Real estate sales figures in the qathet region for June 2023 were close to the figures from the previous year.
“Sales activity has been on a volatile path to recovery since bottoming out in the beginning of the year, up one month then down the next,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board.
However, overall, the trend is improving.
“June brought in a welcome surge of new listings hitting the market, which helped to boost the sales figures and marginally reduce the rate at which overall inventories were falling on a monthly basis. Our market is currently sitting in balanced territory, with reasonable price growth through the year but still not quite as high as the records from 2022.”
In the single-family dwelling category, in June 2023, there were 23 houses sold, valued at $17,082,400, compared to 21 houses sold, valued at $17,995,800 in June 2022.
Mobiles and manufactured homes had five units sold in June 2023, valued at $1,295,500, compared to three units sold in June 2022, valued at $655,000.
In the condos, apartments and duplexes category, there were three units sold in June 2023, valued at $1,282,500, compared to five units, valued at $1,822,100, sold in June 2022.
Totals for residential sales show 31 units sold, valued at $19,660,400 in June 2023, compared to 28 units sold, valued at $20,472,900, in June 2022.
On the non-residential side, there were four parcels of vacant land sold in June 2023, valued at $925,000, compared to two units in June 2022, valued at $345,000.
There were two industrial, commercial and institutional sales in June 2022, valued at $1,700,009, compared to none in June 2023.
Totals for non-residential were four sales, valued at $925,000 in June 2023, and four sales, valued at $2,045,009, in June 2022.
Grand totals indicate 35 sales, valued at $20,585,400 in June 2023, compared to 33 sales, valued at $22,517,909, in June 2022.
Average monthly selling price for a single-family dwelling in June 2023 was $742,713, with an average of 30 days on the market. In June 2022, the average selling price was $856,943, with an average of 29 days on the market.
On the residential side, there were 69 new listings in June 2023, with 178 active listings at the end of the month. For non-residential, there were 32 new listings, with a total of 82 active listings at the end of the month. There were a total of 260 active listings at the end of June, including residential and non-residential listings.
In terms of buyer statistics, in June 2023, of the buyers surveyed by the Powell River Sunshine Coast Real Estate Board, 17 were local and 11 were out of area purchasers. Year to date, 50, or 46.7 per cent, have been local and 57, or 53.3 per cent, have been from out of the area.
In June 2023, three buyers were from the lower Sunshine Coast, two were from Vancouver Island, four were from the Lower Mainland, one was from Squamish, two were from the rest of BC, one was from Alberta and two were from the rest of Canada.
“June home sales continued to outperform expectations, following a very strong rebound in May,” said British Columbia Real Estate Association chief economist Brendon Ogmundson. “However, rising interest rates will likely dampen home sales activity in coming months.”
Ogmundson said, year-to-date, BC residential sales dollar volume was down 26.1 per cent to $39.4 billion, compared to the same period in 2022. Residential unit sales were down 21.1 per cent over the same period, according to Ogmundson.
