Real estate market prices remain strong in Powell River

Housing inventory remains limited, keeping prices up

Powell River real estate Multiple Listing Services (MLS) single family homes statics for the month of February 2019 show sales of 17 units for $6,858,450.

There were 21 new listings for February and a total of 76 active MLS listings at the end of the month.

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Powell River Sunshine Coast Real Estate board president Neil Frost said the market is holding steady, prices are slightly up, and there are no predictions for a large increase or a decrease in prices this year.

“Inventory is still low and that is what is keeping prices up,” said Frost.

There were no sales during the month recorded for mobile homes, condos, apartments, duplexes and non-residential such as farms, vacant land or industrial and commercial.

In terms of average monthly selling price of a residential single-family home, the average in February 2019 was $403,438, up from $386,682 in February 2018. This represents a 4.3 per cent change. The average days on the market in February 2019 was 94, compared to 50 in February 2018.

The median board-wide selling price of a residential single-family home in February 2019 was $380,000, up from $369,000 in February 2018, representing a three per cent change.

It has been a bit of a slow start to the year but that is expected and typical, according to Frost. He said the market has been getting busier.

“I hope to see more homes come on the market this spring,” he added. “Prices are strong. I would look at the median price rather than average price to get better idea of where prices are at.”

Frost said it is a good time to sell, there is still lots of activity, and still lots of out of town interest.

 
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