January 31st Market Update
Sunshine Coast Detached Listings
Sales down 40% over the previous year
There are currently 178 detached listings on the Sunshine Coast. This is up from January 31st, 2022 when there were 81 detached listings. Detached sales year-to-date ending January 31st, 2023: 19 sales, in 2022: 32 sales, in 2021: 32 sales, in 2020: 15 sales, in 2019: 20 sales, in 2018: 35 sales; in 2017: 32 sales, and in 2016: 44 sales. The 2023 Market's hot price range was between $1,001,000.00 and $2,000,000 with 8 sales. With the current sales pace, this represents approximately a nine month supply of listings.
Sunshine Coast Attached Listings
Sales down 69% from last year
There are currently 68 attached listings. This is up from January 31st, 2022 when there were 32 attached listings. Attached sales this year-to-date ending January 31st, 2023: 4 sales, in 2022: 13 sales, in 2021: 17 sales, in 2020: 4 sales, in 2019: 7 sales; in 2018: 11 sales; in 2017: 13 sales and in 2016: 12 sales. With the current sales pace this represents a little more then a 16 month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.
Sunshine Coast Land Listings
Sales down 83% over previous year
There are currently 50 bare land listings. This is down from January 31st, 2022 when there were 56 land listings. Land sales year-to-date ending January 31st, 2023: 2 sales, in 2022: 12 sales, in 2021: 20 sales, in 2020: 2 sales, in 2019: 12 sales; in 2018: 15 sales; in 2017: 15 sales, and in 2016: 17 sales. With the current sales pace this represents approximately a 25 month supply of listings.
Year-to-Date Detached Sales
• $000 to $300,000 with 1 sale
• $301,000 to $400,000 with 1 sale
• $401,000 to $500,000 with 1 sale
• $501,000 to $600,000 with 0 sales
• $601,000 to $700,000 with 3 sales
• $701,000 to $ 800,000 with 2 sales
• $801,000 to $900,000 with 0 sales
• $901,000 to $1,000,000 with 2 sales
• $1,001,000 to $2,000,000 with 8 sales
• 1 sale over $2,001,000
What Will This Year Bring?
Sales have quieted this year in comparison to 2021 and 2022, which were both very strong years, we are now back to where we were in 2019 and 2020 in terms of numbers of sales. The Market is quiet but not as much so as at the end of last year. We are seeing our (hopefully!) last interest rate hike and it feels like things are slowly starting to open up again.
New rules and regulations have come in - one being a Home Buyer Rescission Period on any accepted offer, intended to help protect Buyers in subject free offer situations, giving them an opportunity to back out if they need to.
Another big change was the Foreign Buyer Ban, meaning that non-Canadians and non-permanent residents are not able to buy in Canada for the next few years. There are some exceptions to the Foreign Buyer Ban, with the Sunshine Coast being one of those exceptions.
We, on the Sunshine Coast are exempt from the Foreign Buyer Ban. This allows non-Canadians and non-permanent residents to purchase properties here. I believe the exception will be a benefit for Sellers, having some more Buyers being able to shop and potentially purchase here brings a lot more opportunity. It will be interesting to see what this year brings!
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!
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