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 22 units in October 2024. This was an increase of 29.4% (five sales) from October 2023.

Home sales were 24.7% below the five-year average and 31.7% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 255 units over the first 10 months of the year. This was a sizable gain of 12.3% from the same period in 2023.

“Home sales posted a modest gain in October but still have a way to go before returning to more average levels for this time of year,” said Curtis Yungen, President of the Powell River Sunshine Coast Real Estate Board. “New listings, meanwhile, are trending at very healthy and supportive levels for our local housing market. While the market is in balanced territory for the moment, as we get closer to the winter months, we may see trends becoming more volatile due to lower activity. In the meantime, all eyes remain on the Bank of Canada and future interest rate movements.”

The average price of homes sold in October 2024 was $543,041, decreasing by 5.8% from October 2023.

The more comprehensive year-to-date average price was $597,944, a decline of 7.9% from the first 10 months of 2023.

The dollar value of all home sales in October 2024 was $11.9 million, up by 21.9% from the same month in 2023.

The number of new listings saw a substantial decrease of 19.1% (nine listings) from October 2023. There were 38 new residential listings in October 2024.

New listings were 12% below the five-year average and 2.7% above the 10-year average for the month of October.

Active residential listings numbered 202 units on the market at the end of October, a sizable gain of 13.5% from the end of October 2023. Active listings haven’t been this high in the month of October in a decade.

Active listings were 27.8% above the five-year average and 33.9% above the 10-year average for the month of October.

Months of inventory numbered 9.2 at the end of October 2024, down from the 10.5 months recorded at the end of October 2023 and above the long-run average of 5.6 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.