October 31st 2020 Market Update

November 6, 2020

Market Update for October 31, 2020

 

Sunshine Coast Detached Listings

Sales up by 46% over the previous year

There are currently 215 detached listings on the Sunshine Coast. This is up from September 30, 2020 when there were 157 detached listings. Detached sales year-to-date ending October 31, 2020: 620 sales, in 2019: 424 sales, in 2018:  469 sales; in 2017: 625 sales, and in 2016: 870 sales. 2019 market’s hot price range is between $601,000 and $700,000 with 123 sales. With the current sales pace, this represents approximately a three-month supply of listings.

 

Sunshine Coast Attached Listings

Sales up 35% from last year

There are currently 86 attached listings. This is up from September 30, 2020 when there were 51 attached listings. Attached sales this year-to-date ending October 31, 2020: 163 sales, in 2019: 120 sales; in 2018: 125 sales; in 2017: 207 sales and in 2016: 207 sales. With the current sales pace this represents a five-month supply of listings. Attached listings represent strata unit apartments, condos, and townhouses.

 

Sunshine Coast Land Listings

Sales up 64% over previous year

There are currently 189 bare land listings. This is up from September 30, 2020 when there were 171 land listings. Land sales year-to-date ending October 31, 2020: 131 sales, in 2019: 80 sales; in 2018: 139 sales; in 2017: 173 sales and in 2016: 353 sales. With the current sales pace this represents approximately a thirteen-month supply of listings. 

 

Year-to-Date Detached Sales

  • $000 to $300,000 with 31 sales
  • $301,000 to $400,000 with 26 sales
  • $401,000 to $500,000 with 50 sales
  • $501,000 to $600,000 with 94 sales
  • $601,000 to $700,000 with 123 sales
  • $701,000 to $ 800,000 with 84 sales
  • $801,000 to $900,000 with 61 sales
  • $901,000 to $1,000,000 with 31 sales
  • 121 sales over a $1,001,000

  Market is still Hot

It is hard to believe that we are in the middle of a pandemic and the market shows no signs of slowing. People are re-thinking their priorities during this time and for some who have been putting off the move have decided to jump to a more rural lifestyle. The market is hot in some of the more rural areas across Canada, particularly in detached housing. During the shut down people were asked to work from home, and some will probably not return to the office full time for quite a while. This has opened the possibility to live and work in the rural area in a cost-effective community. I met one couple who the husband rented a studio to teach guitar lessons and the wife was a professional both during the shut down started working online. The husband found people enjoyed the experience and found it was just as effective. That opened the door for them to explore affordable housing option outside of the urban environment.

I am still feeling a bit cautious and always nervous when I see this hot of a market. We are approaching one of lowest detached inventories for quite awhile. Some businesses are doing exceptional during this difficult time, but a lot of businesses are hurting. It is uncharted territory that the economy is in, with a lack of immigration, so many business that are suffering and what happens when the government has to scale back the flow of support? 

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 ferry 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 

Facebooktwittergoogle_plusredditpinterestlinkedinmail