Realtors in Powell River are waiting to see what winter is going to bring to the market, according to Powell River Sunshine Coast Real Estate Board president Neil Frost.
“The market is still strong; the market was great in October,” said Frost. “We expect it to level out. That’s always what happens in the winter.”
Frost noted listings in and listings out for the market in October as indicators of where the market is heading. The number of units sold was 38 compared with 42 new listings for the month, including resident and non-residential.
“That's great,” said Frost. “Volume is still high but the market is levelling out.”
Value of October single family home sales was $8,565,850. The lowest totals recorded for residential sales so far in 2018 were in February and May, both at approximately $8 million.
High-end home sales slow down in winter but the entry-level market, where prices range between $200,000 to $350,000, is still active, according to Frost. He said those homes are flying off the shelf and there have not been monthly average or median price decreases this year.
“A decent family home is still $300,000 to $350,000; that whole market is very active,” said Frost. “It’s very competitive.”
He added that prices for new inventory and high competition should keep the prices afloat.
“They might not be jumping up 25 per cent every time you turn around,” he said.
Total dollar value of the number of units sold to date in Powell River is approximately $103 million, with the highest in July at $12.6 million dollars
October saw $10.8 million in residential and non-residential sales. The average cost was about an increase of .09 per centfrom 2017. The median price was $385,000, which is an increase of 11.6 per cent from 2017.
