Numbers for real estate sales in May 2022 and 2021 were similar in the qathet region, but dollar values were substantially higher this year.
“Sales activity was down to more normal levels for this time of year, although still trending slightly above average for the month of May,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board. “New listings are just touching below average levels at the moment, so our market is still experiencing historically low inventory and is balanced more on the tighter side. However, we expect some moderation in demand and a rebalancing of the market in the coming months as interest rate increases continue to take hold.”
Frost said the sales numbers between May in 2022 and 2021 are comparable. He said there is no doubt the average house sale price is up even from the beginning of the year, and the dollar value has increased from May 2021 to May 2022.
Frost said he’s noted that houses are taking a little bit longer to sell and some are selling below asking prices, although prices have not fallen. Some sellers have made adjustments to what the market will bear, he added.
“We’ve seen some sellers adjust their prices, but sale prices are still at a high,” said Frost. “We’ve also still seen some competing offers, so it’s a mixed bag, but they are not as common.”
According to statistics released by the local real estate board, in the single-family homes category, in May 2022, there were 30 properties sold, valued at $21,022,400, compared to 28 properties sold in March 2021, valued at $15,256,665.
In the mobiles and manufactured home category, four units were sold in May 2022, valued at $1,300,500, compared to three units sold in May 2021, valued at $677,900.
In the condos, apartments and duplex category, four units were sold in May 2022, valued at $2,288,000, compared to 10 units in May 2021, valued at $3,773,600.
Residential totals show 38 units sold in May 2022, valued at $24,610,900, compared to 41 units in May 2021, valued at $19,708,165.
On the non-residential side, in the vacant land category, five properties were sold in May 2022, valued at $11,359,000, compared to eight properties in May 2021, valued at $7,776,400.
There was one industrial, commercial and residential property sold in May 2022, valued at $525,000, compared to none in May 2021.
Non-residential totals show six units sold in May 2022, valued at $11,884,000, compared to eight units in May 2021, valued at $7,776,400.
Grand totals for all sales in May 2022, show 44 units sold, valued at $36,494,900, compared to 49 units sold in May 2021, valued at $27,484,565.
Prices and listings
In residential single-family homes, the average price for the month of May 2022 was $700,747, with 20 days on the market, compared to $544,881, with an average of 22 days on the market in May 2021.
In terms of new listings, there were 59 on the residential side, and a total of 129 active residential listings, at the end of May 2022. The total number of new listings, including residential and non-residential in May 2022 was 82, with a total of 194 active listings at the end of May 2022.
In terms of buyer statistics for May 2022, of the sales tracked directly by real estate board members, 13 buyers were local and 25 were from out of the area. This included two from the lower Sunshine Coast, four from Vancouver Island, 13 from the Lower Mainland, two from Squamish, one from the rest of BC, three from Alberta and one from the rest of Canada.
Of the sellers tracked in May 2022, 33 were local and six were from out of the area. A total of 24 sales were for principal residences.
Canadian mortgage rates continue to climb, according to BC Real Estate Association chief economist Brendon Ogmundson.
“The average five-year fixed mortgage rate reached 4.49 per cent in June,” said Ogmundson. “That is the highest mortgage rates have been since 2009.”
The average multiple listing service residential price in BC was $1 million, a 9.3 per cent increase from $915,392 recorded in May 2021, added Ogmundson. Total sales dollar volume was $8.2 billion, a 29.1 per cent decline from the same time last year.