Real estate sales in October 2023 were down substantially from the figures recorded in October 2022. Residential sales during October 2023 were 17, compared to 30 in the same month last year.
Powell River Sunshine Coast Real Estate Board president Neil Frost said, according to statistics collected locally, quality of life is still the number one reason for buyers to purchase in the qathet region.
He said the percentage of local versus out-of-town buyers for October was 58.8 per cent local, compared to 41.2 per cent out of town. Statistics reveal that 76.5 per cent of buyers were purchasing for a principal residence.
Frost said that 66.7 per cent of the sellers were local, with 60 per cent of sales being their principal residence. In terms of out-of-town buyers, 55.6 per cent are coming from the Lower Mainland.
Of the October 2023 sales, 26.7 per cent were estate sales, followed closely by 20 per cent retiring and moving out of the region, according to Frost.
“Of the sales in October 2023, 15 of 21 were within the City of Powell River,” said Frost. “Inventory continues to be low in qathet Regional District.”
In the single-family homes category, in October 2023, there were 14 sales, valued at $8,653.399, compared to 20 sales, valued at $13,974,450, in October 2022.
There were two sales in the mobiles and manufactured homes category, valued at $608,500, in October 2023, compared to four sales, valued at $989,000, in October 2022.
In the condos, apartments and duplexes category, there was one sale, valued at $540,000, in October 2023, compared to six sales, valued at $2,313,200, in October 2022.
Totals for residential indicate 17 sales in October 2023, valued at $9,801,899, compared to 30 sales, valued at $17,276,650, in October 2022.
In non-residential sales, there were three parcels of vacant land sold in October 2023, valued at $621,599, compared to six parcels in October 2022, valued at $2,251,900.
There were two industrial, commercial and institution sales in October 2023, valued at $943,000, and there were none in October 2022.
Totals for non-residential sales were five for October 2023, valued at $2,564,599, compared to six in October 2022, valued at $2,251,900.
Grand totals of residential and non-residential combined indicate 22 sales in October 2023, valued at $11,366,498, compared to 36 sales in October 2022, valued at $19,528,550.
The average price for a single-family home in October 2023 was $618,100, with an average of 72 days on the market, compared to $698,723 in October 2022, with an average of 57 days on the market.
There were 47 new residential listings in October 2023, with 151 active listings at the end of the month. There were seven new non-residential listings in October 2023, with a total of 75 at the end of the month. The total number of active listings at the end of October 2023 was 226.
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