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November 30th Market Update

Updated: Dec 8, 2022

Sunshine Coast Detached Listings

Sales down by 38% over the previous year

There are currently 229 detached listings on the Sunshine Coast. This is up from November 30, 2021 when there were 102 detached listings. Detached sales year-to-date ending November 30, 2022: 471 sales, in 2021: 755 sales, in 2020: 706 sales, in 2019: 461 sales, in 2018: 499 sales; in 2017: 676 sales, and in 2016: 912 sales. November 2022 market's hot price range is over $1,001,000 to $2,000,000 with 186 sales. With the current sales pace, this represents approximately a five month supply of listings.


Sunshine Coast Attached Listings

Sales down 49% from last year

There are currently 58 attached listings. This is up from November 30, 2021 when there were 36 attached listings. Attached sales this year-to-date ending November 30, 2022: 123 sales, in 2021: 243 sales, in 2020: 187 sales, in 2019: 131 sales; in 2018: 132 sales; in 2017: 223 sales and in 2016: 225 sales. With the current sales pace this represents a five month supply of listings. Attached listings represent strata unit apartments, condos and townhouses.


Sunshine Coast Land Listings

Sales down 54% over previous year

There are currently 66 bare land listings. This is down from November 30, 2021 when there were 81 land listings. Land sales year-to-date ending November 30, 2022: 100 sales, in 2021: 217 sales, in 2020: 158 sales, in 2019: 96 sales; in 2018: 148 sales; in 2017: 187 sales and in 2016: 37 sales. With the current sales pace this represents approximately a seven month supply of listings.


Year-to-Date Detached Sales

• $000 to $300,000 with 8 sales

• $301,000 to $400,000 with 7 sales

• $401,000 to $500,000 with 10 sales

• $501,000 to $600,000 with 18 sales

• $601,000 to $700,000 with 20 sales

• $701,000 to $ 800,000 with 51 sales

• $801,000 to $900,000 with 72 sales

• $901,000 to $1,000,000 with 55 sales

• $1,001,000 to 2,000,000 with 186 sales

• 43 sales over $2,001,000



The Everchanging Real Estate Market

This time last year homes were in high demand, barely making it to the MLS before being snapped up. We had incredibly low inventory and a lot of Buyers trying to find their perfect place to call home. This year we are still quite low on inventory but also low on Buyers who can buy.


With interest rates and the general cost of living seeming to be on a continual rise everyone is taking a step back and waiting to see what happens in the world. We were hoping for a 25% but the feds hit us with a 50% rise in the rates, bringing the BOC to 4.25%. The BOC have signaled that this may be the end of the hikes and most economists see the rate holding through 2023 with a decline beginning in 2024. We should see the market starting to stabilize next year, Buyers have an opportunity at the moment.


Sarah and I would like to take this opportunity to wish you a safe and happy Merry Christmas and prosperous New Year!


The Sunshine Coast is still the best neighborhood in the Lower Mainland and the best value. 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: kenan@kenanmackenzie.com

Sarah

778.989.1841 or email: sarah@kenanmackenzie.com


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