Powell River Sunshine Coast Real Estate Board

Powell River Sunshine Coast Real Estate Board MLS® home sales continue to build momentum in February

The number of homes sold through the MLS® System of the Powell River Sunshine Coast Real Estate Board totaled 18 units in February 2024. This was more than double the levels from a year earlier, surging 125% (10 sales) from February 2023.

Home sales were 18.2% below the five-year average and 12.6% below the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 34 units over the first two months of the year. This was up sharply by 61.9% (13 sales) from the same period in 2023.

“Sales activity posted a huge rebound from last year’s dismal levels, moving away from the lowest February in nearly 20 years and almost closing in on average levels for this time of year,” said Neil Frost, President of the Powell River Sunshine Coast Real Estate Board. “We’ve still got a decent amount of inventory on the market and sellers are continuing to adjust their pricing strategies, but we’re seeing a noticeable decline in overall supply levels so it appears that the market imbalance between supply and demand is gradually correcting as we head into the spring.”

The average price of homes sold in February 2024 was $575,539, a substantial decrease of 10.8% from February 2023.

The more comprehensive year-to-date average price was $602,699, a small gain of 1.2% from the first two months of 2023.

The dollar value of all home sales in February 2024 was $10.4 million, more than double the levels from a year earlier, rocketing up 100.6% from the same month in 2023.

The number of new listings saw a sharp decrease of 25% (10 listings) from February 2023. There were 30 new residential listings in February 2024.

New listings were 16.2% below the five-year average and 17.1% below the 10-year average for the month of February.

Active residential listings numbered 133 units on the market at the end of February, down sharply by 13.6% from the end of February 2023.

Active listings were 12% above the five-year average and 2.3% above the 10-year average for the month of February.

Months of inventory numbered 7.4 at the end of February 2024, down from the 19.3 months recorded at the end of February 2023 and below the long-run average of 7.9 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 52 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.


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Powell River Sunshine Coast Real Estate Board

For more information,
please contact:

prscreb@shaw.ca
Phone: 604.485.6944
Fax: 604.485.6944

President
Curtis Yungen

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