July 2020 real estate sales in the Powell River region were significantly higher than sales posted during the same month the previous year.
Totals show $23,252,100 in sales for July 2020, compared to $12,981,066 in July 2019. In July 2020, there were 54 units of all types in total sold, compared to 40 in July 2019.
Neil Frost, president of the Powell River-Sunshine Coast Real Estate Board, said even with the complexities of selling during the COVID-19 era, for sales during the month of July 2020, the market was very hot and very active.
“We’re all run off our feet,” said Frost. “There’s a lot of out-of-town purchasers and a lot of local people looking.”
In terms of single-family homes, almost twice the dollar value of homes sold this July. In July 2020, there was $20,664,300 in sales, for 41 units, compared to $10,739,208 in sales, for 28 units, in July 2019.
In terms of mobiles and manufactured homes, there was an equivalency. Five units were sold for $777,800 in July 2020, compared to five units sold for $747,000 in July 2019.
In the condo, apartments and duplex category, in July 2020, there were four units sold for $1,102,000, compared to five units, valued at $1,342,358 in July 2019.
In the non-residential category, there were three parcels of vacant land sold in July 2020, valued at $428,000, compared to two units valued at $152,500 in July 2019.
One industrial, commercial and institutional property sold in July 2020, valued at $280,000, compared to none in 2019.
In terms of average selling price in July 2020, the value was $504,007, with an average of 80 days on the market, compared to $383,543 in July 2019, with an average of 88 days on the market.
“The average Powell River family home is around $425,000,” said Frost.
Active listings at the end of July 2020 show 143 for residential, and 71 for non-residential, for a total of 214 listings.
Statistics show people are wanting to explore housing opportunities outside of the Lower Mainland, or they have been thinking about Powell River and have decided now is the time, according to Frost.
The real estate buyer profile for the month of June 2020 identified 11 local buyers and 28 out-of-town purchasers.
During the past month a number of higher-priced luxury properties were sold, which accounts for the higher average, according to Frost.
In terms of selling at this time, Frost said realtors are taking precautions and are following health protocols, as stipulated by WorkSafeBC.