Year-end real estate statistics show slightly higher numbers of properties sold in 2021 compared to 2020, but the dollar value in 2021 is significantly higher, and it is climbing in 2022.
“It looks like we’ve hit another bump in prices,” said Neil Frost, president of the Powell River-Sunshine Coast Real Estate Board. “Your basic house that is livable but maybe dated is now $550,000 and it may sell for $600,000. The ones that are a little bit better are selling from $650,000 to $750,000. It has pulled up the average.
“We also have some higher-end properties over $1 million. They are a lot more common than they used to be. We’d get one every few years and now we’re getting one or two a month.”
Frost said a Grief Point waterfront home just sold for $1.3 million. He said anything with acreage or waterfront, $1.1 to $1.3 million is the asking price.
Competitive offers are still occurring, sometimes as high as $100,000 over asking price, said Frost.
In the single-family home category in 2021, there were 322 properties sold, valued at $188,167,710, compared to 347 properties sold, valued at $159,288,625, in 2020.
In the single-family mobiles and manufactured homes category, there were 36 units sold in 2021, valued at $8,498,532, compared to 31 units in 2020, valued at $5,348,069.
In the single-family condos, apartments and duplexes category, there were 70 units sold in 2021, valued at $25,922,589, compared to 41 units in 2020, valued at $11,547,150.
Total for residential sales indicates 428 units sold in 2021, valued at $222,588,831, compared to 419 units, valued at $176,183,844, in 2020.
In the non-residential category, in 2021, there were 97 parcels of vacant land sold, valued at $32,031,900, compared to 64 parcels, valued at $12,728,550 in 2020.
In industrial, commercial and institutional, there were 18 units sold in 2021, valued at $6,223,536, compared to four units sold in 2020, valued at $1,223,800.
Grand total for all properties in 2021 was $260,844,267, with 543 units sold, compared to the 2020 total of $188,912,394, with 487 units sold.
In terms of new listings, grand totals show 700 for 2021, compared to 723 in 2020.
Average house price in 2021 was $584,372, with an average of 39 days on the market, compared to $459,045 in 2020, with an average of 65 days on the market.
In terms of buyer profile as recorded by the real estate board, in 2021, 38 per cent of the buyers were local and 62 per cent were from outside of the area.
In terms of January 2022 sales, MLS home sales posted the best January total since 2018, said Frost.
“Although down from last January, the number of newly listed properties was about what we would typically expect for this time of year,” said Frost. “Market conditions tightened slightly to start the year, pushing the average price above $600K for the first time in history.
“Overall inventory remained stable relative to both the previous month and January 2021. For the moment, our local market is consistently steady, and barring any unforeseen circumstances, we expect that to continue during the rest of the first quarter.”
In terms of January 2022 sales, in single-family homes, there were 18 sold, valued at $11,989,099, compared to 16 sold, valued at $7,925,300, in 2021.
In January 2022, there were four mobiles/manufactured homes sold, valued at $1,230,000, compared to none in January 2021.
There were no condos, apartments or duplexes sold in January 2022, compared to four, valued at $1,467,300, in January 2021.
The residential total shows 22 properties sold in January 2022, valued at $13,219,099, compared to 20 in January 2021, valued at $9,392,600.
On the non-residential side, there were three parcels of vacant land sold in January 2022, valued at $825,050, compared to 12 in January 2021, valued at $1,927,400.
There were four industrial, commercial and institutional sales in January 2022, valued at $1,604,900, compared to one sale in January 2021, valued at $250,000.
The non-residential total in January 2022 was for seven units, valued at $2,429,950, compared to 13 units, valued at $2,177,400, in January 2021.
Grand totals for sales in January 2022 indicate there were 29 units sold, valued at $15,649,049, compared to 33 units sold in January 2021, valued at $11,570,000.
In January 2022, the price of an average residential single-family home was $666,061, compared to $502,794 in January 2021.