May 31st 2021: Market Update

June 28, 2021

Market Update for May 31, 2021

 

Sunshine Coast Detached Listings

Sales up 147% over the previous year

There are currently 195 detached listings on the Sunshine Coast. This is up from April 30 when there were 178 detached listings. Detached sales year-to-date ending May 31, 2021: 366 sales, in 2020: 148 sales, in 2019: 170 sales, in 2018: 224 sales; in 2017: 281 sales, and in 2016: 519 sales. 2021 market‘s hot price range was between $1,001,000 to $2,001,000 with 110 sales. With the current sales pace, this represents approximately a two and a half supply of listings.

Sunshine Coast Attached Listings

Sales up 277% from last year

There are currently 53 attached listings. This is up from April 30 when there were 45 attached listings. Attached sales this year-to-date ending May 31, 2021: 132 sales, in 2020: 35 sales, in 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 up 438% over previous year

There are currently 121 bare land listings. This is down from up from April 30 when there were 129 land listings. Land sales year-to-date ending May 31, 2021: 129 sales, in 2020: 24 sales, in 2019: 39 sales; in 2018: 81 sales; in 2017: 85 sales and in 2016: 203 sales. With the current sales pace this represents just shy of a five-month supply of listings.

Year-to-Date Detached Sales

  • $000 to $300,000 with 13 sales
  • $301,000 to $400,000 with 5 sales
  • $401,000 to $500,000 with 6 sales
  • $501,000 to $600,000 with 17 sales
  • $601,000 to $700,000 with 47 sales
  • $701,000 to $ 800,000 with 63 sales
  • $801,000 to $900,000 with 48 sales
  • $901,000 to $1,000,000 with 38 sales
  • $1,001,000 to $2,001,000 with 110 sales
  • 19 sales over $2,001,000

Where are we headed

Where are we headed? Myself,  I have been thinking over the past year that we should see a correction in the Market but now as things open up I am beginning to doubt that. My reason being that our market has been driven domestically over this last year and as the border opens I believe the domestic market, that has recently settled, will be replaced with International buyers.

Let’s see what some of the experts are saying:

“Home sales across the province are on pace to shatter previous records,” – said Brendon Ogmundson, BCREA Chief Economist. “However, there are early signs that markets are calming from the frenetic pace of recent months and could balance out over the second half of this year.”

“Despite the tragic impacts of the pandemic, our optimism in the strength of Canada’s housing market has always remained,” – says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada.

“While we’ve seen a significant shift in buyer preferences this year, we believe factors such as the supply issue, pent-up demand and historically lower interest rates will continue to fuel activity in 2021.” – From a Vancouver Sun article.

From CMHC on the Vancouver area (who tends to be a very conservative voice) “Central 1 B.C. housing analysis predicts slower market in 2022 but prices continue upward. House prices will increase mainly due to the relatively good position of household budgets from both government transfers and lower interest rates. They will also increase because the pool of buyers in Vancouver is relatively unaffected by the negative economic shocks of COVID-1. It seems that according to the experts we are not going to see a correction in pricing but the pace may slow over the coming months.”

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 us today with any additional questions, or for a free market evaluation

Kenan 604.885.7810 or email: kenan@kenanmackenzie.com

Sarah 778-989-1841 or email: sarah@kenanmackenzie.com