000 with 13 sales occurring in this price range. With the current sales pace, this represents approximately a six month supply of listings.

Sunshine Coast Attached Listings
Sales up by 8% over the previous year

There are currently 53 current attached listings. This is up slightly from December 31, when there were 51 attached listings. Attached sales this year-to-date ending January 31, 2017: 13 sales; in 2016: 12 sales; in 2015: 7 sales and in 2014: 8 sales. With the current sales pace this represents an approximate four 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 down by 12% over the previous year

There are currently 223 bare land listings. This is up from December 31 when there were 191 land listings. Land sales year-to-date ending January 31, 2017: 15 sales; in 2016: 17 sales; in 2015: 8 sales, and in 2014: 8 sales. With the current sales pace this represents approximately a 15 month supply of listings.

Year-to-Date Detached Sales
  • $000 to $300,000 with 2 sales
  • $301,000 to $400,000 with 4 sales
  • $401,000 to $500,000 with 12 sales
  • $501,000 to $600,000 with 7 sales
  • $601,000 to $700,000 with 4 sales
  • $701,000 to $ 800,000 with 0 sales
  • $801,000 to $900,000 with 1 sales
  • $901,000 to $1,000,000 with 1 sales
  • 1 sale over a $1,001,000
January has started with a bang. There has been a lot of buyer interest for detached homes and although the number for January’s detached sales show we are down, I believe this due to lack of inventory. Last January we had 316 homes on the market compared to 203 this year. Looking at raw land in the Town of Gibsons, we only have one lot for sale next to Dougal Park. It is slim pickings if you want a serviced lot in the town close to services. Sechelt still has a reasonable supply of lots.

Looking for a condo? We are down about 50% over the previous year. Last year we had 101 listings available. This year we are down to 53 listings.

I hear people talking about the prices coming down on the coast. For this to happen we need the inventory to climb and demand to drop. This is back to the adage of supply and demand. If anything, in my opinion, there is a greater chance of the market price rising this year than going down. We are still way below our comparable lower mainland markets for price, so be careful if you are waiting for a drop.

Sunshine Coast is still the best neighborhood in the Lower Mainland and the best value at any time of year.

The market in 2017 is going to be very interesting. Call me today with any additional questions, or for a free market evaluation - 604.885.7810 or email: kenan@kenamackenzie.com