Sunshine Coast, BC  December 2018

There were 14 sales of detached homes in December. That’s 50% less than November’s total of 30 and 71% less than the 49 sales noted in December of 2017. That’s a significant drop, even accounting for the season. And it’s the 10th month in a row that the monthly sales total was less than the corresponding month from last year. Despite fewer sales, the Benchmark Price – that is, the price of an average home in an average area – rose 1.3% to $613,700. How can prices rise as sales fall? It’s all about supply. There’s been a shortage of listings in the $600,000 range which puts upward pressure on prices. That said, there’s been a 2.3% drop in the Benchmark Price over the last 6 months. We think there could be more to come in 2019. With land, there were 126 sales last year. That’s well off 2017’s total of 313. Apartments and condo sales followed a similar trend, falling to 139 from last year’s total of 234. As with detached homes and land, prices for apartments and condo’s appear to be unaffected by the slower activity. We continue to foresee a strong demand for attached housing. As before, if you have property to sell, we are at or near all time highs for prices. Contact your RE/MAX Oceanview Agent for a market update.