Powell River Sunshine Coast Real Estate Board MLS® home sales fall, new listings continue to rise in July
The number of homes sold through the MLS® System of the Powell River Sunshine Coast Real Estate Board totaled 20 units in July 2022. This was a substantial decline of 52.4% from July 2021.
Home sales were 45.4% below the five-year average and 45.9% below the 10-year average for the month of July.
On a year-to-date basis, home sales totaled 207 units over the first seven months of the year. This was a large decline of 29.4% from the same period in 2021.
“Home sales have dropped sharply over the past two months as significant interest rate increases have boosted mortgage rates and reduced affordability for many buyers,” said Neil Frost, President of the Powell River Sunshine Coast Real Estate Board. “Obviously there is still some activity taking place but we’re currently in a place where many would-be buyers have stepped back to re-evaluate their positions and sellers must continue to revise their pricing expectations. We’ve seen a healthy influx of new supply coming to market, which has lifted overall inventories from record lows and bodes well for when buyers decide to return to the market.”
The average price of homes sold in July 2022 was $649,890, a substantial gain of 32.6% from July 2021.
The more comprehensive year-to-date average price was $692,194, an advance of 36.4% from the first seven months of 2021.
The dollar value of all home sales in July 2022 was $13 million, down sharply by 36.9% from the same month in 2021.
The number of new listings saw a substantial increase of 32.7% from July 2021. There were 69 new residential listings in July 2022. This was the largest number of new listings added in the month of July in more than a decade.
New listings were 14.2% above the five-year average and 29.9% above the 10-year average for the month of July.
Active residential listings numbered 164 units on the market at the end of July, a jump of 46.4% from the end of July 2021.
Active listings were 3.3% above the five-year average and 14.2% below the 10-year average for the month of July.
Months of inventory numbered 8.2 at the end of July 2022, up from the 2.7 months recorded at the end of July 2021 and above the long-run average of 5.9 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.
Board & Association Information
The Powell River Sunshine Coast Real Estate Board (PRSCREB) is a regional professional association proudly representing 42 REALTORS® in southwest BC. The board serves Powell River Saltery Bay to Lund, Texada Island, Savary Island and the North Coast up to Desolation Sound. It is important to call a REALTOR® to get data specific to the area you are interested in.
Powell River Sunshine Coast Real Estate Board
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