July real estate sales in Powell River show robust figures

More than $12.8 million worth of residential properties sold during the month

Powell River had a busy month of real estate sales, with more than $12.8 million in residential properties having been sold during July.

Over the course of the month, 28 single-family units sold, for a value of $10,739,208, and two mobile homes sold, valued at $218,000. Eight single-family-other units also sold, meaning condos, apartments or duplexes, which were valued at $1,871,347.

During July, 40 new listings for single family homes were added, as were four new listings for mobile homes and 13 listings for single family other. In terms of new listings in all categories, there were 60.

On the non-residential side, two pieces of vacant land sold, valued at $152,500.

In terms of the number of listings in Powell River at the end of the July, there were 112 single family homes, four mobiles and 46 listed as single family other. On the non-residential side, 73 parcels of vacant land were listed and 24 industrial, commercial and institutional.

Powell River Sunshine Coast Real Estate Board president Neil Frost said the July stats are interesting and show volume being up. In July 2018 there were 28 residential sales compared with 38 residential sales in July 2019, for a 35.7 per cent change in sales.

The average residential single-family home prices from 2019 to 2018 showed a drop, but Frost said the average number was skewed by a $2.1 million sale last year. The average selling price in 2019 was $383,543, compared to $459,709 in 2018.

Frost said he expects August to be a little bit slower than July, as it typically is.

“I was surprised to see as many sales in July as there have been because we are moving into summer and by mid-July it has usually quieted down a little bit,” said Frost. “I was also surprised to see such a strong month by the time the dust settled, but I’m pleased to see it.”

Frost said it is now typically slower for real estate sales until school starts back up again.

In terms of today’s market, he said realtors are still seeing competing offers for properties.

“We are still seeing prices for homes at a higher end and still getting good money,” said Frost. “If you ask the buyer on the street, if you ask the realtor, prices are not dropping. Prices are still holding steady.

“In particular, the lower end market, mobiles and condos, have really shot up in the past couple of months.”

The $300,000 to $500,000 market is also still very robust, according to Frost. He said a starter home now goes for about $350,000.

 
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