Real estate market demand in qathet fades toward end of year

image

Real estate sales dollar figures in November 2023 were down from the figures in November 2022, even though there was an equivalent number of total sales in the qathet region during both years.

“Home sales continued to move lower in November as demand has faded away toward the end of the year,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board. “It’s much of the same attitude in other local housing markets for the time being, where buyers are taking a wait-and-see approach and likely postponing any decision-making until the spring. At that time, the usual flood of new supply will return to the market, but more importantly, a clearer indication of the Bank of Canada’s rate stance will emerge.”

In the single-family homes category, in November 2023, there were nine sales, valued at $6,178,000, compared to 14 sales in November 2022, valued at $8,591,800.

In the mobiles and manufactured homes category, there were three sales in November 2023, amounting to $759,900, compared to one sale in November 2022, valued at $130,000.

There were two sales in November 2023 in the condo, apartment and duplex category, valued at $559,900, compared to two sales in November 2022, valued at $979,000.

Totals for residential sales show 14 in November 2023, valued at $7,497,800, compared to 17 sales in November 2022, valued at $9,700,800.

In the non-residential category, in November 2023, there were eight parcels of vacant land sold, valued at $2,468,000, compared to six sales in November 2022, valued at $2,492,800.

In the industrial, commercial and institutional category, in November 2023, there was one sale, valued at $80,000, compared to none in November 2022.

Totals for non-residential sales show nine in November 2023, valued at $2,548,000, compared to six in November 2022, valued at $2,492,800.

Grand totals for all sales shows 23 in November 2023, valued at $10,045,800, compared to 23 sales in November 2022, valued at $12,193,600.

The average house price in November 2023 was $686,444, with an average of 73 days on the market, compared to $613,700 in November 2022, with an average of 48 days on the market. 

Frost indicated that the single-family home median price board-wide was $540,000 in November 2022, compared to $640,000 in November 2022.

The average days for a house to be on the market in 2023 so far is high compared to November 2022, he added.

There were 33 new residential listings in November 2023, and six new non-residential listings for the month.

There were 129 active residential listings at the end of November 2023, and 68 non-residential, for a total of 197 active listings.

Join the Peak’s email list for the top headlines right in your inbox Monday to Friday.

Sign up to receive the best Underground art & real estate news in your inbox everyday.

We don’t spam! Read our privacy policy for more info.

This post was originally published on this site