January 2020 real estate sales slower than previous year in Powell River

Provincially, however, sales increase 23.7 per cent

Real estate sales in Powell River for January 2020 were down from the same month of the previous year.

During January 2020, a total of eight single-family homes sold, valued at $2,746,800. This compares to 13 units in 2019, valued at $4,942,000.

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Single-family mobile sales were comparable, with one unit valued at $95,000 selling in January 2020, compared to one unit valued at $119,000 in 2019.

In terms of single-family condos/apartments/duplexes, there were two sales in January 2020, valued at $498,500. This compares to four sales valued at $1,077,000 in January 2019.

There was more vacant land sold this year compared to the previous year. In January 2020, there were three parcels of land, valued at $644,000, compared to two parcels, valued at $530,000, for January 2019.

Grand totals show 14 units, valued at $3,984,300 in January 2020, compared to 20 units, valued at $6,668,900, in January 2019.

In January 2020, the average selling price was $343,350, compared to $380,154 in January 2019. The average days on market in 2020 was 59, compared to 69 in 2019.

Powell River Sunshine Coast Real Estate Board president Neil Frost said January sales were quiet.

“We’re in such a slow time of year that it only takes a handful of transactions to make bit percentage changes up or down,” said Frost. “It’s still active and we’re still hoping to get some new listings coming up.”

Frost said when he looks at the numbers, the average home price, even though the average price comparing the January 2019 and January 2020 is down 9.7 per cent, prices are still holding steady.

“The predictions for this year are for a slight increase in volume,” said Frost. “Prices are also forecast to remain stable. It’s pretty much the same song from the past year. There’s buyers out there.”

Factors such as the weather and the forestry strike could have influenced the January market in Powell River, according to Frost.

Provincially, the British Columbia Real Estate Association (BCREA) reports a total of 4,426 residential unit sales were recorded by the Multiple Listing Service (MLS) in January 2020, an increase of 23.7 per cent from the 3,579 units sold in January 2019. The average MLS residential price in BC was $725,370, a 9.1 per cent increase from $664,633 recorded the previous year. Total sales dollar volume in January was $3.2 billion, a 35 per cent increase over 2019.

“Housing markets in BC are off to a strong start in 2020,” said BCREA chief economist Brendon Ogmundson. “We expect a much more typical year of home sales in 2020 as markets recover from the policy-induced slowdown of the past two years.”

Total MLS residential active listings fell 12.6 per cent to 25,790 units compared to the same month last year. The ratio of sales to active residential listings increased to 17.2 per cent from just 12.1 per cent last January.

“While many markets are showing strong signs of recovery,” said Ogmundson, “the struggling forestry sector is having a clear impact on housing demand, particularly in the North and parts of Vancouver Island.”

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