Last month saw fewer home sales in Powell River compared to the same time in 2023.
That comes from a report by the Powell River Sunshine Coast Real Estate Board, saying that 23 home units were sold this July, an 11.5 percent decrease from July last year.
Along with that decrease, home sales were 29.4 percent below the five-year average and 36.1 percent below the 10-year average for July.
President of the board Curits Yungen says while plenty of new supply is coming to the market, sales activity hasn’t returned to the levels they were more familiar with seeing at this time of the year.
“As a result, the ongoing increase in overall inventories has been gradually tipping the market towards buyer’s territory with an accompanying softening on the pricing side,” said Yungen.
“Although this may present challenges for sellers, buyers have never had it better over the past decade and will find plenty of great deals to be had if they can get off the sidelines and back into the market.”
The report found for July this year, the average price of homes sold was $543,409, a 17.8 percent decrease from last July’s price.
Other findings include $12.5 million as the dollar value for all home sales in July, the year-to-date average price being $607,695, and only 58 new residential listings this July, a 27.3 percent, 7.3 percent, and 3.3 percent decrease from last year.
For the new listings, the board says they were 6.5 percent below the five-year-average, but 4.9 percent above the 10-year-average for July.
They add by the end of July, 243 units were numbered by active residential listings on the market, up by 16.8 percent compared to the number last July. This makes it the highest active listings have been in more than five years in July.
For the five-year and 10-year averages for July, active listings were above by 35.6 and 35.8 respectively.
