Throughout 2018, the real estate market in Powell River has been levelling off from the hot streak of 2016 and 2017, according to Powell River Sunshine Coast Real Estate Association president Neil Frost. MLS statistics for November indicate the market is tightening.
“It’s getting leaner. Everything is getting a little tougher,” said Frost. “It's a winter market.”
November saw 27 single-family home sales and 28 new listings, which is keeping pressure on prices, according to Frost.
“Buyers still have to compete for the limited inventory that is coming out. There’s a scarcity of product,” said Frost.
Average and median prices are up from 2017, with the average residential single-family home listed at approximately $350,000, an increase of 6.4 per cent from 2017. The median price is up 1.2 per cent from approximately $346,000 in November 2017 to $350,000 this year. That compares to a median of $385,000 in October, which was an increase of 11.6 per cent from 2017.
Frost said he expects the average home price in Powell River will be about $380,000 for 2018.
