Real estate in Powell River shows a four per cent increase year over year

Statistics indicate higher prices in 2019 than 2018

A total of nearly $11.8 million in properties were sold in the Powell River region during the month of April 2019.

These numbers included 25 single-family homes valued at $9,835.927. There were three mobile homes sold for $293,000, and six single-family condos, apartments or duplexes, valued at $1,434,500.

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In terms of the average monthly selling price for a single-family home, the value in 2019 was valued at $393,437, with an average of 33 days on the market. This compares to 2018, where the average selling price was $378,017, with an average of 56 days on the market. This represents a 4.1 per cent change in the average single-family home year over year.

Powell River-Sunshine Coast Real Estate Board president Neil Frost said April was a good month for MLS listings. He added that the year started off slowly, but March and April have picked up considerably.

Comparing April 2019 to the previous year, which was also strong, statistics are down slightly for single-family home sales. There were 29 single-family homes sold in 2018, compared to the 25 in 2019.

“It’s pretty comparable,” said Frost.

Year to date, as of May 22, for single-family homes, 80 have sold in 2019, compared to 100 single-family homes in 2018.

“I’ll just say that this year started slower and we were a little more steady last year,” said Frost. “However, this spring, things have really picked up. If we look at all sales, from lots, to mobile homes, to apartments and including single family homes, we are at 112 sales to date in 2019, compared to 140 at this point last year.”

Frost said that 2016 and 2017 were essentially a “rocket ship ride,” and for 2018 and 2019 the predictions have been for less volume of sales, but slightly higher prices. That bore true for 2018 and it looks like it is going to be the same for 2019, said Frost.

This past April, there were more new listings than the previous year. In 2019, there have been 76 listings, compared to 60 new listings the previous year.

“That’s encouraging because selection and low inventory has been an issue for the past couple of years,” said Frost. “Prices are still good, they are not dropping like other areas, and we are still predicted to make a slight increase in the prices overall. When you look at the statistics, it’s about four per cent up from last year in both the average and median prices.”

The market is still active and there are still competing offers for properties happening.

Frost said there are still a number of buyers coming from outside of Powell River, and most of them are coming here to live; they are not speculators. Buyer profiles bear out that about 50 per cent of purchasers are out-of-town buyers, but most of them are coming here to live.

“They are moving into the houses and they are becoming their primary residences,” said Frost. “It’s not investment.”

 

 
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