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Powell River real estate sales in April 2021 eclipse same month in 2020

“The incredible strength in home sales persisted through April, lifting activity to the second best level on record for this month." ~ Neil Frost, president, Powell River Sunshine Coast Real Estate Board.
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LARGE VOLUME: Powell River region real estate statistics show high levels of sales, with high prices, for the month of April 2021.

Real estate sales in April 2021 eclipsed sales from April 2020, which was the first full month of the onset of the COVID-19 pandemic.

“The incredible strength in home sales persisted through April, lifting activity to the second best level on record for this month,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board. “While we have seen a sustained increase in new supply coming onto the market, it hasn’t been nearly enough to keep up with unprecedented levels of demand. As a result, overall inventories are down to near-record lows and fierce competition among potential buyers for a very limited pool of listings has driven year-over-year price gains north of 60 per cent.”

In April 2021, there were 41 single-family homes sold, valued at $24,374,850, compared to six home sales in April 2020, when COVID-19 greatly affected sales, valued at $2,565,600.

In the single-family mobile and manufactured home category, in April 2021, there were three sales, valued at $639,000, compared to three sales, valued at $429,200 in April 2020.

Single-family condos, apartments and duplexes totalled seven sales in April 2021, valued at $2,101,000, compared to one sale, valued at $235,000, in April 2020.

Total residential sales in April 2021 were 51 units, valued at $27,114,850, compared to 10 units, valued at $3,229,800 in April 2020.

For non-residential, in 2021, 10 units of vacant land were sold, valued at $2,246,150, compared to 2020’s total of one unit, valued at $125,000. There was also one unit of industrial, commercial and institutional property sold in April 2021, valued at $840,000, compared to no sales in April 2020.

Total for non-residential in April 2021 was 11 units sold, valued at $3,086,150, compared to one unit, valued at $125,000, in April 2020.

Grand totals show in April 2021, there were 62 units sold, valued at $30,201,000, compared to 11 units, valued at $3,354,800, in April 2020.

The number of new listings of both residential and non-residential for April 2021 was 106, compared to 28 in April 2020. The number of active listings for April 2021 was 94, of which 26 units were vacant land.

In April 2021, the average selling price for a single-family home was $594,509, with an average of 33 days on the market. In April 2020, the average selling price for a single-family home was $427,600, with an average of 34 days on the market.

The median selling price in April 2021 was $540,000, compared to $460,000 in April of 2020.

The number of homes sold through the Powell River Sunshine Coast Real Estate Board in April 2021 haven’t hit this level in the month of April since 2004. Home sales in April 2021 were 45.7 per cent above the five-year average and 51.3 per cent above the 10-year average for the month of April.

March and April show strong sales

Frost said it is more useful to compare April 2021 with March 2021 because April 2020 was when the real estate market bottomed out.

“The taps were turned off,” said Frost. “Nothing was happening.”

In April 2021 there were 52 residential sales and a total of 62 sales, compared to March 2021, which was “a hot month,” when there were 46 residential sales, with a total of 59 sales.

“Both were very strong months and yes, we are up slightly in April,” said Frost. “We didn’t show signs of receding.”

Listings in April 2021 were more robust than those in March 2021, with more properties coming on the market.

Frost said there are still multiple offers being tendered on real estate sales, with some sellers receiving more than asking price.

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