Total real estate sales in the qathet region for 2023 were substantially less than those recorded in 2022.
“Overall, 2023 was down from 2022 in both overall dollar volume, homes sold and number of listings,” said Neil Frost, president of the Powell River – Sunshine Coast Real Estate Board (PRSCREB). “Prices were also down from the historic highs of 2022.
“If you look at the statistics that have PRSCREB prices down four to five per cent, that does not tell the whole story. When you look at the benchmark prices of say your average family homes, prices are down significantly. The homes that were selling for say, $650,000, are now selling for around $600,000, or less in some cases. So, it’s good news for buyers who have been waiting for prices to come down.”
Frost said for sellers, while sale prices are down, the region is still at historically high prices, just not at the heights reached in the peak of 2022.
“We also saw homes for sale under $500,000 and even $400,000 in 2023; prices unheard of in 2022,” said Frost. “Of note, the price of new homes stayed about the same.”
According to year-end statistics from the local real estate board, in single-family residential sales, there were 194 in 2023, totalling $140,341,051, compared to 249 in 2022, totalling $183,614,240.
In the mobile and manufactured home category, there were 25 sales totalling $5,978,300 in 2023, compared to 31 sales totalling $8,678,954 in 2022.
For condos, apartments and duplexes, there were 36 sales in 2023, totalling $15,270,100, compared to 43 sales in 2022, totalling $20,386,150.
Totals for residential sales were 255 in 2023, totalling $161,589,451, compared to 323 in 2022, totalling $212,688,150.
On the non-residential side, there were 43 parcels of vacant land sold in 2023, totalling $12,321,599, compared to 97 parcels in 2022, totalling $32,031,900.
In the industrial, commercial and institutional category, there were 10 sales in 2023, totalling $4,587,970, compared to 18 sales, totalling $6,223,536, in 2022.
Totals on the non-residential side indicate 53 sales in 2023, totalling $16,909,569, compared to 116 sales in 2022, totalling $38,255,436.
Grand totals for residential and non-residential indicate 308 units sold, totalling $178,499,020 in 2023, compared to 439 units, totalling $250,943,780 in 2022.
The average single-family home in 2023 sold for $723,407, with an average of 68 days on the market. The average price in 2022 was $737,407, with an average of 36 days on the market. The median selling price in 2023 was $635,000, compared to $660,000 in 2022.
In 2023, there were 553 new residential listings for the year, down from 582 in 2022. On the non-residential side, there were 150 new listings in 2023 and 184 in 2022. Grand totals show 703 new listings in 2023 and 766 in 2022.
In terms of the buyer and seller profiles 79.6 per cent of sellers were local residents. Of those who were selling, 60.2 per cent were parting with their primary residence.
Frost said 38.5 per cent of sellers are moving into long-term care or estate sales, suggesting a demographic shift.
In terms of buying statistics, 45.3 per cent were local in 2023 and 54.7 per cent were out of area. Of those buying, 75.8 per cent were purchasing for a principal residence.
“Overall, the statistics demonstrate a balance between local and non-local participation,” said Frost, “in both selling and buying.”
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