Market Update for May 31, 2015

Sunshine Coast Detached Listings

There are currently 605 detached listings on the Sunshine Coast. This is up from last month in which there were 563 detached listings. Detached sales year-to-date ending May 31, 2015: 233 sales, in 2014: 230 sales; in 2013: 201 sales, and in 2012: 228 sales. The current market's hot price range is under $400,000 with 119 of the 233 sales occurring in this price range. With the current sales pace, this represents a 13 month supply of listings.

Sunshine Coast Attached Listings

There are 165 current attached listings. This is down from April when there were 167 attached listings. Attached sales this year-to-date ending May 31, 2015: 66 sales; in 2014: 48 sales; in 2013: 39 sales and in 2012: 41 sales. With the current sales pace this represents a 12 month supply of listings. Attached listing represents strata unit apartments, condos and townhouses. Attached property sales are up over the previous years. 

Sunshine Coast Land Listings

There are 399 bare land listings. This is down slightly from April with 406 listings. Land sales year-to-date ending May 31, 2015:  62 sales; in 2014: 18 sales; in 2013: 22 sales, and in 2012: 26 sales. With the current sales pace this represents a 32 month supply.

Year-to-Date Sales
  •         $000 to $300,000 with 48 sales
  •         $301,000 to $400,000 with 74 sales
  •         $401,000 to $500,000 with 48 sales
  •         $501,000 to $600,000 with 30 sales
  •         $601,000 to $700,000 with 12 sales
  •         $701,000 to $ 800,000 with 5 sales
  •         $801,000 to $900,000 with 3 sales ( No sales in May)
  •         $901,000 to $1,000,000 with 1 sales (No sales in May)
  •         12 sales over a $1,001,000 this year
Monthly Supply continues to drop across all listing types with increased sales activity and decreased inventory. We are seeing a very active market with land sales leading the pack with 62 sales this year compared to 18 the year before.

One question I was asked is why the market is most active below $400,000. This is consistent right across the Greater Vancouver Real Estate Board where we are finding most sales occur below this price range. (In Vancouver, you would not be buying a detached home; you would be buying a small condo). Simply put, this is the area the average wage earner can afford. We find most people will buy to the maximum the bank will lend them. The Sunshine Coast is probably the most affordable neighborhood in all of the Lower Mainland at this point.

All signs point to increased sales on the Sunshine Coast for the near future.