The Sunshine Coast Real Estate Market has been holding fairly strong for the past 6-12 months than expected with the big increases of interest rates. While the home prices have been, of course, adjusting to the new rates, inventory has still yet to go up enough to meet the demand here on the Coast. However, the Benchmark price is still within the same price range compared to last year and no one has HAD to sell yet, especially if they chose to lock in for a 5 year term. In saying that, Seller's may choose to cash out this new 2023 year now that they can find a home to go to and we hope to see more listings come on the Market this spring.
If you're looking to Buy on the Sunshine Coast this year, ensure you are getting prepared now to avoid the spring market hustle and be able to move forward with that dream home once it hits the market.
If you're a Seller, listing later in the year may seem like the best option; however, getting ahead of competition can potentially get you that few extra dollars in your pocket. Reach out if you have any questions about what would be the best move for YOU!
Below is more details regarding other factors of the market!
Below is more details regarding other factors of the market!
Active Listings
Listings on the Sunshine Coast have certainly increased compared to last year (107% to be exact), with Sellers either wanting to cash out at the peak of the market or were waiting to find something to move to finally however it hasn't been enough to reach the demand. Infact, December dropped by 83 listings or 32%. I do expect more listings to come out as the New Year arrives, the spring market around the corner, changes in legislation happening regarding Short Term Rentals on the Sunshine Coast and Price Adjustments however, the spring market does typically bring those buyers back out so will it just balance itself out? Time will tell!
Prices
Sunshine Coast Home Prices have been declining to adjust to the new interest rates for about 7 months now. This month it has actually increased almost 2.4% bringing us to just above (1.8%) what it was this time last year. The current benchmark price is now sitting at $912,000.
Days On Market
How long does it take to Sell your home on the Sunshine Coast today? On average, 73 days! However, this is a jump compared to last month at only 41 days which is actually quite a short amount of time for a 'typical market' in my opinion. I expect this number to fall back this first quarter. Stats show that December and over the holidays usually has the highest number of days for the year but adjust after the New Year.
Solds
Sunshine Coast Solds dropped this month by a little over 13% from 23 to 20. Historically, December has the lowest number in sales for the year but I do expect it to peak up again in the next couple of months as more listings come on the market for the spring.
Thank you again for reading, if you would like to connect with me for a complimentary Buyer or Seller Consultation, please reach out and I would be happy to chat!
