August 31st Market Update
Sunshine Coast Detached Listings
Sales down by 30% over the previous year
There are currently 270 detached listings on the Sunshine Coast. This is up from Aug 31, 2021 when there were 157 detached listings. Detached sales year-to-date ending August 31, 2022: 395 sales, in 2021: 562 sales, in 2020: 416 sales, in 2019: 326 sales, in 2018: 384 sales; in 2017: 500 sales, and in 2016: 771 sales. 2022 market's hot price range is between $1,001,000 to $2,000,000 with 164 sales. With the current sales pace, this represents approximately a five month supply of listings.
Sunshine Coast Attached Listings
Sales down 40% from last year
There are currently 46 attached listings. This is down from Aug 31, 2021 when there were 55 attached listings. Attached sales this year-to-date ending August 31, 2022: 108 sales, in 2021: 184 sales, in 2020: 95 sales, in 2019: 100 sales; in 2018: 108 sales; in 2017: 170 sales and in 2016: 170 sales. With the current sales pace this represents a three month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.
Sunshine Coast Land Listings
Sales down 40% over previous year
There are currently 82 bare land listings. This is the down from Aug 31, 2021 when there were 110 land listings. Land sales year-to-date ending August 31, 2022: 96 sales, in 2021: 174 sales, in 2020: 87 sales, in 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 six month supply of listings.
Year-to-Date Detached Sales
• $000 to $300,000 with 5 sales
• $301,000 to $400,000 with 6 sales
• $401,000 to $500,000 with 9 sales
• $501,000 to $600,000 with 10 sales
• $601,000 to $700,000 with 11 sales
• $701,000 to $ 800,000 with 39 sales
• $801,000 to $900,000 with 66 sales
• $901,000 to $1,000,000 with 46 sales
• $1,001,000 to $2,000,000 with 164 sales
• 38 sales over $2,001,000
Interest Rates Slow the Market
The interest rate increases have definitely done what they had been intended to do and have successfully quieted the housing market.
"With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer. This shift in market conditions caused prices to edge down over the past four months."- Andrew Lis, REBGV Director, economics and data analytics.
Buyers are being very cautious about purchasing a home, or anything for that matter, with the promise of more interest rate increases coming this fall. Sellers are struggling with the lack of interested Buyers as well as adjusting their prices down to keep up with the market.
Sales in August were not only 30% down from last year, but nearly 30% below the last 10 year average. We are in a time of a changing market and it’s hard to know where we will be this time next year - only time will tell.
The 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 us today with any additional questions, or for a Free Market Evaluation!
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