This month’s market update comes just after the latest Bank of Canada rate increase of .25.
We are closing in on almost a year since the rates started to increase. This caused our market to slow in the Fall of 2022, but since January, the Sunshine Coast market has been gaining steam.
There seems to be a general consensus among agents, that the market has been experiencing a slight fluctuation from week to week in pace, some weeks it seems slower and the next week it is busy again. My local colleagues, feel free to weigh in, in the comments!
We are now sitting at a 16% list-to-sell ratio, which indicates a balanced market.
In the current balanced market we are seeing pricing being an important factor but properties are still taking a bit longer to sell, even when priced well, than we were used to last year. The inventory is increasing and Buyers have more to choose from as we move into Summer.
Buyers, don’t let longer days on market scare you off, there are some great properties out there right now that are priced well but might be overlooked due to longer days on market. It’s just taking their new owners a little longer to find them.
Sellers, putting in the energy to present your property well, professionally cleaned, great photography, maintained yard, is more important than ever. Buyers are concerned with the high cost of trades and materials, and aren’t keen to take on a reno project, so making your house look as good as can be and ready for showings is important heading into our summer market.
Happy house hunting!
If you have any questions about the local market, please reach out!