Real estate sales in the Powell River region in January 2021 were significantly higher than those in the previous year.
“Home sales managed to post an above-average showing in January, which was particularly impressive given that inventories are currently sitting at record lows,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board.
In terms of single-family homes, in January 2021, there were 16 sold, valued at $7,925,300. In January 2020, there were nine homes sold, valued at $3,279,800.
No mobiles or manufactured homes were sold in January 2021, compared to one, for $95,000, in January 2020.
In the condo, apartment and duplex category, there were four sales in January 2021, valued at $1,467,300, compared to two sales, valued at $498,500, in January 2020.
Total residential sales for January 2021 were 20 units for $9,392,600, compared to 12 units for $3,873,300 in January 2020.
On the non-residential side, 12 parcels of vacant land were sold in January 2021, valued at $1,927,400. In January 2020, there were three parcels of vacant land sold, valued at $644,000. This year, there was one industrial, commercial and institutional property sold, valued at $250,000, compared to none in January 2020.
Totals for non-residential were $2,177,400 in January 2021 and $644,000 in January 2020.
Grand totals show 33 units of real estate were sold in January 2021, valued at $11,570,000, compared to 15 units in January 2020, valued at $4,517,300.
“Market conditions remain historically tight and tilted heavily in favour of sellers,” said Frost. “Without any relief on the supply side, we’re likely going to continue seeing outsized price gains and prices rising to record or near-record levels.”
In terms of average single home selling price in January 2021, the value was $495,331, with an average of 55 days on the market. In January 2020, the average selling price was $364,422, with an average of 70 days on the market.
Median selling price in January 2021 was $465,000, compared to $345,000 in January 2020.
Frost said 2020 ended with a bang and January was pretty strong. He said there was a huge uptake in vacant land sales in January 2021, which is indicative of the tight inventory of houses on the market. During the month, there were 16 single-family homes sold and 12 lots.
“That’s significant,” added Frost.
In the new listings category in residential sales, there were 40 new residential listings for January 2021 as compared to 45 in January 2020.
In terms of year-to-year statistics, in spite of COVID-19, sales in 2020 were significantly higher than in 2019. For all residential categories in 2020, 410 units were sold, valued at $168,582,945, compared to 320 units sold in 2019, valued at $116,244,215.
In non-residential, there were 66 units sold in 2020, valued at $12,968,245, compared to 40 units in 2019, valued at $6,735,400.
Grand totals reveal that in 2020, there were 476 units sold, valued at $180,968,245, compared to 360 units sold, valued at $122,979,615 in 2019.
In 2020, the average residential single-family home selling price was $453,160, compared to $402,775 in 2019. Median figures show $415,825 for single-family homes in 2020, compared to $375,917 in 2019.
The buyer summary shows an almost equal split between local and out of area buyers for 2020. Local real estate sales statistics show that in 2020, 45.1 per cent of buyers were local, and 54.9 per cent were out of area. In 2019, according to locally compiled statistics, 47.9 per cent of buyers were local and 52.1 per cent were out of area.
In terms of where out of area buyers were from in 2020, statistics show 13.6 per cent were from the lower Sunshine Coast, 15.4 per cent were from Vancouver Island, 52.1 per cent were from the Lower Mainland, 8.9 per cent were from the rest of BC, 4.7 per cent were from Alberta, 4.7 per cent were from the rest of Canada and 0.6 per cent were from out of Canada.