Market Update April 30, 2019

Sunshine Coast Detached
Listings Sales down by 21% over the previous year

There are currently 371 detached listings on the Sunshine Coast. This is up from March 31 when there were 315 detached listings. Detached sales year-to-date ending April 30, 2019: 123 sales, in 2018: 156 sales; in 2017: 201 sales, and in 2016: 387 sales. 2019 market's hot price range was between $501,000 and $600,000 with 35 sales. With the current sales pace, this represents approximately a one year supply of listings.

Sunshine Coast Detached Listings
Sales down 11% from last year

There are currently 86 attached listings. This is down from March 31, 2019 when there were 87 attached listings. Attached sales this year-to-date ending April 30, 2019: 51 sales; in 2018: 57 sales; in 2017: 74 sales and in 2016: 76 sales. With the current sales pace this represents a 6.5 month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings
Sales down 54% over previous year

There are currently 201 bare land listings. This is up from up from March 31 when there were 173 land listings. Land sales year-to-date ending April 30, 2019: 26 sales; in 2018: 56 sales; in 2017:, 67 sales and in 2016: 127 sales. With the current sales pace this represents approximately a thirty one month supply of listings. 

Year-to-Date Detached Sales
$000 to $300,000 with 10 sales
$301,000 to $400,000 with 6 sales
$401,000 to $500,000 with 11 sales
$501,000 to $600,000 with 35 sales
$601,000 to $700,000 with 19 sales
$701,000 to $ 800,000 with 11 sales
$801,000 to $900,000 with 9 sale
$901,000 to $1,000,000 with 5 sale
17 sales over a $1,001,000

With these Headlines what does a Buyer or Seller do?

 If you are seller in this market you have to be patient, even the homes that I think are perfect are sitting. Price is a huge factor. How your home presents is another. When we are in a seller's market we look to see where our competition is. For example, what are they asking for their home. In a buyer's market we need to look at what our competition received for their home and offer with this in mind. Everyone wants to get the last dollar for their home, but if you are moving within the market place, the home you are buying is in the same boat. You are looking at the difference between what you buy and what you sell for. A buyer is spending all they can afford so updating their purchase is not possible. So if your home is in competition with another that is updated you will quite often loose out even if you are asking a little less money.

If you are a buyer this is the time to be looking and buying your home. Inventory is up so there is more to choose from and you are less likely to get caught in a competition in buying your home. Do not wait for the headlines to the read the real estate market is hot because by then you have missed the boat. I remember a friend of mine who stopped me in the mall when I first came into real estate 25 years ago said "I wished I bought 20 years ago when things were cheap". Back then you could buy a lot in Gibsons for $60,000.00 and ranchers were around $120,000.00. You have to ask yourself are you buying a family home for the long term or a quick flip? The Sunshine Coast will go through cycles, but in the long term it is a very desirable place to live, to raise a family and to grow older. So with this in mind it is a great place to buy.

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