Real estate sales for the month of November were down compared to the previous year, but prices are up considerably.
Powell River-Sunshine Coast Real Estate Board president Neil Frost said November was very similar to other months in 2021, with sales volumes down and prices up.
“We are still seeing competing offers on houses and we’re seeing them selling for substantially higher than the asking price,” said Frost. “We’re seeing pressure on prices but we are seeing a little bit more inventory. Demand is outstripping supply.”
Frost said sales numbers from 2020 to 2021 are down by nearly half but prices are up by an average of $100,000 since the beginning of 2021.
“There is huge demand for anything with a view and bigger ranchers can’t be built fast enough,” he added.
For single-family homes in November 2021, there were 19 units sold, valued at $10,811,100, compared to 34 units sold in November 2020, valued at $15,084,775.
In single-family mobile and manufactured homes, there were two sold in November 2021, valued at $493,000, compared to eight units sold in November 2020, valued at $772,900.
In the single-family condo, apartment and duplex category, in November 2021, four units were sold, valued at $2,142,790, compared to five units, valued at $1,621,500 in November 2020.
Totals in residential sales show 25 units sold in November 2021, valued at $13,446,890, compared to 47 units sold, valued at $17,479,175, in November 2020.
One parcel of vacant land was sold in November 2021, valued at $255,000, compared to seven, valued at $2,424,400, in November 2020.
There were two industrial, commercial and institutional properties sold in November 2021, valued at $1,415,000, compared to none in November 2020.
Grand totals for all sales show 28 units sold in November 2021, valued at $15,116,890, compared to 54 units sold, valued at $19,903,575, in November 2020.
In terms of average monthly selling price, in November 2021, the value was $569,005, with properties being on the market for an average of 47 days. In November 2020, the average selling price was $443,670, with properties being on the market for an average of 39 days.
In terms of new listings during November 2021, there were 23 on the residential side and eight on the non-residential side, for a total of 31. At the end of November, there were 105 residential and 44 non-residential listings, for a total of 149.
In terms of buyer statistics collected by the real estate board, for the year up to November, 37.6 per cent of the buyers were local and 62.1 per cent of the buyers were from out of the area.