Total real estate sales in the Powell River area during November 2020 were more than three times as high as the sales figures from November 2019.
“Home sales continued at their incredible pace in November, reaching the highest level for this month since 2004,” said Powell River Sunshine Coast Real Estate Board president Neil Frost. “Although new supply has increased substantially compared to the same time last year, the strength in demand has drawn down overall supply levels to near-record lows and the market remains very tight.”
According to statistics from the local real estate board, in November 2020, there were 34 single-family homes sales, valued at $15,084,775, compared to seven sales in November 2109, valued at $2,757,400.
In the mobile and manufactured home category, eight units sold in November 2020, valued at $772,900, compared to one unit, valued at $159,000, in November 2019.
For condos, apartments and duplexes, in November 2020, there were five units sold, valued at $1,621,500, compared to two units, valued at $828,900, in November 2019.
In the non-residential category, in 2020, there were seven parcels of vacant land sold, valued at $2,424,400, compared to six units in November 2019, valued at $1,639,400.
In total, in November 2020, there were 54 units sold, valued at $19,903,575, compared to 16 units, valued at $5,384,700, in November 2019.
According to statistics from the Canadian Real Estate Association (CREA), Powell River sales reached the highest numbers for November in more than 15 years. On a year-to-date basis, home sales totalled 384 units during the first 11 months of the year; this was an increase of 29.3 per cent from the same period in 2019, according to CREA.
Frost said this November, there were 31 new listings, compared to 19 in November 2019. He said, however, that the new listings are being consumed by robust sales during the month.
The average monthly selling price in November 2020 was $443,670, with an average of 39 days on the market, compared to $393,914 in November 2019, with an average of 61 days on the market.
Frost said November 2019 was unusually slow. This year, he said, has been busy. According to Frost, there are still competing bids and it’s still a seller’s market.
“I anticipate January and February to be strong if you are interested in selling,” said Frost. “It may not be the weather you want but market conditions have never been more favourable for sellers. There is just no competition.”
In terms of the real estate buyer profile, for the year as of October 2020, the split between local and out-of-area buyers is just about even. Local buyers accounted for 47.2 per cent of sales, while out-of-area buyers accounted for 52.8 per cent of sales, according to statistics.
“November was another big month,” said Frost. “We still have demand. If we have the product, I fully expect 2021 to be another big year and a busy year. We are still getting enquiries from people out of town and we still have local young families buying homes. It’s tougher, however, because there is competition.”
According to CREA statistics, the year-to-date average price of a single-family home in Powell River was $422,074, rising 15.4 per cent from the first 11 months of 2019.