July 31st Market Update

Sunshine Coast Detached Listings

Sales down by 30% over the previous year

There are currently 265 detached listings on the Sunshine Coast. This is up from July 31, 2021 when there were 181 detached listings. Detached sales year-to-date ending July 31, 2022: 357 sales, in 2021: 507 sales, in 2020: 324 sales, 2019: 277 sales, in 2018: 330 sales, in 2017: 436 sales, and in 2016: 700 sales. 2022’s hot price range is between $1,001,000 to $2,000,000 with 154 sales. With the current sales pace, this represents approximately a five month supply of listings.

Sunshine Coast Attached Listings

Sales down 38% from last year

There are currently 37 attached listings. This is down from July 31, 2021 when there were 64 attached listings. Attached sales this year-to-date ending July 31, 2022: 102 sales, in 2021: 164 sales, in 2020: 67 sales, 2019: 89 sales, in 2018: 100 sales, in 2017: 141 sales and in 2016: 151 sales. With the current sales pace this represents a 2.5 month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings

Sales down 43% over previous year

There are currently 84 bare land listings. This is down from up from July 31, 2021 when there were 117 land listings. Land sales year-to-date ending July 31, 2022: 91 sales, in 2021: 159 sales, in 2020: 67 sales, 2019: 53 sales, in 2018: 104 sales, in 2017: 122 sales and in 2016: 285 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 4 sales

• $301,000 to $400,000 with 5 sales

• $401,000 to $500,000 with 8 sales

• $501,000 to $600,000 with 9 sales

• $601,000 to $700,000 with 9 sales

• $701,000 to $ 800,000 with 34 sales

• $801,000 to $900,000 with 58 sales

• $901,000 to $1,000,000 with 41 sales

• $1,001,000 to $2,000,000 with 154

• 34 sales over $2,001,000

Gaining Inventory but Lacking Buyers

As we can see from the numbers we had had a definite increase in inventory for Residential Detached Homes, up to 265 from 181 this time last year. The increase could be largely to do with Buyers backing off which is causing a build up of homes on the market. We are still low on Attached Homes with only 37 on the market, which is the lowest we have seen it. Is that due to the Attached Homes being more affordable then Detached Homes? Or is it just a fluctuation in the market? We will have to see where it goes next month to find out.

Although there is an increase in inventory there is still a lack of Buyers out there which I believe is largely due to the uncertainty in the interest rates this coming fall. On the flip side, Buyers have a lot more to choose from and are not typically having to compete for homes. Inspections are happening again and there is time to think and mull things over and even going back and forth in negotiations! It is a welcome change for the Buyers. In the Sellers situation it is a little more difficult, as they need to be more patient and aren't able to get the quick deal firm on their homes that they may have been hoping for.

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 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