August 31st Market Update

Sunshine Coast Detached Listings

Sales down by 30% over the previous year

There are currently 270 detached listings on the Sunshine Coast. This is up from Aug 31, 2021 when there were 157 detached listings. Detached sales year-to-date ending August 31, 2022: 395 sales, in 2021: 562 sales, in 2020: 416 sales, in 2019: 326 sales, in 2018: 384 sales; in 2017: 500 sales, and in 2016: 771 sales. 2022 market's hot price range is between $1,001,000 to $2,000,000 with 164 sales. With the current sales pace, this represents approximately a five month supply of listings.

Sunshine Coast Attached Listings

Sales down 40% from last year

There are currently 46 attached listings. This is down from Aug 31, 2021 when there were 55 attached listings. Attached sales this year-to-date ending August 31, 2022: 108 sales, in 2021: 184 sales, in 2020: 95 sales, in 2019: 100 sales; in 2018: 108 sales; in 2017: 170 sales and in 2016: 170 sales. With the current sales pace this represents a three month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings

Sales down 40% over previous year

There are currently 82 bare land listings. This is the down from Aug 31, 2021 when there were 110 land listings. Land sales year-to-date ending August 31, 2022: 96 sales, in 2021: 174 sales, in 2020: 87 sales, in 2019: 61 sales; in 2018: 110 sales; in 2017: 140 sales and in 2016: 313 sales. With the current sales pace this represents approximately a six month supply of listings.

Year-to-Date Detached Sales

• $000 to $300,000 with 5 sales

• $301,000 to $400,000 with 6 sales

• $401,000 to $500,000 with 9 sales

• $501,000 to $600,000 with 10 sales

• $601,000 to $700,000 with 11 sales

• $701,000 to $ 800,000 with 39 sales

• $801,000 to $900,000 with 66 sales

• $901,000 to $1,000,000 with 46 sales

• $1,001,000 to $2,000,000 with 164 sales

• 38 sales over $2,001,000

Interest Rates Slow the Market

The interest rate increases have definitely done what they had been intended to do and have successfully quieted the housing market.

"With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer. This shift in market conditions caused prices to edge down over the past four months."- Andrew Lis, REBGV Director, economics and data analytics.

Buyers are being very cautious about purchasing a home, or anything for that matter, with the promise of more interest rate increases coming this fall. Sellers are struggling with the lack of interested Buyers as well as adjusting their prices down to keep up with the market.

Sales in August were not only 30% down from last year, but nearly 30% below the last 10 year average. We are in a time of a changing market and it’s hard to know where we will be this time next year - only time will tell.

The Sunshine Coast is still the best neighbourhood in the Lower Mainland and the best value, being 20 to 30 percent lower than comparable areas of the Lower Mainland. Why fight the traffic when you can relax aboard a scenic cruise while catching up on rest or work during the 40 minute commute.

Call us today with any additional questions, or for a Free Market Evaluation!

Kenan MacKenzie

604.885.7810 or email: kenan@kenanmackenzie.com

Sarah MacKenzie

778.989.1841 or email: sarah@kenanmackenzie.com

July 31st Market Update

Sunshine Coast Detached Listings

Sales down by 30% over the previous year

There are currently 265 detached listings on the Sunshine Coast. This is up from July 31, 2021 when there were 181 detached listings. Detached sales year-to-date ending July 31, 2022: 357 sales, in 2021: 507 sales, in 2020: 324 sales, 2019: 277 sales, in 2018: 330 sales, in 2017: 436 sales, and in 2016: 700 sales. 2022’s hot price range is between $1,001,000 to $2,000,000 with 154 sales. With the current sales pace, this represents approximately a five month supply of listings.

Sunshine Coast Attached Listings

Sales down 38% from last year

There are currently 37 attached listings. This is down from July 31, 2021 when there were 64 attached listings. Attached sales this year-to-date ending July 31, 2022: 102 sales, in 2021: 164 sales, in 2020: 67 sales, 2019: 89 sales, in 2018: 100 sales, in 2017: 141 sales and in 2016: 151 sales. With the current sales pace this represents a 2.5 month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings

Sales down 43% over previous year

There are currently 84 bare land listings. This is down from up from July 31, 2021 when there were 117 land listings. Land sales year-to-date ending July 31, 2022: 91 sales, in 2021: 159 sales, in 2020: 67 sales, 2019: 53 sales, in 2018: 104 sales, in 2017: 122 sales and in 2016: 285 sales. With the current sales pace this represents approximately a six month supply of listings.

Year-to-Date Detached Sales

• $000 to $300,000 with 4 sales

• $301,000 to $400,000 with 5 sales

• $401,000 to $500,000 with 8 sales

• $501,000 to $600,000 with 9 sales

• $601,000 to $700,000 with 9 sales

• $701,000 to $ 800,000 with 34 sales

• $801,000 to $900,000 with 58 sales

• $901,000 to $1,000,000 with 41 sales

• $1,001,000 to $2,000,000 with 154

• 34 sales over $2,001,000

Gaining Inventory but Lacking Buyers

As we can see from the numbers we had had a definite increase in inventory for Residential Detached Homes, up to 265 from 181 this time last year. The increase could be largely to do with Buyers backing off which is causing a build up of homes on the market. We are still low on Attached Homes with only 37 on the market, which is the lowest we have seen it. Is that due to the Attached Homes being more affordable then Detached Homes? Or is it just a fluctuation in the market? We will have to see where it goes next month to find out.

Although there is an increase in inventory there is still a lack of Buyers out there which I believe is largely due to the uncertainty in the interest rates this coming fall. On the flip side, Buyers have a lot more to choose from and are not typically having to compete for homes. Inspections are happening again and there is time to think and mull things over and even going back and forth in negotiations! It is a welcome change for the Buyers. In the Sellers situation it is a little more difficult, as they need to be more patient and aren't able to get the quick deal firm on their homes that they may have been hoping for.

Sunshine Coast is still the best neighbourhood in the Lower Mainland and the best value, being 20 to 30 percent lower than comparable areas of the Lower Mainland. Why fight the traffic when you can relax aboard a scenic cruise while catching up on rest or work during the 40 minute commute.

Call us today with any questions, or for a Free Market Evaluation!

Kenan 604-885-7810 or email: kenan@kenanmackenzie.com

Sarah 778-989-1841 or email: sarah@kenanmackenzie.com

June 30th Market Update

Sunshine Coast Detached Listings

Sales down 24% over the previous year

There are currently 257 detached listings on the Sunshine Coast. This is up from June 30, 2021 when there were 193 detached listings. Detached sales year-to-date ending June 30, 2022: 332 sales, in 2021: 434 sales, in 2020: 221 sales, in 2019: 237 sales, in 2018: 276 sales, in 2017: 370 sales; in 2016: 623 sales, and in 2015: 345 sales. The current market's hot price range is between $1,001,000 to $2,000,000 with 145 sales occurring in this price range. With the current sales pace, this represents approximately a four and a half month supply of listings.

Sunshine Coast Attached Listings

Sales down 37% from last year

There are currently 46 attached listings. This is down from June 30, 2021 when there were 52 attached listings. Attached sales this year-to-date ending June 30, 2022: 95 sales, in 2021: 151 sales, in 2020: 48 sales, in 2019: 79 sales, in 2018: 92 sales; in 2017: 123 sales; in 2016: 131 sales and in 2015: 87 sales. With the current sales pace this represents roughly a three month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings

Sales down 40% over previous year

There are currently 77 bare land listings. This is down from June 30, 2021 when there were 116 land listings. Land sales year-to-date ending June 30, 2022: 87 sales, in 2021: 146 sales, in 2020: 40 sales, in 2019: 47 sales, 2018: 91 sales; in 2017: 104 sales; in 2016: 244 sales, and in 2015: 75 sales. With the current sales pace this represents approximately a five month supply of listings.

Year-to-Date Detached Sales

• $000 to $300,000 with 4 sales

• $301,000 to $400,000 with 4 sales

• $401,000 to $500,000 with 6 sales

• $501,000 to $600,000 with 8 sales

• $601,000 to $700,000 with 8 sales

• $701,000 to $800,000 with 32 sales

• $801,000 to $900,000 with 53 sales

• $901,000 to $1,000,000 with 39 sales

• $1,001,000 to $2,000,000 with 145 sales

• 32 sales over $2,001,000

A Slow in the Market

The opening statement of our Market Update last year was:

"This last month we have seen a definite slow in the market. Things are still moving along well but not flying off the shelves like they were a few months ago. Buyers are able to get into homes without having to forgo inspections or offer way above asking, which has been a welcome change for all of them!"

It's interesting because it is a similar feeling to what we have now. This year we have slowed the last few months largely due to the rising interest rates but it is also a time where families are going on vacation, people are taking time off to relax and getting some much needed R&R. This is a natural time for the market to quiet. I will be curious to see what happens in the fall when the market would tend to pick up - Will the interest rates keep the market quiet? Or will we see another upswing? It's "a crystal ball agazing" as one might say but it's a beautiful time of year here on the Sunshine Coast and I hope everyone is enjoying it.

The Sunshine Coast is still the best neighborhood in the Lower Mainland and the best value, being 20 to 30 percent lower than comparable areas of the Lower Mainland. Why fight the traffic when you can relax aboard a scenic cruise while catching up on rest or work during the 40 minute commute.

Call us today with any additional questions, or for a Free Market Evaluation...

Kenan 604.885.7810 or email: kenan@kenanmackenzie.com

Sarah 778-989-1841 or email: sarah@kenanmackenzie.com