Real estate sales numbers and dollar values in October 2021 for the qathet region were less than half the figures from October 2020.
“Sales activity came in lower than usual for this time of year after the blistering pace seen over the past several months,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board. “In all residential sales, in October 2021, there were 17 units sold, compared to 56 in October 2020. It’s a big difference.”
Frost said a family home in good shape is now selling in the $550,000 range.
“We’re definitely up from about a $450,000 average from last year, and maybe even earlier this year,” said Frost. “Prices are up, volume is down, and it’s about the inventory.”
He said in terms of single-family homes, in October 2021, there were 19 new listings, compared to 43 in October 2020, so there were more than twice as many new listings a year ago.
In the single-family homes category, in October 2021, there were 14 units sold, valued at $8,012,800, compared to 49 units, valued at $24,185,700 in October 2020.
In the single-family mobiles and manufactured homes category, one unit sold in October 2021, valued at $160,000, compared to one unit, valued at $350,000, in October 2020.
For single-family condos, apartments and duplexes, two units sold, valued at $467,000, in October 2021, compared to six units, valued at $1,899,400, in October 2020.
The total for all residential sales was 17 units valued at $8,639,800 in October 2021, compared to 56 units, valued at $26,435,100, in October 2020.
In the non-residential category, seven parcels of vacant land, valued at $2,069,900, sold in October 2021, compared to nine parcels, valued at $1,627,400 in October 2020.
There was one industrial, commercial and institutional property, valued at $750,000, sold in October 2021, compared to no sales in October 2020.
The total for non-residential sales was eight units, valued at $2,819,900 in October 2021, compared to nine units, valued at $1,627,400, in October 2020.
Grand totals show that in October 2021, there were 25 sales, valued at $11,459,700, compared to October 2020, when there were 65 sales, valued at $28,062,500.
In terms of new listings, there were 36 in residential and six in non-residential in October 2021. In terms of active listings at the end of the month, there were 101 residential and 42 non-residential, for a total of 143 active listings.
Average selling price for October 2021 was $572,343, compared to $496,341 in October 2020.
“The story across the province continues to be the record low number of listings,” said BC Real Estate Association chief economist Brendon Ogmundson. “Rising mortgage rates should start to temper sales activity next year, but even with a moderation in demand, it will take quite some time for the inventory of homes to return to a healthy level.”
Total active residential listings were down nearly 40 per cent year-over-year in October, falling to an all-time record-low for the province. Active listings have now fallen for five consecutive months on a seasonally adjusted basis, according to a report from Ogmundson.
The qathet region buyer profile indicates 62 per cent of buyers were from out of area and 38 per cent were local.