…Is what I would have said if April Fool’s Day fell on Sunday, but it didn’t so there you are!
Despite the wayward weather this winter, the market has been consistently showing a slight trend towards what we call a Seller’s market. With better weather we’re seeing now and our typical Spring market, it is quite apparent that we are heading for an increasingly tight inventory for the next couple of months. Exactly how much that affects the values is yet to be determined, but prices will see increases for sure.
A quick breakdown of detached houses Sechelt to Gibsons has only about 8 detached houses under $500k not currently under offer. In the $500 - $650k range there are 18 listed but only 6 have been on the market more than 60 days which tells you there is lots of activity in that range. Where you see the biggest bulge of inventory is in the $650-$850k range where there are 30 active listings. I think it’s fair to say that if over half of the available inventory is nearly $200k above benchmark ($480-$570k range, depending on the community) we will see the statistics showing a push upwards.
My forecast has been for gains for Sunshine Coast values and we are seeing it now. For the property owners among us, it is a good time to consider your options. The Coast hasn’t been this liquid for some time, and competing bids should be expected over the next few months. Hard to say if it will persist into the Fall because the market seems to be following long term seasonal trends. Buyers will be rewarded by an immediately escalating market but it’s going to be important to seek out value because for the next couple of months a frenzy mentality may reappear which will drive prices on certain properties into uncomfortable places. We are seeing unconditional offers in competing bids which is a tough place for buyers trying to make rational decisions.
As usual, don’t hesitate to give me a call if you or someone you know wants to discuss the current market and how it might be affecting your life and decisions. It’s always fun to share good news!
Talk to you soon,
Gord
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