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Strong real estate sales continue in Powell River

Another record set in December 2020
Powell River real estate
Getty image.

Real estate sales in the Powell River region in December 2020 were significantly higher than sales from December 2019, setting a new sales record for the month of December, according to the Canadian Real Estate Association (CREA).

“We ended the year with record sales and price growth coming in at a much higher pace compared to the earlier months of the year during the lockdown period,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board. “Ultimately, despite all the hardships faced during the year, our realtor members were on the frontline helping consumers navigate the market and make transactions during some of the most tumultuous times in recent history.”

In December 2020, in single-family home sales, there were 25 for a total of $10,064,800, compared to 17 in December 2019, amounting to $5,917,300.

In the single-family mobiles and manufactured home category, in December 2020, there were two sales for $330,000, compared to one sale for $81,500 in December 2019.

For single-family condos, apartments and duplexes, there were five sales, valued at $1,598,000, in December 2020, compared to five sales, valued at $1,693,900, in December 2019.

Residential totals show 32 units sold, valued at $11,992,800 in December 2020, compared to 23 units sold, valued at $7,692,700 in December 2019.

In terms of non-residential sales, there were eight parcels of vacant land sold in December 2020, valued at $1,580,000, compared to two parcels of vacant land in December 2019, valued at $1,180,000.

Grand totals show 40 units, valued at $13,572,800, sold in December 2020, compared to 25 units, valued at $8,872,700, in December 2019.

Frost said the Powell River market is facing a bit of a supply and inventory issue. He said there is a lack of listings here in town and in the rural areas.

“Everything is getting bought up in most of our areas,” said Frost. “Properties are selling quickly.”

Average single-family home selling price in December 2020 was $402,592. Average days on the market were 54. In December 2019, the average single-family home selling price was $348,076 and the average days on the market were 71.

According to statistics from CREA, on an annual basis, home sales totalled 418 units over the course of 2020, which was a large increase of 30.2 per cent over the same period in 2019.

Frost said it’s still a seller’s market, which is compounded by dearth of product. He said January and February 2021 will be a good time for home sales, weather notwithstanding. Weather did not influence sales in December 2020, especially compared to the previous year, according to Frost.

The number of vacant lots sold is significant, said Frost.

“That means people are turning to development as an alternative,” he added. 

In terms of the real estate buyer profile, on a year-long basis, from January to November 2020, local buyers made up 45.4 per cent of the market, while out of area buyers made up 54.6 per cent. In the month of November 2020, there were 32 out of area buyers and 14 local buyers.