Real estate sales numbers in the qathet region for September 2023 and 2022 were comparable, but average values were up significantly this year.
While the average single-family residence value was up considerably year-over-year, Powell River Sunshine Coast Real Estate Board president Neil Frost said the month’s average was skewed by three sales in excess of $1 million. As an example, he added that a three-bedroom 2,000-square-foot home in Westview sold during the month for $510,000.
“Don’t believe the hype,” said Frost. “Prices are not up by 48 per cent. In fact, it does not look like they are up at all. Prices are down, not up.”
In the single-family homes category, in September 2023, there were 16 sales, totalling $14,247,500, compared to 16 sales in September 2022, totalling $9,571,900.
In the mobiles and manufactured homes category, there were three sales, totalling $745,000, in September 2023, compared to two sales, totalling $500,000, in September 2022.
There was one sale in the condo, apartments and duplexes category, totalling $375,000, in September 2023, compared to one sale, totalling $479,000, in September 2022.
Totals for residential sales were 20 sales in September 2023, valued at $15,367,500, compared to 19 sales, valued at $10,550,900, in September 2022.
On the non-residential side, there were three parcels of vacant land, valued at $325,000, in September 2023, compared to five sales, valued at $1,813,000 in September 2022.
In industrial, commercial and institutional, there were two sales in September 2023, valued at $803,152, compared to one sale, valued at $2,178,000, in September 2022.
Totals for non-residential sales indicated five sales, valued at $1,128,152 in September 2023, compared to six sales, valued at $2,178,000, in September 2022.
Grand totals for residential and non-residential combined indicated 25 sales, valued at $16,495,652, in September 2023, compared to 25 sales, valued at $12,728,900, in September 2022.
Average single-family home price in September 2023 was $890,469, with an average of 112 days on the market, compared to the September 2202 average of $598,244, with an average of 39 days on the market.
In terms of new listings, there were 28 on the residential side in September 2023, and 11 on the non-residential side, for a total of 39 new listings. In terms of active listings at the end of September 2023, there were 157 residential and 86 non-residential, for a total of 243.
According to Canadian Real Estate Association (CREA) statistics, sales in September 2023 were 35.9 per cent below the five-year average and 42.7 per cent below the 10-year average.
The year-to-date average price of a home in the qathet region is $655,142, which is a moderate decrease of 4.5 per cent from the first nine months of 2022.
On a year-to-date basis, home sales totalled 210 units over the first nine months of the year. This was down sharply by 18.9 per cent from the same period in 2022, according to CREA.
In terms of the Powell River Sunshine Coast Real Estate Board buyer profile, at 76.5 per cent, there were more out-of-town purchasers in September 2023. The statistics for the year-to-date indicate 44.4 per cent local and 55.6 per cent out-of-area.
“A total of 47.1 per cent of out-of-town purchasers in September chose quality of life as the reason for moving here,” said Frost.
Of the out-of-town purchasers, 84.6 per cent were from the Lower Mainland, he added.
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