While unit sales of real estate in the Powell River-Sunshine Coast Real Estate Board area were down in April 2022 compared to April 2021, dollar values of sales were just about comparable.
“Home sales came in slightly below average levels for this time of year after the very strong showing in 2021,” said Neil Frost, president of the local real estate board. “New supply continues at a healthy clip, which is keeping our market from going back to rock-bottom inventory levels.
“If sales moderate over the remainder of the year in the face of continued interest rate increases, this will likely shift the market away from being historically tight, to more balanced. However, we’re not seeing any slowdown on the price side just yet, with average prices setting a new all-time record in April.”
For single-family homes, in April 2022, there were 23 sales, valued at $22,939,800, compared to 41 sales in April 2021, valued at $24,374,850.
In the mobiles and manufactured home category, there were four sales, valued at $1,356,500, in April 2022, compared to three sales, valued at $639,000, in April 2021.
In the condos, apartments and duplexes category, in April 2022, there were four sales, valued at $1,786,700, compared to seven sales, valued at $2,101,000, in April 2021.
Totals on the residential side point to 31 sales, valued at $26,083,000, in April 2022, compared to 51 sales, valued at $27,114,850, in April 2021.
In non-residential, there were four parcels of vacant land sold, valued at $854,900, in April 2022, compared to 10 parcels, valued at $2,246,150, in April 2021.
In the industrial, commercial and institutional category, in April 2022, there were two properties sold, valued at $3,320,000, compared to one property, valued at $840,000, in April 2021.
Totals for non-residential indicate six units, valued at $4,174,900, in April 2022, compared to 11 units, valued at $3,086,150, in April 2021.
Grand totals indicate 37 units sold, valued at $30,257,900, in April 2022, compared to 62 units sold, valued at $30,201,000, in April 2021.
Frost said for the month of April 2022, prices are up. The median selling price was $787,000, with an average of 33 days on the market. This compares to the median price of $540,000 in April 2021.
From his observation, Frost said there were a couple of properties sold for in excess of $2 million in April, which could drive the averages up. The average family starter home on a regular-sized lot in this market is still around $650,000, “but it’s creeping up to $700,000.”
Sales volumes are down compared to last year, added Frost.
“Canadian Real Estate Association states that we are starting to build some inventory and we will see if that has any effect on the market,” he said.
In terms of new listings for April 2022, there were 74 for residential and non-residential, including 49 single-family homes. The number of active listings for residential at the end of the month in April 2022 was 115, with a total of 169 listings covering all categories.
According to the real estate board’s buyer profile in 2022, of the sales tracked, 38.7 per cent of the buyers were local and 61.3 per cent were out of area. The breakdown in April of sales that the board directly tracked was 10 local and 19 out of area buyers.
“Most of the sellers are from the area,” said Frost. “Most of the buyers are from out of the area.”
