Market Update August 31, 2019

Sunshine Coast Detached Listings
Sales down by 15% over the previous year

There are currently 418 detached listings on the Sunshine Coast. This is down from July 31, 2019 when there were 434 detached listings. Detached sales year-to-date ending August 31, 2019: 326 sales, in 2018: 384 sales; in 2017: 500 sales, and in 2016: 771 sales. 2019 market's hot price range is between $501,000 and $600,000 with 82 sales. With the current sales pace, this represents approximately a ten month supply of listings.

Sunshine Coast Attached Listings
Sales down 7% from last year

There are currently 126 attached listings. This is up from July 31, 2019 when there were 118 attached listings. Attached sales this year-to-date ending August 31, 2019: 100 sales; in 2018: 108 sales; in 2017: 170 sales and in 2016: 170 sales. With the current sales pace this represents a ten month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings
Sales down 45% over previous year

There are currently 228 bare land listings. This is the same as at July 31, 2019 when there were 228 land listings. Land sales year-to-date ending August 31, 2019: 61 sales; in 2018: 110 sales; in 2017: 140 sales and in 2016: 313 sales. With the current sales pace this represents approximately a twenty-eight and a half month supply of listings.

Year-to-Date Detached Sales

$000 to $300,000 with 29 sales
$301,000 to $400,000 with 16 sales
$401,000 to $500,000 with 30 sales
$501,000 to $600,000 with 82 sales
$601,000 to $700,000 with 56 sales
$701,000 to $ 800,000 with 38 sales
$801,000 to $900,000 with 22 sales
$901,000 to $1,000,000 with 14 sales
39 sales over a $1,001,000        

                                               Detached Listings Down for a Second Month

It is interesting at a time when detached listings are usually trending upwards, for a second month the listings count has gone down. We are currently sitting at 418 active listings. If you think 418 listings is a lot, in the same period for August 2015 we had 544 and in 2013 we had 733 active detached listings on the Sunshine Coast. Right now, the market is trending in favor of the buyer but this can change in a hurry. It would not take much activity to change this market. One out of town buyer purchasing can create a chain reaction that will see multiple home sales. The general feelings among forecasters is there is currently a pent-up demand for housing, but people are hoping for a change.

The big question is what will it take for the market to change and the answer is a reduction in the stress test. People get concerned when they hear the word recession and it causes them to sit on their hands and do nothing. Last week the news was broadcasting the threat of a world recession. The interesting thing is in the past, governments have pushed down interest rates to stimulate spending and it is generally the housing market that drives the economy out of an recession. In my opinion, if I was a buyer, I would be shopping right now for my home and if I was a seller I might holding back to see how things play out.

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