October 31, 2018 Market Update

Sunshine Coast Detached Listings
Sales down by 25% over the previous year

There are currently 332 detached listings on the Sunshine Coast. This is down from September 30, 2018 when there were 371 detached listings. Detached sales year-to-date ending October 31, 2018: 470 sales, in 2017: 625 sales; in 2016: 870 sales, and in 2015: 625 sales. The current market's hot price range is between $501,000 and $600,000 and $601,000 and $700,000 both with 88 sales. With the current sales pace, this represents approximately a seven month supply of listings.

Sunshine Coast Attached Listings
Sales down by 40% from last year

There are currently 56 current attached listings. This is down slightly from September 30, 2018 when there were 61 attached listings. Attached sales this year-to-date ending October 31, 2018: 125 sales; in 2017: 207 sales; in 2016: 207 sales and in 2015: 140 sales. With the current sales pace this represents a four and a half month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings
Sales down 21% over previous year

There are currently 215 bare land listings. This is up from September 30, 2018 when there were 192 land listings.Land sales year-to-date ending October 31, 2018: 138 sales; in 2017: 174 sales; in 2016: 353 sales, and in 2015: 130 sales. With the current sales pace this represents approximately a fifteen and a half month supply of listings.

Year-to-Date Detached Sales

  •  $000 to $300,000 with 29 sales
  •  $301,000 to $400,000 with 17 sales
  •  $401,000 to $500,000 with 34 sales
  •  $501,000 to $600,000 with 78 sales
  •  $601,000 to $700,000 with 80 sales
  •  $701,000 to $ 800,000 with 62 sales
  •  $801,000 to $900,000 with 31 sales
  •  $901,000 to $1,000,000 with 22 sales
  •  68 sales over a $1,001,000

Buyers are being cautious

I was watching the news this morning and a dump truck had crashed on Highway 1 around 200th; no one was getting through west bound. This meant there was going to be a lot of people late for work. It seems to me that BC Ferries will get the commuter to work more often on time than someone driving out of Langley. What this means is we live in paradise and we are more affordable than most comparable areas of the Lower Mainland and there is going to be more demand on our real estate. So, if you’re thinking of buying in the future use this slow down as an opportunity to shop. Do not wait for the headlines to read the market is going up. By then you are too late to get a deal.

Sellers if you need to sell then sharpen your pencil or be patient and wait. The demand is coming. We need to get past this uncertainty.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 me today with any additional questions, or for a free market evaluation - 604.885.7810 or email: kenan@kenanmackenzie.com