Real estate sales in the qathet region throughout March 2023 were nearly as robust as they were in March 2022.
“The spring market is off to a strong start in our region,” said Powell River-Sunshine Coast Real Estate Board president Neil Frost. “MLS sales for March were right around what we would expect for this time of year, jumping fourfold from February totals.
“The number of newly listed properties in March was also in the neighbourhood of what would be considered normal for the month of March. With demand running hot and listings barely able to keep up, it is reasonable to expect that market activity will tighten.”
Frost said market conditions have been a bit erratic for the past year and March was no exception, climbing from a relatively balanced market into sellers’ territory for the first time since May 2022.
“While there may still be challenges ahead, we remain optimistic that the current trends will continue over the next few months and into the summer,” added Frost.
According to statistics from the Canadian Real Estate Association (CREA), home sales were 7.1 per cent above the five-year average and 7.8 per cent above the 10-year average for the month of March.
In March 2023, there were 30 single-family homes sold, valued at $19,904,800, compared to 26 homes sold in March 2022, valued at $20,853,941.
In the single-family mobiles and manufactured homes category in March 2023, there was one unit sold, valued at $79,000, compared to two sales in March 2022, valued at $740,604.
The condos, apartments and duplexes category had four sales, valued at $1,830,000 in March 2023, compared to seven sales, valued at $4,111,350, in March 2022.
Residential totals show 35 sales, valued at $21,813,800 in March 2023, compared to 35 sales, valued at $25,705,895, in March 2022.
On the non-residential side, there were two parcels of vacant land sold in March 2023, valued at $370,000, compared to five sales in March 2022, valued at $1,222,900.
In industrial, commercial and institutional, there was one sale, valued at $1,200, in March 2023, compared to two sales, valued at $272,610, in March 2022.
Totals for non-residential show three units sold in March 2023, valued at $371,200, compared to seven units sold in March 2022, valued at $1,485,510.
Grand totals of residential and non-residential in March 2023 indicate 38 units sold, valued at $22,185,000, compared to 42 units sold in March 2022, valued at $27,201,405.
Average single-family residential price in March 2023 was $663,493, with an average of 68 days on the market, compared to an average price of $802,075 in March 2022, with an average of 34 days on the market.
In terms of new listings, on the residential side, there were 45 in March 2023, with 130 active listings at the end of the month. In non-residential, there were 13 new listings in March 2023, for a total of 61 non-residential listings at the end of the month.
The grand total indicates 191 active listings at the end of March 2023.
According to CREA, active listings were 18.7 per cent above the five-year average and 3.4 per cent below the 10-year average for the month of March.
