March 31st Sunshine Coast BC Real Estate Market Update

Sunshine Coast Detached Listings

Sales down 53% over the previous year

There are currently 248 detached listings on the Sunshine Coast. This is up from March 31st, 2022 when there were 135 detached listings. Detached sales year-to-date ending March 31st, 2023: 77 sales, in 2022: 164 sales, in 2021: 195 sales, in 2020: 91 sales, in 2019: 94 sales, in 2018: 114 sales; in 2017: 135 sales, and in 2016: 263 sales. The 2023 Market's hot price range was between $1,001,000 and $2,000,000 with 25 sales.

Sunshine Coast Attached Listings

Sales down 44% from last year

There are currently 67 attached listings. This is up from March 31st, 2022 when there were 44 attached listings. Attached sales this year-to-date ending March 31st, 2023: 31 sales, in 2022: 55 sales, in 2021: 70 sales, in 2020: 28 sales, in 2019: 33 sales; in 2018: 41 sales; in 2017: 51 sales and in 2016: 52 sales. Attached listings represent strata unit apartments, condos and townhouses.

Sunshine Coast Land Listings

Sales down 83% over previous year

There are currently 90 bare land listings. This is up from up from March 31st, 2022 when there were 59 land listings. Land sales year-to-date ending March 31st, 2023: 9 sales, in 2022: 53 sales, in 2021: 72 sales, in 2020: 16 sales, in 2019: 24 sales; in 2018: 41 sales; in 2017: 40 sales, and in 2016: 67 sales.

Year-to-Date Detached Sales

• $000 to $300,000 with 3 sales

• $301,000 to $400,000 with 1 sale

• $401,000 to $500,000 with 2 sales

• $501,000 to $600,000 with 1 sale

• $601,000 to $700,000 with 11 sales

• $701,000 to $ 800,000 with 10 sales

• $801,000 to $900,000 with 9 sales

• $901,000 to $1,000,000 with 7 sales

• $1,001,000 to $2,000,000 with 25 sales

• 8 sales over $2,001,000

Detached Sales Lowest in 10 Years

Looking back on my records the lowest sales ending March 31st was in 2014, with only 78 sales recorded. We beat that record by 1 with only 77 sales this year so far. This may sound bad but in 2014 we had 669 detached listings as compared with the current number of 252 detached listings.

I do see with the low sales that the inventory is beginning to climb but it is still incredibly low. The question is: If the number of homes continue to increase, it could potentially result in increased competition among Sellers, leading to more favorable conditions for Buyers in terms of pricing and financing options.

Additionally, the increase in available homes may lead to a boost in sales counts, as Buyers would have more choices and are able to find homes that meet their needs more easily.

My thoughts are that 2023 will be an opportunity for Buyers looking to get into the market, with rates appearing to have peaked. However, it is important to note that the Real Estate Market is complex and influenced by a variety of factors, so it's difficult to predict exactly how these changes will play out.

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.

Stay safe and healthy everyone!

Call us today with any additional questions, or for a Free Market Evaluation!

Kenan MacKenzie

604-885-7810 or email: kenan@kenanmackenzie.com

Sarah MacKenzie

778-989-1841 or email: sarah@kenanmackenzie.com