March 31, 2018 Market Update

Sunshine Coast Detached Listings
Sales down by 15% over the previous year

There are currently 252 detached listings on the Sunshine Coast. This is up from February 28, 2018 when there were 216 detached listings. Detached sales year-to-date ending March 31, 2018: 115 sales, in 2017: 135 sales; in 2016: 263 sales, and in 2015: 120 sales. The current market's hot price range is between $501,000 and $600,000 with 25 sales occurring in this price range. With the current sales pace, this represents approximately a six and a half month supply of listings.

Sunshine Coast Attached Listings
Sales down by 20% from last year

There are currently 42 current attached listings. This is up slightly from February 28, 2018 when there were 40 attached listings. Attached sales this year-to-date ending March 31, 2018: 41 sales; in 2017: 51 sales; in 2016: 52 sales and in 2015: 18 sales. With the current sales pace this represents an approximate three month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings
Sales up 2% over previous year

There are currently 175 bare land listings. This is up from February 28, 2018 when there were 166 land listings. Land sales year-to-date ending March 31, 2018: 41 sales; in 2017: 40 sales; in 2016: 67 sales, and in 2015: 26 sales. With the current sales pace this represents approximately a year and a half supply of listings.

Year-to-Date Detached Sales

  •  $000 to $300,000 with 6 sales
  • $301,000 to $400,000 with 4 sales
  • $401,000 to $500,000 with 15 sales
  • $501,000 to $600,000 with 25 sales
  • $601,000 to $700,000 with 22 sales
  • $701,000 to $ 800,000 with 14 sales
  • $801,000 to $900,000 with 7 sales
  • $901,000 to $1,000,000 with 8 sales
  • 14 sales over a $1,001,000
 Where do the home prices go from here?

It is a crystal ball that we need now to see into the next year. The government is doing its best to bring down home prices in the lower mainland. When you affect the lower mainland it usually has a spill over on the Coast but we are still lagging behind the lower mainland by 25 to 30 per cent in comparable markets. We are still at a record low for inventory on the Sunshine Coast. To put our inventory into perspective in 2015 we had 547 detached homes for sale on the Sunshine Coast and in 2014 we had 669 homes for sale and today 252 homes for sale.

So with low inventory and still a demand for housing do not count on prices coming down anytime soon. I believe we may see a bit of a slowdown in the next month or so as people wait to see the effects of the government interventions. I have experienced first-hand with local first time buyers being affected by the new mortgage rules but it has very little effect on someone selling out in Vancouver.

We know that the property transfer tax padded the government coffers over the last few years and helped balance the budget; but with the slower market will the current government need to re-think their position?

Sunshine Coast is still the best neighborhood in the Lower Mainland and the best value at any time of year.Call me today with any additional questions, or for a free market evaluation - 604.885.7810 or email: kenan@kenanmackenzie.com