October 31st, 2021: Market Update

November 6, 2021

Market Update for October 31, 2021

 

Sunshine Coast Detached Listings

Sales up by 11% over the previous year

There are currently 118 detached listings on the Sunshine Coast. This is down from October 31, 2020 when there were 215 detached listings. Detached sales year-to-date ending October  31, 2021: 699 sales, in 2020: 620 sales, in 2019: 424 sales, in 2018:  469 sales; in 2017: 625 sales, and in 2016: 870 sales. 2021 market’s hot price range is $1,001,000 to $2,000,000 with 216 sales. With the current sales pace, this represents approximately a month and a half supply of listings.

Sunshine Coast Attached Listings

Sales up 27% from last year

There are currently 48 attached listings. This is down from October 31, 2021 when there were 86 attached listings. Attached sales this year-to-date ending October  31, 2021: 224 sales, in 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 two month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings

Sales up 36% over previous year

There are currently 91 bare land listings. This is down from October 31, 2020 when there were  189 land listings. Land sales year-to-date ending October 31, 2021: 204 sales, in 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 four and a half month supply of listings.

Year-to-Date Detached Sales

  • $000 to $300,000 with 27 sales
  • $301,000 to $400,000 with 11 sales
  • $401,000 to $500,000 with 12 sales
  • $501,000 to $600,000 with 33 sales
  • $601,000 to $700,000 with 80 sales
  • $701,000 to $800,000 with 105 sales
  • $801,000 to $900,000 with 99 sales
  • $901,000 to $1,000,000 with 70 sales
  • $1,001,000 to $2,000,000 with 216 sales
  • 46 sales over $2,001,000

Market is Still Climbing

I have always prided myself with knowing our Sunshine Coast market and its direction, but this market is one that is hard to predict, it just keeps going up.  A year ago for the period ending October 30, 2020 we had 267 sales between $401,000 and $700,000 this year we have 125 sales. Last year over a million in the same time we had 152 sales, this year there have been 262 sales.

It is getting hard to find a nice family home under a $1,000,000, not impossible but you are looking hard. On tour yesterday we were looking at some new homes in Gibson a 1000 sq ft on a ¼ acre for $749,000 and in comparison, to the market looked like a great option.

Every market no matter how there seems no end to them has an end and this market will not be any different. We are seeing inflation increasing with a prediction of 4.3% the highest in 2 decades and talks of interest rate increasing next year as reported in the Financial Post on October 19, 2021. If we start seeing rates move up this could cool the Real Estate market but now, we are suffering from a lack of inventory. We have people who would like to move but cannot find something to move to, so they do not put their home on the market. We have inventory waiting for an opportunity, sort of like a chicken and egg situation.  If you have a home to go to this is a great time to sell.

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 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