Market Update May 31, 2019

Sunshine Coast Detached Listings
Sales down by 24% over the previous year

There are currently 441 detached listings on the Sunshine Coast. This is up from April 30 when there were 371 detached listings. Detached sales year-to-date ending May 31, 2019: 170 sales, in 2018: 224 sales; in 2017: 281 sales, and in 2016: 519 sales. 2019 market's hot price range was between $501,000 and $600,000 with 42 sales. With the current sales pace, this represents approximately a thirteen month supply of listings.

Sunshine Coast Attached Listings
Sales down 16% from last year

There are currently 100 attached listings. This is down from April 30, 2019 when there were 86 attached listings. Attached sales this year-to-date ending May 31, 2019: 66 sales; in 2018: 79 sales; in 2017: 101 sales and in 2016: 109 sales. With the current sales pace this represents a seven and a half month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings
Sales down 52% over previous year

There are currently 218 bare land listings. This is up from up from April 30 when there were 201 land listings. Land sales year-to-date ending May 31, 2019: 39 sales; in 2018: 81 sales; in 2017: 85 sales and in 2016: 203 sales. With the current sales pace this represents approximately a twenty-eight  month supply of listings.

Year-to-Date Detached Sales

  • $000 to $300,000 with 15 sales
  • $301,000 to $400,000 with 7 sales
  • $401,000 to $500,000 with 19 sales
  • $501,000 to $600,000 with 42 sales
  • $601,000 to $700,000 with 30 sales
  • $701,000 to $ 800,000 with 14 sales
  • $801,000 to $900,000 with 13 sales
  • $901,000 to $1,000,000 with 6 sales
  • 24 sales over a $1,001,000
                                        The Question Keeps Coming Up – What is the market doing?

I keep having people ask me – So where’s the real estate market these days? That is a question that requires a complex answer. The short version, we’ve seen an increase in listings and a decrease in sales. This leads to a great opportunity for the buyer however if the seller is serious about moving their home, they need to make sure it is priced right. There is a price it will sell for, it just may not be what is wanted.

Some people call what’s going on as a correction in the market after the high sales in 2016. I feel there are larger issues affecting the market.The mortgage qualification guidelines imposed by the federal government have made it difficult for people to enter the housing market. This has reduced the demand while the prices still stay high and the supply increases. All of this goes against the economic theory of supply and demand. So what is the outcome? I feel we need to wait it out. If the federal government would relax their stress test it could change the market quickly.

Sunshine Coast is still the best neighbourhood 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