Real estate sales in August 2024 were down slightly from the sales figures from August of the previous year.
Powell River-Sunshine Coast Real Estate Board president Curtis Yungen said in month-to-month comparisons, while the 24 residential sales in August 2024 were down from the previous year, it was the same number of sales as in July 2024.
Yungen said lot sales were up during the month this year and in the previous year in the month of August, so there seems to be a rush on raw land during August in this real estate district.
In the single-family homes category, in August 2024, there were 18 sales totalling $10,592,799, compared to 20 sales adding up to $13,281,150 in August 2023.
Mobile and manufactured homes sales in August 2024 were three, for $905,000, compared to three in August 2023, totalling $817,000.
In the condos, apartments and duplexes category, there were three sales in August 2024, amounting to $1,204,900, compared to six sales, totalling $2,422,900, in August 2023.
Residential total sales for August 2024 were 24, valued at $12,702,900, compared to 29 in August 2023, totalling $16,521,050.
In nonresidential sales, there were seven parcels of vacant land sold in August 2024, valued at $1,510,000, compared to eight sales in August 2023, valued at $1,678,000.
The grand total of residential and nonresidential sales in August 2024 was 31 units, valued at $14,212,699, compared to 37 units, valued at $18,199,050, in August 2024.
Average selling price in August 2024 was $588,489, with properties on the market for an average of 58 days. Average selling price in August 2023 was $664,058, with an average of 74 days on the market.
There were 59 new residential listings and 12 nonresidential listings in August 2024, for a total of 71 new listings. There were 224 active residential listings and 86 nonresidential listings in August 2024, for a total of 310 total listings at the end of that month.
Yungen said in terms of prices, month-to-month, sales in qathet region are down in average price 11.4 per cent.
“It’s no cause for alarm,” said Yungen. “If you look at the median price, we are only down 3.2 per cent.”
Yungen said year-to-date, overall, single-family home listings are up 16.29 per cent from 2023. He added that overall, the number of single-family homes sales year-to-date are up 4.67 per cent over 2023. However, there is a slight drop in dollar value year-to-date, with a single-family home in 2024 down 7.23 per cent compared to 2023.
“Asking price is approximately the same, being down only 1.37 per cent year-to-date,” said Yungen. “In the words of the Canadian Real Estate Association, the Powell River-Sunshine Coast Real Estate Board market is essentially balanced, tilted slightly towards buyers.”
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