Real estate figures for the Powell River region for the month of February 2020 show a drop in sales compared to the previous year.
In terms of single family homes, in February 2020, there were 12 units sold for a total of $4,403,500. This compares to 17 units in 2019 for a total of $6,858,450.
There was one mobile/manufactured home sold in February 2020 for $164,000, compared to none in 2019. There was also one condo/apartment/duplex sold in February 2020 for $120,000, compared to none in 2019.
Total residential sales in February 2020 were 14 units for $4,687,500, compared to 17 units valued at $6,897,450 in February 2019.
On the non-residential side, in February 2020, there was one parcel of vacant land that sold, valued at $314,900, compared to one parcel of vacant land in 2109 valued at $39,000.
In terms of the average monthly selling price, in 2020, the average was $366,958, with an average of 55 days on the market, compared to the 2019 figure of $403,438, with an average of 94 days on the market.
On a year-to-date basis, home sales totalled 27 units over the first two months of the year, falling 27 per cent (10 sales) from the same period in 2019.
“Home sales came within a handful of the average February, still a little on the quiet side but an improvement compared to January,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board. “That said, inventories are also still on the low side historically, which is keeping demand and supply in balance.”
There were 35 new residential listings in February 2020. This was an increase of 29.6 per cent (eight listings) on a year-over-year basis.
Overall supply has risen from historical lows in 2018 but is still below average, according to statistics from the Canadian Real Estate Association. Active residential listings numbered 130 units at the end of February, an increase of 11.1 per cent (13 listings) from the end of February 2019.