February is an interesting time in the Sunshine Coast Real Estate market – personally I love it – there’s a vibe. The market is waking up and we get to see what side of the bed it is getting up on!
This is my take, it’s awake, it’s not too sure where it is, but it’s moving and knows that it can’t stay in bed any longer because there’s a subtle but pervasive feeling that it’s moving faster than it initially thought.
Ok, enough market personification, these are the things to be keeping an eye on in the next few weeks and months:
🕵🏻PRICES
Prices seem to be stabilizing on the Sunshine Coast. Look out for my Sunshine Coast Real Estate Market stats post later this week on instagram. Prices peaked last year around March. News of inflation and then subsequent interest rate hikes put downward pressure on prices throughout the remained of 2022. By Fall we were seeing a significant slowdown in sales. Heading into 2023, sales data was scarce, however we are starting to see enough sales to have proof that prices are stabilizing.
🧐INVENTORY
Back in December, I remarked that the inventory on the Sunshine Coast, at that point, compared to 10 years before was remarkably low. This hasn’t changed much as February 2023. Inventory seems to be keeping prices stable, a trend that is being echoed by the broader Canadian Real Estate market as well.
🏠 LOOKING TO SELL YOUR HOME?
Sharp pricing is the key. Sharp pricing doesn’t mean under listing, it is about maximizing the market value of your property. Buyers have come off the fence but they aren’t in a giant rush to purchase, especially if they don’t think the value is there. Expect to be pricing below what your neighbour sold for last year. Buyers are being patient and they simply don’t have the same affordability as they did last year with the current interest rates and stress test metrics.
🏘️LOOKING TO BUY?
Inventory on the Sunshine Coast is low and there are other Buyers out there, you aren’t alone. Open houses have been busy in all the price ranges. There have been a handful of multiple offers, in a range of prices, within the detached market. The big upside for Buyers is that this year so far, Buyers can be still be competitive with offers that have subjects and time for inspections and they have a bit more time to make decisions about Buying.
Looking to start your search for a Realtor® and not sure where to begin, give me a call, send a text, lets connect and see if we are the right to support you with your real estate goals.
