Market Update - may 2022

BC’s Sunshine Coast real estate market seems to be cooling off as we approach summer but there’s still a lot of interest for properties with views and secondary suites (AKA – mortgage helpers).We’re not seeing multiple offers as frequently as we were even a few months ago and there seems to be fewer “younger” buyers looking to escape Vancouver. Employers are calling workers back to the office and, as such, some recent Sunshine Coast transplants must regularly travel to the city via BC Ferries. Even part-time, this commute may cause the Sunshine Coast’s rural lifestyle to lose some of its lustre.With that in mind, I expect to see our local housing inventory to rise over the next 3-6 weeks. Sunshine Coast residents with somewhere to go may decide this spring is finally time to sell their home, and investors could choose to cash in on what could be a peaking market.I’m preparing for the summer real estate market to be slower than typical this year. My belief is that Canadians are ready to get away after being housebound since 2020. If this is accurate, expect Sunshine Coast real estate to take a back seat to summertime travel.Here’s the data from from April, the year-over-year numbers, and year-to-date numbers:

CURRENT DETACHED HOME INVENTORY LEVEL(S)

• Gibsons – 28 homes for sale; 9 of them under $1M
• Roberts Creek – 6 homes for sale; 4 under $1M
• Sechelt – 50 homes for sale; 22 under $1M
• Halfmoon Bay – 7 homes for sale; 1 under $1M
• Pender Harbour – 11 homes for sale; 6 under $1M
• TOTAL INVENTORY – 102 detached homes listed: 42 under $1M

APRIL YEAR-OVER-YEAR (YOY)

• April 2021 saw 134 total sales: 68 of them were single-family detached and the average price of those homes was $1,003,000. The average time on market was 10 days, and the total dollar volume of sales was $117,769,000.
• April 2022 had 116 total sales: 57 of them were single-family detached houses with the average price of those homes being $1,275,000. The average time on market was 11 days, and the total dollar volume of sales was $127,961,000.

YEAR-TO-DATE (YTD)

• January 1, 2021 to April 30, 2021 saw 663 total sales: 312 of them were single-family detached, and the average price of those homes was $984,000. The average time on market was 14 days, and the total dollar volume of sales was $537,569,000.
• From January 1, 2022 to April 30, 2022, there have been 392 total sales: 192 of them were single-family detached houses with the average price of those homes being $1,160,000. The average time on market has been 11 days, and the total dollar volume of sales was $385,483,000.

At the end of March, we had 80 detached homes listed (30 of which where under $1M). Compare that with the most recent numbers from the end of April and you can see why I anticipate the Sunshine Coast market to slow.Call me with questions about what it takes to buy or sell a home this summer on BC’s beautiful Sunshine Coast. 604-418-2695