Real estate home sales dollar values in August 2023 dropped off from the previous year in the qathet region.
"Sales activity was about on par with levels from August 2021 and 2022 and continued trending below the average for this time of year," said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board. "New listings, on the other hand, have been coming in very strong and have kept overall supply from moving back towards historically low levels. Our market remains in balanced territory and prices continue to ease from last year, making this a more opportune time for potential buyers to wade back in and test the waters."
In the single-family residence category, in August 2023, there were 20 homes sold, valued at $13,281,150, compared to 29 units sold, valued at $22,802,350, in August 2022.
There were three sales in the mobiles and manufactured homes category, valued at $817,000, in August 2023, compared to three sales, valued at $663,900, in August 2022.
In the condos, apartments and duplexes category, there were six sales, totalling $2,422,900, in August 2023, compared to three sales, valued at $1,303,500, in August 2022.
Totals for residential sales indicate 29 units sold, valued at $16,422,900, in August 2023, compared to 35 units sold, valued at $24,769,750, in August 2022.
On the nonresidential side, there were eight vacant land properties sold in August 2023, valued at $1,678,000, compared to three properties, valued at $734,030, in August 2022.
In the industrial, commercial and institutional category, there was one sale, valued at $2,800, in August 2022, and none in August 2023.
Totals for nonresidential were eight units, valued at $1,668,000, in August 2023, compared to four units, valued at $736,830, in August 2022.
Grand totals show 37 units sold in August 2023, valued at $18,199,050, compared to 39 units, valued at $736,830, in August 2022.
In terms of average monthly selling price in the single-family homes category, the value in August 2023 was $664,058, with an average of 74 days on the market, compared to $786,288, in August 2022, with an average of 37 days on the market. This is a 15.5 per cent drop in average price.
Regarding new listings, on the residential side, there were 59 new listings, and on the nonresidential side, 12, for a total of 71 new listings in August 2023. In terms of active listings at the end of the month, there were 173 residential listings and 85 nonresidential listings.
According to statistics from the Canadian Real Estate Association, on a year-to-date basis, home sales totalled 190 units over the first eight months of the year, which was a large decline of 21.2 per cent from the same period in 2022.
“Home sales are starting to settle back into a trend of below-normal activity following an unexpected surge in the spring,” said British Columbia Real Estate Association chief economist Brendon Ogmundson. “However, sales are in a much stronger place than expected given current mortgage qualifying difficulty.”
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