Real estate sales in October 2022 were stronger than in the year previous.
“After posting a string of declines, home sales in October rebounded to typical levels for this time of year,” said Neil Frost, president of the Powell River-Sunshine Coast Real Estate Board. “Stronger new listings have boosted overall supply levels from their lows of spring 2021, although stronger sales activity has capped the increase in overall inventory for the time being.
“On the price side, we are still seeing year-over-year gains, and it may be well into next spring before these gains turn into declines as we move past the one-year mark of the rapid increase in prices seen earlier this year. September showed prices down, judging by listing/asking prices and the October increase is likely an anomaly, not an indicator of trends to come.”
In the single-family homes category, in October 2022, there were 20 units sold, valued at $13,947,450, compared to 14 units sold in October 2021, valued at $8,012,800,
Mobiles and manufactured homes had four units sold in October 2022, valued at $989,000, compared to one unit, valued at $160,000, in October 2021.
Single-family condos, apartments and duplexes had six sales in October 2022, valued at $2,313,200, compared to two units sold in October 2021, valued at $467,000.
Totals for residential sales indicate that there were 30 sales, valued at $17,276,650 in October 2022, compared to 17 sales, valued at $8,639,800, in October 2021.
In non-residential sales, six units of vacant land sold in October 2022, valued at $2,251,900, compared to seven units, valued at $2,069,900 in October 2021.
There were no industrial, commercial or institutional sales in October 2022, compared to one, valued at $750,000, in October 2021.
Totals for non-residential sales show six units, valued at $2,251,900 in October 2022, compared to eight sales, valued at $2,819,900, in October 2021.
Grand totals show 36 units sold in October 2022, valued at $19,528,550, compared to 25 units sold in October 2021, valued at $11,459,700.
Average selling price for October 2022 was $698,723, compared to $572,343 in October 2021.
In terms of new listings, on the residential side in October 2022, there were 44. On the non-residential side, there were 22, for a total of 66 new listings in October 2022.
At the end of October 2022, there were 141 residential listings and 79 non-residential listings, for a total of 220 listings.