Total real estate sales in dollar value in the Powell River region in February 2021 were more than four times the amount sold the previous year.
“Our housing market continues to hit new levels despite the low level of listings hitting the market, setting a new sales record for the month of February,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board. “Conditions remain the tightest in history. Unsurprisingly, price gains continued their double-digit climb. The month outperformed all expectations and I think the only thing that is going to hold March back from doing the same is the lack of inventory. We’ve already seen an increase in activity in March.”
Frost said selling prices exceeding asking prices is becoming more commonplace.
“High demand and multiple offers are the norm right now,” he added.
Frost said he had a unique, custom-framed timber home on an acreage that went to 14 offers. It was listed at $619,900 and sold for $700,000. Another house listed at $549,000 sold for $650,000.
According to statistics from the Powell River-Sunshine Coast Real Estate Board, for single-family homes, in February 2021, 24 units were sold, valued at $12,253,800. This compares to 10 units sold for $3,733,500 in February 2020.
In the mobiles and manufactured homes category, three sold in February 2021, valued at $771,500, compared to one sale, valued at $164,000, the previous year.
In the condos, apartments and duplex category, there were 10 sales, valued at $3,362,000 in February 2021, compared to one sale, valued at $120,000, in February 2020.
Totals for residential sales in February 2021 were 37 units sold, valued at $16,387,300, compared to 12 sales, valued at $4,017,500, in February 2021.
On the non-residential side, for February 2021, there were 12 units of vacant land sold, valued at $2,290,200, compared to two units, valued at $259,900 in February 2020. In the industrial, commercial and institutional category, there were three units sold, valued at $108,960, in February 2021, compared to no sales the previous year.
Grand totals show 52 units of property, valued at $18,786,460, sold in February 2021, compared to 14 units, valued at $4,277,400 in February 2020.
Average selling price in February 2021 was $510,575, with an average of 57 days on the market, compared to an average selling price of $373,350 in February 2020, with an average of 62 days on the market. Median selling price in February 2021 was $500,000, compared to $395,000 in February 2020.
Frost said high averages are likely due to some high-end properties moving during February. He said there are some million-dollar homes that will likely sell on acreages and the waterfront, keeping the averages high. He said it is becoming increasingly difficult for local buyers to purchase homes in Powell River.
Inventory continues to be tight this year. In February 2021, there were 37 new listings in all categories, compared to 57 new listings in February 2020.
Frost said January 2021 buyer statistics indicate this was a record month for out-of-town transactions, with more than one-third of sellers being from out of town, and “a whopping 70 per cent of buyers from out of the area.”
“We also sold 10 pieces of raw land in January,” said Frost, “compared to only 40 lots in all of last year.”