Real estate sales in the qathet region during July 2023 were up considerably from July of the previous year.
“Home sales posted a solid rebound from last year’s July figures but remained well below average levels for this time of year,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board. “New listings have been trending at moderately tepid levels, but it seems like the demand isn’t biting yet.”
In the single-family homes category, in July 2023, there were 20 sales, amounting to $15,926,725, compared to 17 sales, valued at $11,627,900, in July 2022.
There were three mobiles and manufactured home sales, valued at $754,500, in July 2023, and none in July 2022.
In the condo, apartments and duplexes category, there were five sales in July 2023, valued at $1,994,800, compared to two, valued at $949,900, in July 2022.
Totals indicate 28 residential sales, valued at $18,676,025, in July 2023, compared to 19 residential sales, valued at $12,577,800, in July 2022.
On the nonresidential side, there were five parcels of vacant land sold, valued at $1,066,000, in July 2023, compared to one parcel, valued at $505,000, in July 2022.
Grand totals for real estate sales indicate 33 sales, valued at $19,742,025 in July 2023, compared to 20 sales, valued at $13,082,800, in July 2022.
The average house price in July 2023 was $796,336, with an average of 56 days on the market, compared to $683,995, with an average of 26 days on the market, in July 2022.
In terms of new listings, there were 58 residential listings in July 2023 and 23 nonresidential listings, for a total of 81 new listings. New listings were 8.8 per cent below the five-year average and 3.5 per cent above the 10-year average for the month of July.
“With overall inventories at relatively healthy levels, it would seem an opportune time for previously sidelined buyers to get back into the market, particularly as prices now seem poised to resume growing,” said Frost.
There were 166 active residential listings at the end of July 2023 and 93 nonresidential, for a total of 259 active listings at the end of July 2023. Active listings were 12.1 per cent above the five-year average and 0.9 per cent above the 10-year average for the month of July.
According to Canadian Real Estate Association (CREA) statistics, home sales were 27 per cent below the five-year average and 31 per cent below the 10-year average for the month of July.
CREA statistics indicate on a year-to-date basis, home sales totalled 159 units over the first seven months of the year. This was a substantial decline of 23.2 per cent from the same period in 2022.
In terms of local real estate sales statistics, there was a higher percentage of local buyers for July, making up 60.9 per cent of the purchases, according to Frost.
He added that 21.4 per cent of local sellers retired and moved out of Powell River, and that City of Powell River sales remain high compared to qathet Regional District sales.
Of the buyers who were traced, three were from the lower Sunshine Coast, three were from Vancouver Island, two were from the Lower Mainland and outlying areas, one was from Alberta and one was from outside Canada.
Year-to-date, 49.2 per cent of sales were local and 50.8 per cent were out of area.
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