Sunshine Coast October Real Estate Market Update
Sunshine Coast detached single-family HPI (Home Price Index) declined by only 1.1% in September over August - this could mean the real estate market is stabilizing and people are adjusting to the new market conditions.
The Benchmark home price for a single-family detached home on the Sunshine Coast in September 2020 was $666,500; in September 2021, it was $859,500 - today, the current Benchmark Home Price Index (HPI) is 10.1% higher than in September 2021 at $946,500.
The HPI has decreased by 5% over the past six months due to interest rate increases. However, the Sunshine Coast detached single-family HPI (Home Price Index) declined by only 1.1% in September over August - this could mean the real estate market is stabilizing and people are adjusting to the new market conditions.
The data shows that real estate prices have continually increased since 2005, with flat periods between 2008 - 2015 and 2018 - 2020. The chart below shows the Benchmark HPI detached single-family home price on the Sunshine Coast since 2005. Based on the trends, we are heading into a flat market, with minor fluxations in price.
We hear a lot of talk about affordable housing, the housing crisis, and the housing shortage in Canada and worldwide. The lack of apartments to rent, apartments and townhouses to buy, rental suites, new homes, and new subdivisions contribute to the high cost of existing real estate.
The real estate market is driven by supply and demand; supply is low. Yes, increased interest rates have reduced the market activity and brought it back to a more traditional environment, but inventory is still lacking.
In September, the total number of single-family active listings on the Sunshine Coast was 280, with 73 in Gibsons and 92 in Sechelt. The remainder is in the smaller communities of Roberts Creek, Halfmoon Bay, and Pender Harbour.
To give some perspective, in July 2014, the total number of single-family active listings was 779, with 174 in Gibsons and 284 in Sechelt - this was the highest number of listings ever recorded, and inventory has been continually dropping since that time.
Remember, the Sunshine Coast prices vary drastically from entry-level homes to million-dollar waterfront properties. When looking at the single-family detached homes for sale today, there are only 15 homes for sale under $399,000, 66 between $400,00 - $899,000, 101 between $900,000 - $1,499,999, and the remaining 95 are over $1,500,000.
When selling a property, working with an agent who understands the current market trends is essential to anticipate an outcome based on the data for your area. Many factors, such as location and condition, contribute to the overall success of selling your property - but trusting your agent and pricing it correctly from the start will ultimately lead to success.
If you are ready to make a move, call me and let's talk real estate.
Tara Sullivan
604-989-2577
www.tarasullivan.ca
RE/MAX City Realty
101-938 Gibsons Way
Gibsons, BC
