Market Update March 31, 2019

Sunshine Coast Detached Listings
Sales down by 18% over the previous year

There are currently 315 detached listings on the Sunshine Coast. This is up from February 28, 2019 when there were 277 detached listings. Detached sales year-to-date ending March 31, 2019: 94 sales, in 2018: 114 sales; in 2017: 135 sales, and in 2016: 263 sales. 2019 market's hot price range was between $501,000 and $600,000 with 24 sales. With the current sales pace, this represents approximately a ten month supply of listings.

Sunshine Coast Attached Listings
Sales down 20% from last year

There are currently 87 attached listings. This is up from February 28, 2019 when there were 65 attached listings. Attached sales this year-to-date ending March 31, 2019: 33 sales; in 2018: 41 sales; in 2017: 51 sales and in 2016: 52 sales. With the current sales pace this represents a 3 month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings
Sales down 41% over previous year

There are currently 173 bare land listings. This is down from up from February 28, 2019 when there were 176 land listings. Land sales year-to-date ending March 31, 2019: 24 sales; in 2018: 41 sales; in 2017: 40 sales, and in 2016: 67 sales. With the current sales pace this represents approximately an twenty one and a half month supply of listings.

Year-to-Date Detached Sales
  • $000 to $300,000 with 6 sales
  • $301,000 to $400,000 with 4 sales
  • $401,000 to $500,000 with 15 sales
  • $501,000 to $600,000 with 24 sales
  • $601,000 to $700,000 with 22 sales
  • $701,000 to $ 800,000 with 14 sales
  • $801,000 to $900,000 with 7 sale
  • $901,000 to $1,000,000 with 8 sale
  • 14 sales over a $1,001,000      

The Federal Budget will not help the Sunshine Coast Market

I am watching the market carefully. I do not believe that the sky is falling yet, but do you believe that the Federal Government is smart enough to keep us from a recession? If your answer is no then we may have a problem. As the major driver in the economy is the housing market, the federal’s first time buyer’s incentive will not be of help to get a first time buyer into a home on the Sunshine Coast as our pricing is higher that their maximum.

In a normal market cycle our market runs for 6 to 7 years. We were in an up cycle for approximately 3 years until the government brought in measures to cool the market - which have been very successful. Last year the market sales were off 45% in some areas of the Lower Mainland. Sales are down 18% over last year and last year’s sales were 15% down over the previous year. It stands to reason with less demand, prices come down. We can see inventory going up but compared with 2014 which was just on the cusp of the market changing, we had 722 detached homes for sale on the Sunshine Coast as compared with this year’s 315. I know that my sellers are frustrated with the length of time their home is on the market. This market can tip either way we get the if the federals begin relaxing the mortgage rules we can swing up. If the federals leave things unchanged, we may see a continued softening of the market. If you need to sell, my advice is to price your home sharply, otherwise be patient. For the buyer this is the time to be shopping.

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