May 31st Market Update
Sunshine Coast Detached Listings
Sales down 22% over the previous year
There are currently 231 detached listings on the Sunshine Coast. This is up from May 31, 2021 when there were 195 detached listings. Detached sales year-to-date ending May 31, 2022: 284 sales, in 2021: 366 sales, in 2020: 148 sales, in 2019: 170 sales, in 2018: 224 sales; in 2017: 281 sales, and in 2016: 519 sales. 2021 market's hot price range was between $1,001,000 to $2,001,000 with 121 sales. With the current sales pace, this represents approximately a four supply of listings.
Sunshine Coast Attached Listings
Sales down 32% from last year
There are currently 37 attached listings. This is down from May 31, 2021 when there were 53 attached listings. Attached sales this year-to-date ending May 31, 2022: 90 sales, in 2021: 132 sales, in 2020: 35 sales, in 2019: 66 sales; in 2018: 79 sales; in 2017: 101 sales and in 2016: 109 sales. With the current sales pace this represents a two month supply of listings. Attached listings represent strata unit apartments, condos, and townhouses.
Sunshine Coast Land Listings
Sales down 37% over previous year
There are currently 67 bare land listings. This is down from up from May 31, 2021 when there were 121 land listings. Land sales year-to-date ending May 31, 2022: 81 sales, in 2021: 129 sales, in 2020: 24 sales, in 2019: 39 sales; in 2018: 81 sales; in 2017: 85 sales and in 2016: 203 sales. With the current sales pace this represents a four month supply of listings.
Year-to-Date Detached Sales
• $000 to $300,000 with 4 sales
• $301,000 to $400,000 with 3 sales
• $401,000 to $500,000 with 4 sales
• $501,000 to $600,000 with 5 sales
• $601,000 to $700,000 with 6 sales
• $701,000 to $ 800,000 with 29 sales
• $801,000 to $900,000 with 47 sales
• $901,000 to $1,000,000 with 35 sales
• $1,001,000 to $2,001,000 with 121 sales
• 29 sales over $2,001,000
Where are we headed?
We have seen a significant cooling of the housing market over the last few months, which feels like a huge change in comparison to the last few years of frenzy. It’s hard to remember what the market was like when it was “normal”. I think everyone has a bit of a skewed view of what a “normal” market looks like after the last few years which makes it that much more of an adjustment as the market settles down.
“Upward pressure on home prices has begun to ease in the housing market over the last two months,” states Daniel John, chair of REBGV. “Where home prices go next will depend on housing supply. While we’re beginning to see modest increases in home listings, we still need housing supply totals to more than double to bring the market close to balanced territory.” They are still considering it a Sellers market with such low inventory levels but with Buyers being more cautious due largely to the rising interest rates we are not seeing homes moving as quickly. Buyers are able to take their time and do some due diligence which has been a welcome change.
The 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 or email: firstname.lastname@example.org
Sarah 778-989-1841 or email: email@example.com