Market Update December 31, 2018

Sunshine Coast Detached Listings
Sales down by 29% over the previous year

There are currently 252 detached listings on the Sunshine Coast. This is down from November 30, 2018 when there were 311 detached listings. Detached sales year-to-date ending December 31, 2018: 514 sales, in 2017: 725 sales; in 2016: 955 sales, and in 2015: 753 sales. 2018 market's hot price range was between $501,000 and $600,000 and $601,00 to $700,000 both with 98 sales. With the current sales pace, this represents approximately a six month supply of listings.

Sunshine Coast Attached Listings
Sales down by 41% from last year

There are currently 44 current attached listings. This is down from November 30, 2018 when there were 48 attached listings. Attached sales this year-to-date ending December 31, 2018: 139 sales; in 2017: 234 sales; in 2016: 232 sales and in 2015: 173 sales. With the current sales pace this represents an almost four month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings
Sales down 23% over previous year

There are currently 157 bare land listings. This is down from November 30, 2018 when there were 195 land listings. Land sales year-to-date ending December 31, 2018: 153 sales; in 2017: 199 sales; in 2016: 386 sales, and in 2015: 161 sales. With the current sales pace this represents approximately a twelve month supply of listings.

Year-to-Date Detached Sales
  • $000 to $300,000 with 38 sales
  • $301,000 to $400,000 with 21 sales
  • $401,000 to $500,000 with 44 sales
  • $501,000 to $600,000 with 98 sales
  • $601,000 to $700,000 with 98 sales
  • $701,000 to $ 800,000 with 73 sales
  • $801,000 to $900,000 with 45 sales
  • $901,000 to $1,000,000 with 25 sales
  • 72 sales over a $1,001,000
                                                                           2018 - A Year in Review

We started the year in a seller’s market and we finish the year moving into a buyer’s market. What does this mean? Some will say that with a softening market the prices will also see a downwards trend.The one thing that strikes me as I compare the last 2 years is that in 2017 we sold 52 homes between $301,000 and $400,000; in 2018 we sold 21 homes in the same price range. In the price range of $401,000 to $500,000 we saw 126 homes sell in 2017 compared to 2018, only 44 homes were sold. This is not a result of slowing sales we just do not have homes for sale in these price ranges. So, the homes that were for sale in 2017 have now moved into the higher price range.  Other than this interesting bit of info, the detached market is down 29% over the past year. If this pattern was to persist, we would see a price correction in the market.

A bright spot in the market is the province has just announced B.C.’s new Regional Pilot program for immigrant entrepreneurs. The program is geared for communities of less than 75,000 people. The Sunshine Coast is a perfect area being so close to Vancouver to attract investors hoping to set up sustainable businesses. One thing that we need is good long term paying jobs on the Coast. It does not matter if the prices come down, the homes will still be unaffordable if a person does not have a job. My belief is this program has a potential to bring a lot of benefits to the Coast in terms of stabilizing the swings in our real estate market.

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 me today with any additional questions, or for a free market evaluation - 604.885.7810 or email: kenan@kenanmackenzie.com