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April 2018 Real Estate Market Update for the Sunshine Coast BC

The Sunshine Coast real estate market mirrored the greater Vancouver trend in April 2018 and saw fewer home buyers and more homes to choose from.

 

Compared to last April total sales went down 44.0% to $34,156,088 total dollar volume. The average price for April dropped 14.1% to $588,898 while the HPI (Housing Price Index) continued to grow 14.9% to $616,800 for the average home on the Sunshine Coast.

 

Total homes sold slipped 34.8% to 58 units and the number of homes for sale rose to 368 units not including bare land.

 

Detached home sales

Even though, the average price of a detached home went down 10% in April to $643,309 the coach is stillbreaking historical trends for price.

Month over month April reached a total dollar volume of $27,018,978down 13%.  Available homes for sale continued to grow, up 18% to 304 total detached homes for sale across the Sunshine Coast and 42 homes sold.

 

Attached home sales

The average price of an attached home (condos and townhomes) for April dipped slightly to $449,706 down 7% over last month.

 

The total dollar volume dove 25% to $3,568,700. Total attached homes for sale went up a strong 31% to 54 units which opens up choice for condo and town home buyers.

 

Land for sale

The price of a bare land on the Sunshine Coast averaged $220,152. Total dollar volume is about half of last month at $3,302,280.

 

Available listings were steady at 182 available land-only properties for sale. Total land units sold for April went up slightly to 15 properties.

 

Takeaway

While the Coast continues to enjoy a strong seller’s market we are beginning to see the fallout from the Federal “stress test” for those needing mortgage monies and uncertainty about how the Provincial government is going to roll out their proposed tax changes for empty homes and non-resident and foreign purchasers.  This will likely have a lingering effect over the next several months.

 

With that in mind the Sunshine Coast still enjoys the least expensive average home price in the Lower Mainland (including such areas as Squamish, Maple Ridge and Abbottsford where the average home price is $100,000 + compared to the coast).

 

For more information talk with your REALTOR®.

For market intelligence contact us – perspective is everything.

Contact Russ Qureshi and his team at http://coastlifestyles.ca

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