Market Update - March 2023

If you are looking at purchasing a home, now is the time to get your taxes filed as soon as possible and reach out for a free buyer's consultation which will include getting you in touch with a mortgage broker and get your preapproval in. With the interest rates higher compared to the last couple of years, your budget may adjust however, the prices are and have been adjusting to accommodate this as well. 

If you're looking to sell your home, buyer's are still out there looking and your home may be the one they have been waiting for. With sharp pricing with the help of your Sunshine Coast Real Estate agent and specific marketing to your needs, you should no doubt sell and even potentially with multiple offers still! 

Let's take a dive into the details down below..

Sunshine Coast Listings have been making an appearance this past month which we all have been excited for. Today we sit at a total of 198 detached homes, up 5 compared to last month which is a 2.59% increase and a 108% increase year to date. Our lowest ever on record was this past December at a mere 26. I expect listings to continue to come on and peak in May-July of this year. 

Average listing prices on the Sunshine Coast have slowed down for this month. We were seeing about a 2-3% drop month over month. This time around we saw only a 1.07% drop for a total of $9,400 on the average priced home. We are sitting with a median price of $868,100 which is $109,700 compared to this time last year or just over 11.2% difference. on March 8th, 2023, Bank of Canada announced that they plan to keep the rates where they are. I expect prices to continue to adjust slightly to play a bit of catch up still plus the spring market inventory is increasing as well putting downward pressure on homes. 

 

Average days on market to sell your home on the Sunshine Coast went down quite a bit at 34.9%. Last month it took an average of 41 days, this month it takes about 22. This is a quick turnaround time to sell a home in any market and is directly related to seller's listening to the sound advice of their local real estate agents here on the Sunshine Coast and being realistic with their list price. 

Selling on the Sunshine Coast has been on the up and up this first quarter. Last month it went up by 10% and this month was no different. There were 24 sales total which was about 30% of our total inventory. This is directly related to a few contributing factors such as continual low inventory, dropping interest rates, dropping prices and Canada's new foreign buyer's ban which does not include the Sunshine Coast. Check out my newest blog here.