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Prices stable in Powell River Sunshine Coast Real Estate area

Picture for qathet region market is 'pretty good,' according to PRSCREB statistics director
MANY LISTINGS: Sales in the Powell River – Sunshine Coast real estate market in June 2024 dropped slightly from June 2023 but dollar values for home sales are stable.

Real estate sales for June 2024 in the qathet region were down slightly in number and dollar value from sales in June 2023.

“Overall, the picture is pretty good,” stated Powell River Sunshine Coast Real Estate Board statistics director Neil Frost in a written analysis of the market. “Prices are pretty stable compared to last year, and there are lots of listings, so there is a good selection for buyers.”

Frost stated that while healthy, June 2024 was a little slower than June 2023, and significantly slower than May 2024.

“Hopefully, it is just a bit of a summer slowdown before another period of activity,” stated Frost. “Listings are on the rise, with inventory starting to build up. We are up almost 25 per cent in new listings from this time last year. There have been relatively modest decreases in price. We will see where that ends up at the end of the year.”

In the single-family homes category, in June 2024 there were 19 sales, totalling $14,544,900, compared to 23 sales, valued at $17,082,400, in June 2023.

Mobile and manufactured homes had three sales in June 2024, valued at $693,000, compared to five sales, valued at $1,395,500, in June 2023.

There were four sales valued at $1,704,900 in the condo, apartments and duplexes category in June 2024, compared to three sales, valued at $1,282,500, in June 2023.

Totals for residential sales in June 2024 were 26 sales, valued at $16,942,800, compared to 31 sales in June 2023, totalling $19,660,400.

On the nonresidential side, there was one farm sale in June 2024, valued at $599,000, compared to none in June 2023.

Three parcels of vacant land sold in June 2024, valued at $480,000, compared to four parcels, valued at $925,000, in June 2023.

Total sales for nonresidential were four in June 2024, valued at $1,070,000, compared to four in June 2023, valued at $925,000.

Grand totals indicated 30 sales in June 2024, valued at $18,012,800, compared to 35 sales in June 2023, valued at $20,585,400.

Average monthly selling price for single-family residences in June 2024 was $765,521, with an average of 56 days on the market, compared to $742,713 in June 2023, with an average of 30 days on the market.

There were 85 new residential listings in June 2024, and 30 new nonresidential listings, for a total of 115. At the end of June, there were 214 active listings in residential and 81 in nonresidential, for a total of 295.

Year to date statistics, from January 1 to June 30, show a stronger year in 2024 compared to 2023. In terms of new listings, in 2024, there were 275, compared to 221 in 2023, for a 24.43 per cent increase.

Sold listings in 2024 were 121, compared to 108 in 2023, for a 12.04 per cent increase.

The total dollar value for sold listings in the first half of 2024 was $82,766,350, compared to $77,574,377 in 2023, for a 6.69 per cent increase.

Average selling price dropped slightly, from $718,281 in 2023 to $684,019 in 2024.

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