The Home Price Index (HPI) shows a slight decline, with the average price dipping from $839,600 in 2023 to $832,700 this year—down approximately 0.9%. This represents a significant decrease from the market peak in May 2022, when prices reached $958,400. illustrating the adjustments the market has experienced over the past two years. GibsonsHPI: $844,900 (+0.6%) | Listings: 146 (+12.3%) Sales: 11 (-31.3%) | Months of Inventory: 13.3
While Gibsons shows a slight increase in the HPI, sales have decreased significantly, resulting in over 13 months of inventory, indicating a buyer's market. We could still see further price adjustments in Gibsons
Roberts Creek
HPI: $1,015,800 (+0.4%) | Listings: 36 (+2.9%) | Sales: 4 (+300%) | Months of Inventory: 10
Roberts Creek has seen an uptick in sales compared to an extremely slow year, but overall sales remain far below average, with about 10 months of inventory reflecting an overall Buyers Market.
Sechelt
HPI: $789,000 (-0.7%) | Listings: 200 (+46%) | Sales: 16 (+14.3%) | Months of Inventory: 12.5
In Sechelt, the HPI has dipped slightly, with a significant increase in listings leading to 12.5 months of inventory. Sales are up from a sluggish period the year previous, but still below average.
Halfmoon Bay
HPI: $929,000 (-2.1%) | Listings: 66 (+43.5%) | Sales: 5 (+400%) | Months of Inventory: 7.1
Halfmoon Bay reports an increase in sales compared to last year, but the homes sold had been on the market for over 80 days. With 7.1 months of inventory, this area shows signs of competition, yet sales remain below average.
Pender Harbour
HPI: $797,500 (-2.8%) | Listings: 91 (+31.9%) | Sales: 8 (+300%) | Months of Inventory: 11.4
In Pender Harbour, the HPI has declined, and while sales are up from an extremely slow year, they remain far below average. The area has 11.4 months of inventory, the highest since 2016.
Summary
The Sunshine Coast market varies across communities, with Gibsons and Pender Harbour showing extended inventory periods. While Roberts Creek and Halfmoon Bay see slight increases in sales compared to last year, overall activity remains below average. The market continues to favor buyers, with varying conditions in different areas. While the current state of the Sunshine Coast real estate market presents some hurdles, the predicted drop in interest rates may act as a catalyst for renewed buyer engagement. The landscape is likely to evolve, with sellers becoming more receptive to pricing adjustments and buyers facing a more competitive environment, this fall could be the best time to be a home buyer on the Sunshine Coast.
Currently, there are 554 active listings, yet only 45 sales were recorded in September. This indicates over a year’s worth of inventory on the market, a situation that typically suggests prices could continue to trend downwards. However, the dynamics are shifting as interest rates are projected to decrease, which could stimulate buyer activity and lead to more competitive conditions..