Real estate prices continue to hold in Powell River

Housing costs remain at upper end of historical pricing

Real estate statistics for October 2019 in the Powell River region show sales comparable to the previous year.

In terms of single-family homes, in 2019, there were 23 units sold for a value of $10,653,150, compared to 26 homes valued at $9,352,350 in 2018.

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There were no mobiles sold in 2019, compared to one, valued at $92,500 in 2018.

For single-family condos, apartments and duplexes, in 2019, there were four sold, valued at $1,155,700, compared to seven in 2018, valued at $1,755,680.

Total single-family sales in October 2019 were 27 units, valued at $11,808,850, compared to 34 units in 2018, valued at $11,200,530.

In terms of non-residential, in 2019, there were two vacant land properties sold, for $437,000, compared to two, valued at $191,950 in 2018.

For industrial, commercial and institutional, there were no sales in 2019, compared to five sales in 2018, totalling $4,692,981.

Grand totals for October 2019 include 29 units sold for $12,245,850, compared to 41 in 2018, for $16,085,461.

In 2019, the average October selling price was $463,180, compared to $359,706 in 2018. That’s a change of 28.8 per cent. Median selling price in 2019 was $380,000, compared to $385,000 in 2018, for a -1.3 per cent change.

Powell River-Sunshine Coast Real Estate Board president Neil Frost said the high average price is attributable to a property that sold for $1.75 million.

“That skewed the numbers for the average; we also had a few $500,000 to $700,000 sales,” said Frost. “When we look at the median, it’s saying it’s down but it’s probably a lot more accurate picture than the average.”

There have been a few sales on the lower end that could have attributed to the downward trend on the median amount.

Frost said he is taking the average single-family home sale price in Powell River as $380,000 to $390,000.

He said the market in October was a little slower than previous months but overall was strong for the time of year. He added that it looks like the real estate market is heading into a seasonal slowdown now.

Frost said there is a lack of housing inventory in Powell River. That makes it a good time to sell, he said, because there is demand.

“I can understand why people want their yards and their homes looking their best but people who are looking for homes right now are serious,” said Frost. “We are still seeing competing offers. Anything decent is getting gobbled up.”

He said it has still not tipped into a buyer’s market in this region.

“The prices are staying where they are,” said Frost, “which are higher than they have ever been.”

 
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