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Real estate in qathet region reaches another record in sales

Housing market dollar value elevated in June 2021
SOARING SALES: Some high-value sales in June 2021 contributed to a record month in dollar value.

Nearly $30 million of real estate transactions were recorded in the month of June 2021 in the qathet region.

According to statistical analysis from the Canadian Real Estate Association, this is a new dollar value record for the month of June and also the largest dollar value of homes sold for any month in history.

“Home sales may have come down from stratospheric levels, but they remain well above average for this time of year, posting the third highest ever June level [of properties sold],” said Neil Frost, president, Powell River Sunshine Coast Real Estate Board. “While overall supply levels have come off their rock bottom in March, they are still trending at some of the lowest in history. Barring an unforeseen drop in demand or sudden boost of new listings, it looks like market conditions will remain historically tight in the short term.”

According to Frost, part of the reason for the high dollar amount, and high average sale amount for June 2021, was because there were several properties in the $1 million range sold during the month. He added that the average home in the region is now selling for $450,000 to $500,000. Property values are still rising, he said.

“Powell River is still a little more affordable compared to a number of other markets,” said Frost. “However, we are starting to catch up to some of these other markets that have been historically higher than Powell River.”

Frost said there is still a “healthy amount” of purchasers from out of town.

On a year-to-date basis, home sales totalled 252 units over the first six months of 2021. This is more than double the levels from a year earlier.

According to statistics from the real estate board, in June 2021, there were 40 sales in the single-family homes category in the region, totalling $25,239,100. That compares to 25 sales in June 2020, valued at $11,421,700.

There was only one single-family mobile and manufactured home sold in June 2021, valued at $190,000, compared to two in June 2020, valued at $245,000.

In the single-family condo and duplexes category, in June 2021, there were 11 sales for $4,066,899, compared to four sales, valued at $1,280,900 in June 2020.

Total residential sales in June 2021 amounted to 52 units being sold, valued at $29,495,999, compared to 31 units valued at $12,947,600 in June 2020.

On the non-residential side, two parcels of vacant land valued at $340,000 sold in June 2021, compared to 10 units valued at $1,311,800 in June 2020.

Grand totals for June 2021 indicate 54 units of residential and non-residential properties were sold, valued at $29,835,999, compared to 41 units valued at $14,259,400 in June 2020.

Average selling price for the month of June 2021 was $630,978, with an average of 28 days on the market. This compares to an average selling price in June 2020 of $456,868, with an average of 56 days on the market.

The median selling price in June 2021 was $561,000, compared to $420,000 in June 2020.

In terms of active listings, on the residential side, there were 72 new listings in June 2021. The total number of active listings was 105.

Overall, including non-residential, there were 81 new listings in June 2021. New listings were 16.1 per cent below the five-year average and 10.2 per cent below the 10-year average for the month of June.