Market Update - December 2021

The Market on the Sunshine Coast has seen a drop in the Benchmark Price for only the second time in the last 2 years (first time was back in July of this year). While our inventory remains to be at an all-time low, it continues to drop once again this month. However, this is usually the case during the holiday season.

Interest rates, although have slightly risen, they still hold this past month. However, with the drop in Benchmark Price as well, I do expect to see downward pressure on prices on the Sunshine Coast for the first quarter of 2022. 

Active listings on the Sunshine Coast is sitting at a meager 113 listings as of end of November. This is a 42.9% difference compared to the same time last year. While December is always our lowest point for listings in a year, the lowest we have ever seen on record, besides now, is 145 in December of 2020. Before that, December 2017 at just under 200. 

Although Benchmark Prices for detached homes on the Sunshine Coast went down 2.17% this past month, it is still a big leap for year over year with a 25.5% increase since November 2020. 

Days on the Market for the current listings we do have are taking longer to sell this season. Essentially, it will take you longer to sell your home than it has in recent months. We have seen less holding offers and multiple offers than previous which naturally makes listings take longer to sell as holding offers set the selling pace with their requested offer dates. However, we are still at a healthy range of about 42 days. The lowest ever on record is 8. 

With extreme low inventory, Solds are naturally dropping. Last month we had 63 solds, this month it dropped 12% to 55. Compared to last year, solds have dropped just over 34% from 84 to 55. Good news, this isnt anywhere close to the lowest amount of solds in a month for the Sunshine Coast. 

Detached home benchmark is $863,700 (25.5% increase YTD)
Average Days on Market is 42 (27.6% decrease YTD)

Active Listings is 113 (52.9% decrease YTD)

Homes sold is 55 (42.9% decrease YTD)

Attached home benchmark is $605,650
Average Days on Market is 33
Active Listings is 36
Homes sold is 20

If you're thinking of buying, now is the time to connect with a REALTOR® and Mortgage Broker to lock in a good rate, be ahead of the spring time competition and be ready to put in an offer on a good deal in the coming months. 

If you're thinking of selling, consider putting your home on the market early in the new year to get ahead of the downward pressure of home prices with the promises of interest rate hikes from the government. 

I am here for you if you have any questions regarding any of your Real Estate Needs, just Click Here to Connect. 

Thank you for reading!