October 31st Market Update
Updated: Jan 3
Sunshine Coast Detached Listings
Sales down 54% over the previous year
There are currently 256 detached listings on the Sunshine Coast. This is up from October 31, 2021 when there were 118 detached listings. Detached sales year-to-date ending October 31, 2022: 454 sales, in 2021: 699 sales, in 2020: 620 sales, in 2019: 424 sales, in 2018: 469 sales; in 2017: 625 sales, and in 2016: 870 sales. 2022 Market's hot price range is $1,001,000 to $2,000,000 with 182 sales. With the current sales pace, this represents approximately a five and a half month supply of listings.
Sunshine Coast Attached Listings
Sales down 87% from last year
There are currently 59 attached listings. This is up from October 31, 2021 when there were 48 attached listings. Attached sales this year-to-date ending October 31, 2022: 120 sales, in 2021: 224 sales, in 2020: 163 sales, in 2019: 120 sales; in 2018: 125 sales; in 2017: 207 sales and in 2016: 207 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 108% over previous year
There are currently 75 bare land listings. This is down from October 31, 2021 when there were 91 land listings. Land sales year-to-date ending October 31, 2022: 98 sales, in 2021: 204 sales, in 2020: 131 sales, in 2019: 80 sales; in 2018: 139 sales; in 2017: 173 sales and in 2016: 353 sales. With the current sales pace this represents approximately a four and a half month supply of listings.
Year-to-Date Detached Sales
• $000 to $300,000 with 7 sales
• $301,000 to $400,000 with 7 sales
• $401,000 to $500,000 with 10 sales
• $501,000 to $600,000 with 15 sales
• $601,000 to $700,000 with 17 sales
• $701,000 to $800,000 with 50 sales
• $801,000 to $900,000 with 70 sales
• $901,000 to $1,000,000 with 53 sales
• $1,001,000 to $2,000,000 with 182 sales
• 42 sales over $2,001,000
Buyers: Where are they?
A year ago in my October update I stated “Every market no matter how there seems no end to them, has an end, and this market will not be any different.”
Every market has an end and the bull market we were in, that increased values of homes prior to it’s last gasp of craziness, came to an abrupt end this spring. From October of last year to March of this year, we saw homes receiving multiple offers and being bid up 20 to 30 percent over their asking price. It was a Seller’s heaven.
I spent some time looking at values from last fall to this year and we are pretty much even in value. For what you could have bought last year at this time, the market has settled back to those prices. As a Seller in today’s market, you are still reaping the increases of previous years, with a value of last fall.
Where do we go from here? Looking at several economists’ predictions, they see a possible increase to the Bank of Canada rate to 4% and this rate being maintained through 2023. A couple reports that I reviewed saw some easing in the rate toward the last quarter of 2023, with most predicting an easing of the interest rate through 2024.
I believe we have Buyers that are waiting to feel confident before entering the market and some that have been priced out with rate increases.
The big elephant in the room is we still have a shortage of housing, and every day Canada is receiving more people in through immigration. Our inventory for detached homes is still at a level that in a normal market would be considered very low on the Sunshine Coast, and this is not unique to us, but is a problem across the lower mainland.
My thoughts are the opportunity for Buyers is to get in the Market is now through 2023. Once rates start coming down this market is going to heat up and inventory is low.
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!
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