Real estate sales in January 2024 were considerably higher than those recorded during January the previous year.
“There was an increase in both value and volume, with single-family homes leading the market,” said Powell River Sunshine Coast Real Estate Board president Neil Frost. “The average monthly selling price for single-family homes rose by 3.3 per cent compared to 2023, with the median price increasing by 16 per cent. Non-residential properties also saw growth, particularly in vacant land sales.”
Frost said overall, the real estate market in the qathet region experienced robust activity in January 2024, with increased demand and rising prices across various property types.
In the single-family homes category, in January 2024, there were 14 sales, valued at $9,287,050, compared to 10 sales, valued at $6,422,500, in January 2023.
In the mobiles and manufactured homes category, there were no sales in January 2024 or January 2023.
Condo, apartment and duplex sales in January 2024 amounted to two, valued at $845,000, compared to two, valued at $570,000, in January 2023.
Totals for residentials sales were 16 in January 2024, valued at $10,132,050, compared to 12 in January 2023, valued at $6,992,500.
In terms of non-residential sales, there were three parcels of vacant land sold in January 2024, valued at $540,000, compared to one parcel, valued at $150,000, in January 2023.
Grand totals for residential and non-residential combined were 19 sales in January 2024, valued at $10,672,050, compared to 13 sales, valued at $7,142,500, in January 2023.
The average selling price of a single-family home in January 2024 was $663,361, with an average of 58 days on the market. In January 2023, the average single-family dwelling sold for $642,250, with an average of 99 days on the market.
There were 38 new residential listings in January 2024 and nine new non-residential listings during the month. In terms of active listings, there were 124 residential listings at the end of January 2024, and 55 non-residential listings, for a total of 179 active listings at the end of the month.
According to the BC Real Estate Association (BCREA), there was a 29.4 per cent increase in residential unit sales in January 2024 over January 2023.
The average MLS residential price in BC in January 2024 was up 10.5 per cent at $957,909, compared to an average price of $866,922, the low-point for average prices over the past two years, according to BCREA chief economist Brendon Ogmundson. The total sales dollar volume was $3.8 billion, an increase of 42.9 per cent from the same time in the previous year.
"Home sales are on a clear uptrend to start 2024," stated Ogmundson in a media release. "A sharp decline in fixed mortgage rates and expectations for future Bank of Canada rate cuts is driving sentiment in the market and bringing pent-up demand off the sidelines."
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