Listening to the news these days one is led to believe that things are slowing down, but some perspective on the numbers locally shows very strong underlying demand. Despite a pace of sales which is about half of what we saw last year, two things stand out: First, despite a marginally increasing inventory, the sales vs. listings ratio continues to steadily climb towards a Seller's Market. This is resulting in steady price increases year over year with well over half our detached listings priced over $800,000. Second, with prices escalating as quickly as they are on detached homes, we have seen very strong demand for more affordable attached sales. In this case, we have 70% fewer listings than a year ago as well as less days on the market. This, too, has resulted in a robust Seller's market and prices rising rapidly in that sector as well.
So don't let the lower sales and National forecasts convince you things are slowing down locally. This trend on the Sunshine Coast doesn't have much in the way of weakness and the market looks like it will continue to rise at least through the Spring and into the Summer.
The question will remain the same as last year which is, will the price increases hold going into the Fall and 2018? Presently, there is every reason to believe that it will.
Talk to you soon,