Real estate market in Powell River shows decrease in September sales

Limited inventory cited as a cause for drop in sales

Real estate statistics for the month of September 2019 in Powell River show a drop in the value of units sold compared to September 2018.

During September 2019, there were 15 single-family homes sold, valued at $6,946,300, compared to 21 units in September 2018, valued at just under $13 million.

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For single-family mobiles, there were two units valued at $329,000 sold in September 2019, compared to two units in September 2018, valued at $243,000.

There was an upswing for single-family condos, apartments and duplexes in September 2019, with six units valued at $1,555,500, compared to one unit valued at $243,000 in September 2018.

In terms of non-residential, there was also a drop in value between 2019 and 2018. This September, there was one parcel of vacant land that sold for $84,000, compared to three for $297,000 in September 2018. There was one industrial, commercial and institutional property sold for $300,000 in September 2019, compared with one for $229,000 in September 2018.

In terms of grand totals, in September 2019, there were 25 units sold for $9,214,800, compared to 39 units in September 2018, valued at $13,988,766.

There were 44 new listings in September 2019, compared to 51 in September 2018.

In terms of the average monthly selling price, the average in September 2019 was $463,087, with an average of 79 days on the market, compared to $406,342 in September 2018, with an average of 66 days on the market. The price differential between September 2019 and 2018 was 14 per cent.

The median price of $344,000 in September 2019 dropped slightly, compared to $378,000 in September 2018.

Powell River Sunshine Coast Real Estate Board president Neil Frostsaid single-family residences were down in numbers because there is limited inventory. The same goes for mobile homes, he said.

“It is a little bit slower, with 23 residential sales this year compared to 35 last year,” said Frost.

He added that the average monthly selling price was up in 2019 over 2018 but the number was skewed by a couple of big sales, such as one for $1.2 million in September.

The median price drop likely reflects the sale of several properties on the lower end, such as condos, mobiles and apartments, plus some lower-end houses.

“The selection is still limited,” said Frost. “It was a fairly healthy September, even though it wasn’t as busy as last year.”

He said, however, that there have been some good listings coming in. In October it is going to be interesting to see what happens, added Frost.

Provincially, the September 2019 sales market was hot, showing a 24 per cent increase from the same month in 2018, according to statistics from the British Columbia Real Estate Association.

August real estate sales continued to remain active, according to Powell River Sunshine Coast Real Estate Board statistics.

During the month there was a total of $13,548,858 in sales of 40 residential units. The breakdown indicates there were 27 single-family homes, valued at $10,790,358; two single-family mobiles, at $200,000, and 11 single-family condos, apartments and duplexes, valued at $2,558,500.

On the non-residential side, there were five units of vacant land sold, valued at $363,000.

During the month of August there were 50 new listings in the single-family category, including 37 single-family residences, three mobiles and 10 single-family condos, apartments and duplexes.

In terms of active listings in Powell River, there were 165 residential and 94 non-residential, for a total of 259 active listings.

For residential single-family homes, the average selling price in 2019 was $399,643, up 0.7 per cent from 2018’s $386,892 figure. The median price dropped slightly, from $390,000 in 2018 to $385,000 in 2019.

Frost said despite what people may be hearing, it is not a buyers’ market.

“Prices are relatively the same as a year ago,” he said, “and there are still lots of competing offers.”

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