Real estate sales in February 2024 significantly outpaced sales from February of the previous year in the Powell River-Sunshine Coast Real Estate Board region.
Curtis Yungen, president of the Powell River Sunshine Coast Real Estate Board, said in the real estate market in 2024, local sellers constituted 77.8 per cent of transactions, with the majority selling their principal residence.
“Notably, 23.5 per cent of these sellers repurchased within Powell River,” said Yungen. “On the buying side, 56.3 per cent of purchasers were non-local, with 68.8 per cent buying for their principal residence and 37.5 per cent citing quality of life as a motivator.
“The largest portion of non-local buyers, 37.5 per cent, hailed from the Lower Mainland and outlying areas. These trends suggest a strong local selling base, with considerable interest from non-local buyers, particularly from urban areas seeking lifestyle changes. Powell River appeals to both locals looking to upgrade and non-locals seeking a change in lifestyle or investment opportunities.”
Yungen said signs of spring have made the market pick up with an increase in buyers from in the qathet region and out of town.
In the single-family homes category, in February 2024, there were 15 sales, amounting to $9,686,800, compared to seven sales, totalling $4,813,800, in February 2023.
There were no sales in February 2024 of mobiles and manufactured homes, compared to one sale, valued at $179,000, in February 2023.
In the condos, apartments and duplexes category, in February 2024, there were four sales, valued at $1,462,900, compared to one sale, valued at $350,000, in February 2023.
Totals for residential sales indicates 19 sales, valued at $11,149,700, in February 2024, compared to nine sales, valued at $5,342,800, in February 2023.
On the non-residential side, there were four parcels of vacant land sold in February 2024, valued at $1,388,000, compared to one parcel, valued at $675,000, in February 2023.
In the industrial, commercial and institutional category, there was one sale, valued at $45,000, in February 2024, compared to two sales, valued at $2,625,000, in February 2023.
Totals for non-residential indicates five sales, valued at $1,433,000, in February 2024, compared to three sales, valued at $3.3 million, in February 2023.
Grand total sales show that there were twice as many sales in February 2024 as in February 2023. In all, there were 24 sales in February 2024, valued at $12,582,700, compared to 12 sales, valued at $8,642,800 in February 2023.
Average sales price for a single-family home dropped year over year, however. In February 2024, the average price was $645,787, with an average of 58 days on the market, compared to $687,686, with an average of 100 days on the market, in February 2023.
In residential, there were 30 new listings in February 2024 and 15 non-residential, for a total of 45 new listings during the month. There were 115 active residential listings in March 2024 and 55 non-residential, for a total of 170 listings.
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