Market Update - August 2021

For the second month in a row, overall real estate sales are down year-over-year (YOY).

This resulted from travel restrictions at the end of June and the common misconception that the Sunshine Coast is an island and not part of Vancouver Coastal Health.

Activity has picked up dramatically in the last 7-10 days, however, and we’re starting August with low inventory and high buyer demand.

Realtor property tours and public open houses have started up again so expect to see lots of them advertised for the balance of summer.

If you are thinking of selling, list with a LOCAL listing agent that knows and understands our Sunshine Coast market better than anyone else. Remember that it's critically important to make sure your home gets lots of off-Coast exposure to non-local buyers. Give these buyers ample time and opportunity to discover and see your property. Local Sunshine Coast agents are part of the Greater Vancouver Real Estate Board and have exactly the same access to the Multiple Listing Service (MLS) as an out-of-town agent. This means there is no penalty for using a local Sunshine Coast Realtor compared to an agent from the city.

If you are a buyer, it’s best to use a LOCAL buyer’s agent as they know the market, values, and areas as opposed to someone that does not live and work on the Sunshine Coast.

Here are the numbers for July 2021 and for the year-to-date (YTD):

JULY YEAR-OVER-YEAR

• July 2020 saw 144 total sales: 83 of them were single-family detached and the average price of those homes was $845,000. The average time on market was 47 days, and the total dollar volume of sales was $100,636,000.
• July 2021 had 107 total sales: 60 of them were single-family detached houses with the average price of those homes being $998,000. The average time on market was 13 days, and the total dollar volume of sales was $101,326,000.

YEAR TO DATE (YOY)

• From January 1 to end of July 2020 saw 623 total sales: 356 of them were single-family detached, and the average price of those homes was $787,000. The average time on market was 42 days, and the total dollar volume of sales was $433,642,000.
• From January 1 to end of July 2021 had 870 total sales: 425 of them were single-family detached houses with the average price of those homes being $985,000. The average time on market was 14 days, and the total dollar volume of sales was $722,993,000.

CURRENT DETACHED HOME INVENTORY LEVEL(S)

• Gibsons – 34 homes for sale; 16 of them under $1M
• Roberts creek – 16 homes for sale; 3 under $1M
• Sechelt – 72 homes for sale; 43 under $1M
• Halfmoon Bay – 19 homes for sale; 3 under $1M
• Pender Harbour – 37 homes for sale; 19 under $1M
• TOTAL INVENTORY – 178 detached homes listed: 84 under $1M