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Real estate market in qathet region has a scarcity of inventory

Prices up, number of sales down
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FIGURES RELEASED: September 2021 real estate statistics show that the selling prices of single-family homes is increasing, and there is less housing inventory available for prospective buyers.

While real estate sales volumes were down year-over-year in September, dollar values of properties sold remain high.

“It’s kind of the same story for 2021; volume is down and prices are up,” said Neil Frost, president of the Powell River-Sunshine Coast Real Estate Board. “Unfortunately, regarding that, there is no relief in sight. There is a local, provincial and national shortage of houses and a high demand.”

Frost said prices have been pushed up in the qathet region, and in September, some sales were higher than $1 million, and a few higher-end sales pushed the average up. He added, however, the average family home is valued at more than $500,000 and an entry-level smaller home is now in the $450,000-plus range.

“If you want something decent, or larger, 2,500 square foot family homes in good shape are starting in the $600,000 range,” said Frost.

In September 2021, in the single-family homes category, 27 properties were sold, totalling $17,308,212. This compares to September 2020’s figures of 50 units, valued at $23,051,740.

One single-family mobile/manufactured unit sold in September 2021, valued at $65,000, compared to three units, valued at $765,369, in September 2020.

In the single-family condo, apartment and duplex category, in September 2021, seven units sold, valued at $2,790,400, compared to three units, valued at $823,500, in September 2020.

In terms of residential totals, there were 35 units, valued at $20,163,612, sold in September 2021, compared to 56 units, valued at $24,640,609, in September 2020.

On the non-residential side, six parcels of vacant land, valued at $3,567,300, were sold in September 2021, compared to five units, valued at $797,000, in September 2020.

In industrial, commercial and institutional, three units, valued at $1,259,400, were sold in September 2021, compared to none in September 2020.

Non-residential dollar value for September 2021 was $4,836,700 for nine units, compared to $797,000 for five units in September 2020.

Grand total for the month of September 2021 for all sales was 44 units, valued at $24,990,312, compared to 61 units, valued at $25,437,609, in September 2020.

New single-family residential listings in September 2021 include a total of 27, compared to 75 in September 2020. The number of active listings on the residential side at the end of September 2021 was 101. There were 52 non-residential listings at the end of September 2021, for a total of 153 active listings overall.

Average selling price for September 2021 was $641,045, with an average of 36 days on the market. This compares to an average of $462,341 in September 2020, with an average of 56 days on the market.

Frost said according to the September 2021 buyer profile statistics, approximately 70 per cent of the purchasers were from out of town.

In terms of housing inventory, he said new listings for single-family homes are way down.

“If you look at single-family homes sold in September 2021, guess what?” asked Frost. “There were 27 single-family homes sold and 27 new listings. The new inventory is getting gobbled up.

“October is already a little quieter on the sales front and prices are once again elevated.”

Frost said there are still competing offers on properties.

“There’s just a scarcity of product,” added Frost.  “It’s a great time to sell.”

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