Real estate sales numbers in June 2022 dropped significantly in comparison to June 2021.
Powell River-Sunshine Coast Real Estate Board president Neil Frost said the drop was significant, and is continuing the trend of a drop in housing sales for the previous couple of months, as compared to 2021.
“We have been having 30 to 40 sales in the last three months of 2022, rather than the 50 or 60 in 2021,” said Frost. “Prices are still fairly strong. We’ll see how long that holds.
“It looks like there were slightly more local buyers than there were out of town buyers. I think out of town markets have really slowed down. There have been price reductions out of town. Some of those out-of-town buyers haven’t been coming. They are a little more cautious, so there’s been some opportunities for local buyers.”
Frost said it will be interesting to see what effect the interest rate changes will have on the housing market in terms of July and August sales.
While there has been a decline in sales, Frost said there has not been a decline in prices yet.
“However, this is not to say that a further moderation or cool down won’t happen, and we will continue to monitor the evolution of our housing market for such events,” he added. “It’s a different landscape out there.”
On the residential side, in terms of single-family homes, in June 2022, there were 21 units sold in the qathet region, valued at $17,995,800, compared to 40 units sold in June 2021, valued at $25,239,100.
In the mobiles and manufactured homes category, there were three units sold in June 2022, valued at $655,000, compared to one sold in June 2021, valued at $190,000.
Condos, apartments and duplex sales in June 2022 amounted to five, valued at $1,822,100, compared to 11 in June 2022, valued at $4,066,899.
Totals in residential sales show 29 units being sold in June 2022, valued at $20,472,900, compared to 52 units sold, valued at $19,495,999, in June 2021.
In non-residential sales, in June 2022, there were two units of vacant land sold, valued at $345,000, compared to two units in June 2021, valued at $340,000.
There were two industrial, commercial and institutional sales in June 2022, valued at $1,700,009. There were no sales in this category in June 2021.
Totals in non-residential sales were four units sold, for $2,045,009 in June 2022, compared to two units sold, for $340,000, in June 2021.
Grand totals show 33 units sold, for $22,517,909, in June 2022, compared to 54 units, valued at $29,835,999, in June 2021.
The average monthly selling price for June 2022 was $856,943, with an average of 29 days on the market. The average price in June 2021 was $630,978, with an average of 28 days on the market. The median selling price in June 2022 was $770,000, compared to $561,000 in June 2021.
On the residential side, there were 50 new listings in June 2022, with a total of 138 active listings at the end of the month. The total listings, including residential and non-residential, at the end of June 2022, came to 201.
In terms of real estate statistics tracked by the local real estate board, local buyers exceeded out of area buyers in the month of June 2022. Of the 25 sales the board has statistics for, 16 homebuyers were local, compared to nine out of area purchasers.
In terms of full-year 2022 statistics, 41.2 per cent of buyers have been local, compared to 58.8 per cent out of area.
