Real estate figures for the Powell River area show a drop in sales in May 2020 from the same month in 2019.
In May 2020, there were 17 single-family units sold, valued at $6,012,400, compared to 34 units sold in 2019, valued at $13,616,600. In May 2020, there were two mobiles sold, valued at $188,900, compared to none in May 2019.
In the category of single-family condo/apartment/duplex, in May 2020, there were four sold, valued at $600,900, compared to seven units sold in May 2019, valued at $2,156,200.
In total for single-family residential, there were 23 units sold for $6,802,200 in May 2020, compared to 41 units in May 2019, valued at $15,772,800.
On the non-residential side, in May 2020, there were two units of vacant land sold, valued at $133,000. This compares to four units in May 2019, valued at $347,500. Also, in May 2019, there was one industrial/commercial/institutional property sold, valued at $232,500.
Totals for non-residential show sales of $133,000 for two units in May 2020, compared to $580,000 for five units in May 2019.
Grand totals for sales in May 2020 show 25 units sold, valued at $6,935,200, compared to 46 units sold, valued at $16,352,800 in May 2019.
Average selling price for May 2020 was $353,671, compared to $400,488 in May 2019. Average days on the market in May 2020 was 112, compared to 68 in May 2019.
Powell River-Sunshine Coast Real Estate Board president Neil Frost said the May figures were affected by sales of some lesser-priced properties such as float cabins and mobiles.
“Six of the 23 sales were from that lower market, so that really brought our average down,” said Frost. “I would argue that our benchmark price, which is the average kind of family home, is still around $390,000.”
Comparing 2020 to 2019, Frost said in 2019, there were 41 residential sales, compared to 23 in 2020. Focusing on single family homes, there were twice as many homes sold in 2019, compared to 2020. There were 34 homes sold in 2019 and 17 sold in 2020.
“I will say that May 2020 was a significant improvement over April 2020,” said Frost. “In April there were six single-family homes sold, so it’s quite a difference. There were 11 total sales in April and 25 total sales in May 2020.”
Frost said statistics are pointing to an 11 per cent drop from May 2019 to May 2020, but it’s because of the significant number of low-priced mobiles and float homes, priced at under $200,000.
Frost said overall, the market is still active.
“We saw some competing bids, recently,” he added. “New listings are met with a fair amount of interest. If they are priced right they are selling quickly.”
For people wanting to look at homes, a WorkSafeBC protocol is followed. Frost said there is provision for in-person showings, with safety measures for the person showing and prospective purchasers.
“We have been an essential service throughout so in-person showings have been permitted,” said Frost. “Our board has been recommending against open houses.”
Frost said with the pandemic, there are fewer buyers but realtors are still receiving inquiries from people from out of town and locally.