Real estate sales in the Powell River Sunshine Coast Real Estate Board region were substantially down in February 2023 compared to February 2022.
“Sales activity was still running well below average levels in February for this time of year but the bigger picture is that even at already reduced levels, we are still seeing a decline in home sales,” said board president Neil Frost. “The supply is there, maybe not as strong when compared to historical norms, but at least as high as the recent peak at the end of 2019.”
In the single-family homes category, seven units, valued at $4,813,800, were sold in February 2023, compared to 22 units, valued at $15,594,000, in February 2022.
There was one sale in mobiles and manufactured homes, valued at $179,000, in February 2023, compared to three units, valued at $785,000, in February 2022.
In the condo, apartment and duplex category, there was one sale valued at $350,000 in February 2023, compared to six units, valued at $2,708,600, in February 2022.
Residential totals show nine units, valued at $5,342,800, being sold in February 2023, compared to 31 units, valued at $19,087,600, in February 2022.
On the non-residential side, in February 2022, there was one farm sold, valued at $1.6 million and there were no such sales in February 2023.
There was one parcel of vacant land sold in February 2023, valued at $675,000, compared to five parcels, valued at $1,329,800, in February 2022.
In terms of industrial, commercial and institutional, there were three units, valued at $2,625,000, sold in February 2023, compared to one, valued at $1,010,000, in February 2022.
Totals for non-residential show three units sold in February 2023, valued at $3.3 million, compared to seven units, valued at $2,939,800, in February 2022.
Grand totals of residential and non-residential indicate 12 units, valued at $8,642,800, being sold in February 2023, compared to 38 units, valued at $23,027,400, in February 2022.
“New listings are currently coming onto the market at average levels, so the story of lower demand might have more to do with the price side of the market,” said Frost. “Average price levels are still relatively high and haven’t come down like in many other markets, although these prices only reflect the stock of inventory that’s actually selling. Given the imbalance between supply and demand, it’s likely that there’s more room for sales, but sellers haven’t fully adjusted their pricing expectations to what buyers are willing to pay yet.”
The average residential single-family home was valued at $687,686 in February 2023, with an average of 100 days on the market, compared to an average price of $708,818, with an average of 34 days on the market, in February 2022.
For February 2023, on the residential side, there were 40 new listings that came on the market. On the non-residential side, there were eight new listings.
The total number of active listings at the end of February 2023 on the residential side was 135, and on the non-residential side, 57, for a total of 192 active listings.
In terms of buyer statistics, 29.4 per cent have been from the qathet region in 2023 and 70.6 per cent have been out of area. This compares to 42 per cent local and 58 per cent out of area in 2022.
In terms of where the out-of-area buyers are from, 23.1 per cent were from the lower Sunshine Coast, 7.7 per cent were from Vancouver Island, 38.5 per cent were from the Lower Mainland and outlying areas, 15.4 per cent were from Squamish, and 15.4 per cent were from the rest of BC.