February 28th Sunshine Coast BC Real Estate Market Update

Sunshine Coast Detached Listings

Sales down 53% over the previous year

There are currently 194 detached listings on the Sunshine Coast. This is up from February 28th, 2022 when there were 95 detached listings. Detached sales year-to-date ending February 28th, 2023: 40 sales, in 2022: 86 sales, in 2021: 91 sales, in 2020: 53 sales, in 2019: 56 sales, in 2018: 70 sales; in 2017: 76 sales, and in 2016: 124 sales. 2023 market's hot price range was between $1,001,000 and $2,000,000 with 15 sales. With the current sales pace, this represents approximately a ten-month supply of listings.

Sunshine Coast Attached Listings

Sales down 65% from last year

There are currently 68 attached listings. This is up from February 28th, 2022 when there were 43 attached listings. Attached sales this year-to-date ending February 28th, 2023: 11 sales, in 2022: 31 sales, in 2021: 43 sales, in 2020: 16 sales, in 2019: 20 sales; in 2018: 22 sales; in 2017: 38 sales and in 2016: 27 sales. With the current sales pace this represents a twelve-month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings

Sales down 91% over previous year

There are currently 69 bare land listings. This is up from February 28th, 2022 when there were 56 land listings. Land sales year-to-date ending February 28th, 2023: 3 sales, in 2022: 33 sales, in 2021: 40 sales, in 2020: 12 sales, in 2019: 19 sales; in 2018: 29 sales; in 2017: 29 sales, and in 2016: 40 sales. With the current sales pace this represents approximately 4-year supply of listings.

Year-to-Date Detached Sales

• $000 to $300,000 with 2 sales

• $301,000 to $400,000 with 1 sale

• $401,000 to $500,000 with 0 sales

• $501,000 to $600,000 with 1 sale

• $601,000 to $700,000 with 6 sales

• $701,000 to $ 800,000 with 3 sales

• $801,000 to $900,000 with 5 sales

• $901,000 to $1,000,000 with 3 sales

• $1,001,000 to $2,000,000 with 15 sales

• 3 sales over $2,001,000

Spring is Around the Corner

We are definitely seeing the effects of the interest rate adjustments, with sales being down across the board and inventory starting to creep up. This is the first time in a while that I have seen the inventory of Residential Detached homes nearing 200 on the Coast. The last few years that number has been substantially lower. In a balanced market, the number of Detached Homes would sit around 350 - 400 on the Sunshine Coast, so although we are seeing an increase we still are on the low side.

Prices have started dropping over the last few months, which in theory would be great for Buyers, but with rising interest rates, the housing market is still out of reach for many. The overall market has been quiet, but homes are still selling and in more rare cases, under multiple offers. With spring on the way, I think we may see a bit more movement and activity. If you have questions about the market or your ability to make a move, don’t hesitate to ask us!

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 kenan@kenanmackenzie.com

Sarah- 778.989.1841 sarah@kenanmackenzie.com