Market Update January 31, 2019

Sunshine Coast Detached Listings
Sales down by 43% over the previous year

There are currently 279 detached listings on the Sunshine Coast. This is up from December 31, 2018 when there were 252 detached listings. Detached sales year-to-date ending January 31, 2019:  20 sales, in 2018: 35 sales; in 2017: 32 sales, and in 2016: 44 sales. 2019 market's hot price range was between $501,000 and $600,000 with 9 sales. With the current sales pace, this represents approximately a fourteen month supply of listings.

Sunshine Coast Attached Listings
Sales down by 36% from last year

There are currently 60 attached listings. This is up from December 31, 2018 when there were 44 attached listings. Attached sales this year-to-date ending January 31, 2019: 7 sales; in 2018: 11 sales; in 2017: 13 sales and in 2016: 12 sales. With the current sales pace this represents an almost nine month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings
Sales down 20% over previous year

There are currently 177 bare land listings. This is up from December 31, 2018 when there were 157 land listings. Land sales year-to-date ending January 31, 2019: 12 sales; in 2018: 15 sales; in 2017: 15 sales, and in 2016: 17 sales. With the current sales pace this represents approximately a ten month supply of listings.

Year-to-Date Detached Sales·       
  • $000 to $300,000 with 1 sale·        
  • $301,000 to $400,000 with 2 sales·        
  • $401,000 to $500,000 with 0 sales·       
  • $501,000 to $600,000 with 9 sales·        
  • $601,000 to $700,000 with 2 sales·       
  • $701,000 to $ 800,000 with 0 sales·        
  • $801,000 to $900,000 with 1 sale·        
  • $901,000 to $1,000,000 with 1 sale·        
  • 4 sales over a $1,001,000
                                                                 What to do in a changing market?

 We have a new reality in the market place. Things have swung from the seller being in control to the buyer. I was telling a seller last week that when the market is moving upwards, if a home is overpriced slightly, the market catches up. When the market is softening you want to price your home so that a buyer finds the price attractive enough so that they make the offer. For example, you list your home a little bit high and the market softens; in order to get interest in your home again you quite often have to reduce the price below the level you would have originally listed for. I was looking over the sales for the past month and the sale price of homes was down on average more than 10 percent from their original list price. One was down over 28%. There were a few homes that were sharply priced that sold very close to their list price. Given the provincial and federal policies around home ownership at the moment we need to consider that this market is not going to change. My point today is if you are listing your home for sale, look for comparable sales and do not pay attention as much to what other homes are listed for. What buyers are willing to pay is what is important, so price sharply if you wish to sell this year.

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