May 31st Sunshine Coast Real Estate Market Update
Sunshine Coast Detached Listings
Sales down 45% over the previous year
There are currently 305 detached listings on the Sunshine Coast. This is up from May 31st, 2022, when there were 231 detached listings. Detached sales year-to-date ending May 31st, 2023: 157 sales, in 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 46 sales.
Sunshine Coast Attached Listings
Sales down 37% from last year
There are currently 64 attached listings. This is up from May 31st, 2022, when there were 37 attached listings. Attached sales this year-to-date ending May 31st, 2023: 57 sales, in 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.
Sunshine Coast Land Listings
Sales down 75% over previous year
There are currently 115 bare land listings. This is up from up from May 31st, 2022, when there were 67 land listings. Land sales year-to-date ending May 31st, 2023: 20 sales, in 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.
Year-to-Date Detached Sales
• $000 to $300,000 with 6 sales
• $301,000 to $400,000 with 2 sales
• $401,000 to $500,000 with 3 sales
• $501,000 to $600,000 with 5 sales
• $601,000 to $700,000 with 18 sales
• $701,000 to $ 800,000 with 17 sales
• $801,000 to $900,000 with 25 sales
• $901,000 to $1,000,000 with 19 sales
• $1,001,000 to $2,001,000 with 46 sales
• 16 sales over $2,001,000
Talking with my counterparts in the Vancouver area, they are reporting a robust market with competing offers and one realtor says they are back to pre-interest rate hikes values. The Buyers are not all paying with cash, some are financing. The thought that goes through my head is that: Are they betting that the new year will bring lower rates, and this is the time to get in?
Here on the Sunshine Coast, we are wishing the market will spill over to us and move some products, but I am seeing a rising inventory on the coast with some Sellers pricing their homes above the pre-interest rate hikes values.
I was looking back at what fueled the 1980’s crash in the housing market and found this write up on Wikipedia:
“The sharp rise in oil prices pushed the already high rates of inflation in several major advanced countries to new double-digit highs, with countries such as the United States, Canada, West Germany, Italy, the United Kingdom and Japan tightening their monetary policies by increasing interest rates in order to control the inflation. These G7 countries each, in fact, had "double-dip" recessions involving short declines in economic output in parts of 1980 followed by a short period of expansion, in turn, followed by a steeper, longer period of economic contraction starting sometime in 1981 and ending in the last half of 1982 or in early 1983.”
There are a lot of differences between today and 1981 in what was happening in the market, but there are a lot of similarities as well. We have a lot of uncertainties in the world today and good reason to be concerned.
I have never worked to hype the market, only to bring good advice to my clients so that they can make an informed decision. At this point in time my advice is caution, if you need to sell, price your home well. If you are buying your home, history has proven that if you are in an area that is desired, there is no bad time to buy, if you can afford it.
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