Residential real estate sales in the Powell River region for September 2020 were significantly higher than the value of sales from September 2019, setting a new record in the process.
In September 2020, there were 50 single-family homes sold, for a value of $23,051,740, compared to 15 in September 2019, valued at $6,946,300.
According to statistics, a new sales record for the month of September was reached in Powell River and it was the third highest sales figures for any month on record in the region.
“Home sales in the region continued to rebound in September,” said Neil Frost, president, Powell River Sunshine Coast Real Estate Board. “New supply also hit a new record level for the month of September but is not keeping pace with the strong demand we are experiencing. As a result, the market continues to tighten significantly and the imbalance between supply and demand is putting upward pressure on prices in the region.”
For single-family mobiles and manufactured homes, in September 2020, there were three units sold, valued at $765,369, compared to three units valued at $594,000 in September 2019.
In the single-family condos, apartment and duplexes category, there were three units sold in September 2020, valued at $823,500, compared to four units sold in September 2019, valued at $935,500.
Total residential sales for September 2020 were valued at $24,640,609 for 56 units, compared to $8,475,800 for 22 units in September 2019.
On the non-residential side, there were five parcels of vacant land valued at $797,000 sold in September 2020, compared to one, valued at $84,000, in September 2019. There was also one industrial, commercial and institutional property sold in September 2019, valued at $300,000, compared to none in September 2020.
Grand totals show 61 total sales in September 2020, valued at $25,437,609, compared to 24 sales, valued at $8,859,800 in September 2019.
The average price of a single-family home in September 2020 was $461,035, compared to $463,087 in September 2019. The median price of a home in September 2020 was $470,000, compared to $344,000 in September 2019.
While the average price of homes sold in September 2020 was $461.035, Frost said the more comprehensive year-to-date average price was $414,794, rising 16.5 per cent from the first nine months of 2019.
There were 75 new residential listings in September 2020. This was the largest number of new listings added in the month of September in history.
Active residential listings numbered 101 units at the end of September.
While month-end figures are not yet available, Frost said Powell River sales figures for October are strong. As of October 26, 2020, there had been 50 sales in the Powell River area, compared to 26 in 2019.
In terms of year-to-date figures, as of October 26, Frost said the 2020 figure sits at 375 sales, compared to 311 over the same period in 2019.
“When we started out, we didn’t think we were going to touch 2019 because we had a couple of dead months, then we started to catch up, were on par, and now we are ahead,” said Frost. “We definitely had our strongest September and it was our strongest month in a long time. It was a banner month.”