Powell River Sunshine Coast Real Estate Board

The number of homes sold through the MLS® System of the Powell River Sunshine Coast Real Estate Board totaled 28 units in March 2024. This was a substantial decline of 15.2% (five sales) from March 2023.

Home sales were 15.2% below the five-year average and 8.2% below the 10-year average for the month of March.

On a year-to-date basis, home sales totaled 62 units over the first three months of the year. This was a gain of 14.8% (eight sales) from the same period in 2023.

“It seems like sellers are getting ahead of buyers this spring, with March posting the strongest level of new supply for this month in 20 years,” said Neil Frost, President of the Powell River Sunshine Coast Real Estate Board. “Obviously sellers are champing at the bit to get the market in action this year now that the weather is changing, but it seems that buyers are still cautiously holding out for the time being. With the first Bank of Canada rate cut pushed out by another couple months to the beginning of the second half of the year, it remains to be seen whether potential buyers are going to hold out for a little longer or just jump back in after already delaying their purchasing decisions for as long as they have.”

The average price of homes sold in March 2024 was $609,282, nearly unchanged, down only 0.1% from March 2023.

The more comprehensive year-to-date average price was $605,672, essentially unchanged, up just 0.2% from the first three months of 2023.

The dollar value of all home sales in March 2024 was $17.1 million, a big reduction of 15.2% from the same month in 2023.

The number of new listings saw a substantial gain of 30% (15 listings) from March 2023. There were 65 new residential listings in March 2024. This was the largest number of new listings added in the month of March in two decades.

New listings were 23.1% above the five-year average and 27.7% above the 10-year average for the month of March.

Active residential listings numbered 156 units on the market at the end of March, a modest decline of 1.3% (two listings) from the end of March 2023.

Active listings were 24% above the five-year average and 12.1% above the 10-year average for the month of March.

Months of inventory numbered 5.6 at the end of March 2024, up from the 4.8 months recorded at the end of March 2023 and above the long-run average of 5 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.