Market Update May 31, 2017

(June 06, 2017 )

I missed my April update! I apologize for that. I was on vacation and time got away from me. It has been a busy year! I have added some April real estate activity in this update.

Sunshine Coast Detached Listings

Sales down by 45% over the previous year

There are currently 283 detached listings on the Sunshine Coast. This is up from March 31, 2017 when there were 234 detached listings. Detached sales year-to-date ending April 30, 2017: 202 sales, in 2016: 387 sales; in 2015: 178 sales, and in 2014: 136 sales. Detached sales year-to-date ending May 31, 2017: 284 sales, in 2016: 519 sales; in 2015: 238 sales, and in 2014: 200 sales. The current market's hot price range is between $401,000 and $500,000 with 57 sales occurring in this price range. With the current sales pace, this represents approximately a five month supply of listings.

Sunshine Coast Attached Listings
Sales down by 7% over the previous year


There are currently 42 current attached listings. This is down from March 31, 2017 when there were 48 attached listings. Attached sales this year-to-date ending April 30, 2017: 74 sales; in 2016: 76 sales; in 2015: 52 sales and in 2014: 35 sales. Attached sales this year-to-date ending May 31, 2017: 101 sales; in 2016: 109 sales; in 2015: 69 sales and in 2014: 45 sales. With the current sales pace this represents a two month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings
Sales down by 58% over the previous year


There are currently 236 bare land listings. This is up slightly from March 31, 2017 when there were 234 land listings. Land sales year-to-date ending April 30, 2017: 67 sales; in 2016: 127 sales; in 2015: 44 sales, and in 2014: 17 sales. Land sales year-to-date ending May 31, 2017: 85 sales; in 2016: 203 sales; in 2015: 63 sales, and in 2014: 21 sales. With the current sales pace this represents approximately a 14 month supply of listings.

Year-to-Date Detached Sales
  • $000 to $300,000 with 19 sales
  • $301,000 to $400,000 with 24 sales
  • $401,000 to $500,000 with 57 sales
  • $501,000 to $600,000 with 53 sales
  • $601,000 to $700,000 with 43 sales
  • $701,000 to $ 800,000 with 30 sales
  • $801,000 to $900,000 with 11 sales
  • $901,000 to $1,000,000 with 6 sales
  • 41 sales over a $1,001,000
 
27 sales on the Sunshine Coast over a $1,000,000 in 2 months

Looking back at 2012 there were 15 sales for the entire year over a $1,000,000. We are now not even half way thru the year and 20 % of our total detached sales are over a $1,000,000. It is common to see homes over a $1,000,000 on the Sunshine Coast. A few years ago it was our waterfront homes that was in this bracket, now it is our view homes.

I had someone ask me, with the sales dropping why is the price not going down? We have a demand for homes that is not currently being met with the current supply. If we had a higher inventory, the sales would go up. It comes back to supply and demand - prices would level if there was a huge influx of homes being listed.

We are in the third year of an up market, historically these swings last 6 to 7 years. So barring a huge down turn in the economy this market should continue to push for at least another 3 years.

The 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@kenanmackenzie.com