Housing sales set another record in Powell River

October real estate figures exceed previous mark

Powell River’s real estate sales for October 2020 were more than double the sales from the previous year, setting a new sales record for the month.

According to Powell River-Sunshine Coast Real Estate Board statistics, in October 2020, there were 49 single-family residences sold, valued at $24,185,700. This compares to 24 units sold in October 2019, valued at $10,788,150.

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In terms of single-family mobile and manufactured homes, one sold in October 2020, valued at $350,000, compared to one in October 2019, valued at $205,000.

For single-family condos, apartments and duplexes, in October 2020, there were six sold, valued at $1,899,400, compared to three, valued at $950,700, in October 2019.

In total there were 56 residential units sold in October 2020, valued at $26,435,100, compared to 28 units, valued at $11,943,850 in October 2019.

“Home sales continued to surge in October, setting a new record for the month,” said Neil Frost, president of the Powell River Sunshine Coast Real Estate Board. “This was also the first October ever to surpass 50 sales.”

On the non-residential side, nine parcels of vacant land were sold in October 2020, valued at $1,627,400, compared to two parcels, valued at $437,000, in October 2019.

Grand totals show 65 units having been sold in October 2020, valued at $28,062,500, compared to 30 units in October 2019, valued at $12,380,850.

Average single-family home selling price in Powell River for October 2020 was $493,586, with an average of 77 days on the market. In October 2019, the average price was $449,506, with an average of 84 days on the market.

The median selling price for October 2020 was $439,000, compared to $380,000 in October 2019.

“New listings rose to the highest October since 2003 but this was barely enough to keep pace with sales activity,” said Frost. “Overall inventories are trending lower and the market balance is near its tightest on record. As a result, average prices have now recorded their fifth straight double-digit gain.”

The local buyers profile, as of September 2020, shows an even split between local and out of area purchasers. Year-to-date, as of September, shows 47.9 per cent local buyers, with 52.1 per cent out of area purchasers.

On a year-to-date basis, home sales totalled 339 units over the first 10 months of the year. This was an increase of 18.1 per cent from the same period in 2019.

According to a media release from the British Columbia Real Estate Association (BCREA), provincially, there was an increase in sales between October 2020 and October 2019 of 43.8 per cent. The average residential price in BC set a record of $812,960, a 12.5 per cent increase from $722,333 recorded the previous year.

“The provincial housing market sustained its blistering pace of activity in October,” stated BCREA chief economist Brendan Ogmundson. “While pent-up demand may be starting to fade, record low interest rates and a recovering job market are supporting strong sales.”

 
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