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Powell River Real estate sales rise slightly

Out of town buyers account for half of purchases
Neil Frost
Neil Frost, Powell River Sunshine Coast Real Estate Board president

February’s real estate market was busy for buyers from outside of Powell River, according to Neil Frost, Powell River Sunshine Coast Real Estate Board president.


"Out of market buyers are unseasonably busy, accounting for 12 of 23 total sales, half of which were Lower Mainlanders," said Frost.


Over one third of all purchases were reported as investments, he said.


The month resulted in 18 single-family homes and two single-family other units changing hands, as well as two pieces of vacant land. Nearly one third of all sellers are reported to have repurchased in Powell River. Total sales for the month increased slightly, up from the 21 units reported as sold in February 2015.


Frost said the average selling price of $257,639 in February 2016 is actually an increase compared to last year, despite the reported February 2015 average price of $339,356, which on paper indicates a decrease of 24.1 per cent.


"Prices on average homes are up," said Frost. "In February 2015 there was a $1.5-million sale skewing the average price."


Frost said low inventory is still pushing prices, resulting in activity being up as well. The number of residential listings on the market in February 2016 was 140. Available non-residential listings totalled 138 for the month.