Total real estate sales in August 2021 were down from the same month in 2020 but vacant land sales during the month were significant.
“The market is not exactly cooling,” said Neil Frost, president of the Powell River-Sunshine Coast Real Estate Board. “It’s only because of inventory supply.”
Frost said average prices are high and that’s mostly because some high-priced properties have sold, which can skew the average.
In August 2021, there were 24 single-family homes sold, valued at $14,707,090, compared to 49 units in August 2020, valued at $22,768,111.
In the single-family mobiles and manufactured homes category, there were five units sold in August 2021, valued at $833,000, compared to three units, valued at $598,900, in August 2020.
There were four units sold, valued at $1,546,900, in the single-family apartment, duplex and condos category in August 2021, compared to four units, valued at $1,178,200 in August 2020.
In terms of new listings for August 2021, there were 32 single-family homes, 22 mobiles and three condos, apartments and duplexes, for a total of 57. This compares to 61 new listings for August 2020.
On the non-residential side, there were 18 units of vacant land sold in August 2021, valued at $5,950,900, compared to 10 units, valued at $1,761,000, in August 2020. Frost said 10 of those properties were sold on Savary and Texada islands.
In terms of industrial, commercial and institutional sales, one unit, valued at $480,000, was sold in August 2021, compared to three units, valued at $943,800 in August 2020.
The grand total for the month of August 2021 is 52 units sold, valued at $23,517,890, compared to 69 units sold, valued at $27,250,011, in August 2020.
In terms of active listings in all categories, there were 176 at the end of August 2021.
Average selling price for a single-family home in August 2021 was $612,795, with an average of 34 days on the market. This compares to an average of $464,655 in September 2020, with an average of 61 days on the market.
Frost said with the lack of inventory, instead of seeing two or three multiple offers, there’s often several offers on property that’s up for sale.
“Everything is getting snapped up; it’s putting a severe amount of pressure on our market again,” said Frost. “There’s a lot of eyes on Powell River but not much to sell. We have less volume but there’s no relaxing on the price. That’s what’s keeping local people in some cases from purchasing; they are getting overbid.”
According to the local real estate board buyer statistics up to July 2021, 38.8 per cent of purchasers were local, with 61.3 per cent out of area. This compares to 2020 full-year statistics of 45.1 per cent local buyers and 54.9 per cent out of area.
Home sales around the province have essentially returned to normal after a record-setting spring, stated BC Real Estate Association chief economist Brendon Ogmundson, in a media release.
“However, we continue to see a drought in the total supply of listings as well as a downward trend in new listings activity,” stated Ogmundson.
Provincially, total active residential listings were down 37.9 per cent year-over-year in August 2021 compared to August 2020 and were 42 per cent below normal levels for the month of August.