February 28, 2019 Market Update

Sunshine Coast Detached Listings
Sales down by 20% over the previous year

There are currently 277 detached listings on the Sunshine Coast. This is down from January 31, 2019 when there were 279 detached listings. Detached sales year-to-date ending February 28, 2019: 56 sales, in 2018: 70 sales; in 2017: 76 sales, and in 2016: 124 sales. 2019 market's hot price range was between $501,000 and $600,000 with 19 sales. With the current sales pace, this represents approximately an almost ten month supply of listings.

Sunshine Coast Attached Listings
Sales down 9% from last year

There are currently 65 attached listings. This is up from January 31, 2019 when there were 60 attached listings. Attached sales this year-to-date ending February, 2019: 20 sales; in 2018: 22 sales; in 2017: 38 sales and in 2016: 27 sales. With the current sales pace this represents a six and a half month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings
Sales down 34% over previous year

There are currently 176 bare land listings. This is down from January 31, 2019 when there were 177 land listings. Land sales year-to-date ending February 28, 2019: 19 sales; in 2018: 29 sales; in 2017: 29 sales, and in 2016: 40 sales. With the current sales pace this represents approximately an eighteen and a half month supply of listings.

Year-to-Date Detached Sales
  •         $000 to $300,000 with 5 sales
  •          $301,000 to $400,000 with 3 sales
  •          $401,000 to $500,000 with 4 sales
  •          $501,000 to $600,000 with 19 sales
  •          $601,000 to $700,000 with 7 sales
  •          $701,000 to $ 800,000 with 6 sales
  •          $801,000 to $900,000 with 2 sale
  •          $901,000 to $1,000,000 with 2 sale
  •          8 sales over a $1,001,000
          Sales remain soft and inventory of detached home are down.
I would not be alarmed by the sales volume so far this year. January was not a bad month for sales and February was a bad month for weather. No one likes to view homes when things are icy and snowy. This will account for poor February sales. March is traditionally the beginning of the spring market so it will be interesting to see how sales go and this will give us a better sign of things to come. I was pleased to see that the detached listings came down slightly. While we did not see a continued growth of listings to sales ratio. There are some excellent deals on the market for buyers currently, so if you see a home that attracts now is a good time to deal.
This sluggish market is not going to last. Watching the politics in Ottawa, the government is going to need some help. We are seeing the economy slowing and an easing in the mortgage rules will create an immediate boost.

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