The Powell River-Sunshine Coast real estate market continues to sizzle.
The number of homes sold through its MLS system totaled 51 units last month.
This was more than double the levels from a year earlier, leaping 325 percent from April 2020.
Residential sales haven’t hit this level in the month of April since 2004.
Home sales were 45.7 percent above the five-year average and 51.3 percent above the 10-year average for the month of April.
On a year-to-date basis, home sales totaled 158 units over the first four months of the year.
This was more than double the levels from a year earlier, rocketing up 163.3 percent from the same period in 2020.
“The incredible strength in home sales persisted through April, lifting activity to the second-best level on record for this month,” said board president Neil Frost.
“While we have seen a sustained increase in new supply coming onto the market, it hasn’t been nearly enough to keep up with unprecedented levels of demand. As a result, overall inventories are down to near-record lows and fierce competition among potential buyers for a very limited pool of listings has driven year-over-year price gains north of 60 percent.”
The average price of homes sold in April 2021 was a record $547,632.
That’s up 66.9 percent from April 2020.
The more comprehensive year-to-date average price was $502,876, up sharply by 39 percent from the first four months of 2020.
The dollar value of all home sales in April 2021 was $27.9 million, more than double the levels from a year earlier, jumping 609.3 percent from the same month in 2020.
That’s a new record for the month of April and was also the largest dollar value of homes sold for any month in history.
The number of new listings more than doubled the levels from a year earlier, leaping 219.2 percent from the lows in April 2020.
There were 83 new residential listings in April 2021.
This was the largest number of new listings added in the month of April in more than a decade.
New listings were 57.8 percent above the five-year average and 46.9 percent above the 10-year average for the month of April.
The Canadian Real Estate Association Active residential listings numbered 71 units on the market at the end of April, a substantial reduction of 53.6 percent from the end of April 2020.
Active listings haven’t been this low in the month of April in three decades.
listings were 41.1 percent below the five-year average and 61.7 percent below the 10-year average for the month of April.
Months of inventory numbered 1.4 at the end of April 2021, down from the 12.8 months recorded at the end of April 2020 and below the long-run average of 6.8 months for this time of year.
The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The Powell River Sunshine Coast Real Estate Board serves Powell River Saltery Bay to Lund, Texada Island, Savary Island and the North Coast up to Desolation Sound.