Sunshine Coast Real Estate January 2023 Market Update
Sales activity was extremely low in December, with only 20 single-family detached homes sold on the sunshine coast. Nine sales in Sechelt, three in Halfmoon bay and five in Gibsons.
Can you say holy crap, that is low!
We are in buyers' territory, people, so plan accordingly!
When looking at the market numbers, the focus here is on single-family detached homes across all price ranges for Gibsons, Sechelt and the Sunshine Coast. The Benchmark HPI (Home Price Index) for the Sunshine Coast increased slightly, which one would expect to be excellent news for homeowners, but don't get too excited; the lack of inventory is likely the only thing holding the benchmark price in place. Inventory is significantly low, with only 57 single-family detached homes for sale in Gibsons, 54 in Sechelt with a total of 164 for the southern Sunshine Coast (does not include Powell River).
The Benchmark Price for the Sunshine Coast is $912,000, $906,700 in Gibsons and $892,500 in Sechelt. The Benchmark Price in December 2021 for the coast was $895,500; over the past six months, all gains have been lost, and we are quickly back to 2021 prices. The Bank of Canada is announcing the possibility of another interest rate increase later this month, and everyone is watching intently and hoping this does not happen.
Low inventory and low sales activity are typical for December and January. The traditional spring market in February and March usually brings more inventory and buyers. If you plan on holding off until spring to list, you can use this time to get your house in tip-top shape because you need to do everything possible in a buyers' market to set yourself apart from the rest, including pricing it correctly! See below the interactive HPI Price for the past three years for the Sunshine Coast, Sechelt and Gibsons.
If you are considering selling your home this spring, Send me a message for a copy of my Seller's Guide, and I will be happy to share it!