Sunshine Coast Market Update August 31, 2017

(September 06, 2017 )

Sunshine Coast Detached Listings
Sales down by 35% over the previous year

There are currently 307 detached listings on the Sunshine Coast. This is down from July 31, 2017 when there were 312 detached listings. Detached sales year-to-date ending August 31, 2017: 500 sales, in 2016: 771 sales; in 2015: 487 sales, and in 2014: 375 sales. The current market's hot price range is between $501,000 and $600,000 with 92 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 up by .5% over the previous year

There are currently 48 current attached listings. This is up from July 31, 2017 when there were 46 attached listings. Attached sales this year-to-date ending August 31, 2017: 171 sales; in 2016: 170 sales; in 2015: 114 sales and in 2014: 80 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 55% over the previous year

There are currently 231 bare land listings. This is down slightly from July 31, 2017 when there were 233 land listings. Land sales year-to-date ending August 31, 2017: 142 sales; in 2016: 313 sales; in 2015: 97 sales, and in 2014: 42 sales. With the current sales pace this represents approximately a 13 month supply of listings.

Year-to-Date Detached Sales
  • $000 to $300,000 with 36 sales
  • $301,000 to $400,000 with 39 sales
  • $401,000 to $500,000 with 91 sales
  • $501,000 to $600,000 with 92 sales
  • $601,000 to $700,000 with 77 sales
  • $701,000 to $ 800,000 with 54 sales
  • $801,000 to $900,000 with 30 sales
  • $901,000 to $1,000,000 with 12 sales
  • 69 sales over a $1,001,000
Sales are Down but Prices are Up

Looking at the hot price range for detached sales, a year ago it was $351,000 to $450,000, this month it is $500,000 to $601,000 and in 2015 the range was $301,000 to $400,000. Our inventory on the coast is still very low and I believe this is the only reason that sales are down. When I compare our market to similar Lower Mainland markets, we are still financially more affordable. However, our prices may go up even further. We are still in year 3 of what is normally a 6 to 7 year up market.

Reading social media, people like to blame the realtors for the high price of homes. I just need to be clear it is not the realtor who sets the price it is the seller and the buyer. Only in a couple of circumstances in 23 years of selling on the coast have I seen a seller willing to take less to help a buyer. When it comes to selling, a seller quite rightly wishes to get the full market value of their home. A home is usually our largest investment and for a lot of people it will fund their retirement.

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