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Single-family home sales slip in Powell River during November

However, vacant land sales are up over previous year
Real Estate

Sales of single-family residences slowed during the month of November 2019 in Powell River, but vacant land sales were up considerably over the previous year.

For single-family homes, there were seven units sold in November 2019, valued at $2,757,400. For the month of November 2018, there were 18 units sold, valued at $6,303,800.

Considerably more vacant land sold this November, compared to a year ago. In November 2019, six parcels were sold, valued at $1,639,400, compared to one parcel in November 2018, valued at $42,000. For industrial, commercial and institutional, there were no sales in 2019, compared to one of $42,000 in November 2018.

The non-residential comparison shows six properties valued at $1,639,400 in November 2019, compared to two properties valued at $84,000 in 2018.

Grand totals show 16 units sold in November 2019, valued at $5,384,700, compared to 29 units, valued at $8,428,900 in November 2018.

In terms of average selling price for a residential single-family home, in 2019, the value was $393,914, with an average of 61 days on the market. For 2018, the average price was $350,211, with an average of 97 days on the market.

The median monthly selling price of a residential single-family home in 2019 was $406,000 in 2019, compared to $350,000 in 2018.

Powell River Sunshine Coast Real Estate Board president Neil Frost said BC Real Estate Association statistics show sales up 27.5 per cent across the province, comparing November 2019 to November 2018.

“Overall, the picture is pretty good,” said Frost.

Of the single-family homes that sold this November, Frost said there was a wide variety, from low-end to high-end, so it was a good selection.

He said the main story was the six lots that were sold, including large acreages and waterfront.

“That was a significant jump year over year,” said Frost. “Six lot sales in a month is pretty big. One or two is pretty typical.

“That doesn’t look like a market that’s in trouble. That portion looks like a healthy real estate market. Raw land and recreational residential property are the first to take a hit when the market is taking a dive.”

Frost characterized November 2019 as seasonal slowdown, and chronic shortage of housing inventory. During November 2019, there were 19 new listings, compared to 28 in November 2018.

He said while low numbers are noteworthy, it does not look like a market in trouble. The average days on market is indicative that homes are being sold more quickly in 2019 than the previous year.

Average and median prices were up considerably in 2019, which indicate a healthy market, said Frost. He said this is a great time to get a home on the market because there is little competition and the prices are good.

“We still have people coming to town,” said Frost. “There are still people looking, there is just little to buy.”