July 2024 Update
Sales in the Powell River residential real estate market were reasonably lack-lustre in July at 19, down from an unexceptional peak of 34 in May and down from last July’s 28. It’s not a bad market but a little bit slow for what summer usually brings. With two interest rate drops and predictions for another in September, we may be in for a positive bump in the fall when Buyers pack away the tents and picnic tables. New listings are down to 59 in July from a very high 85 last month but still above average yielding a total inventory of 229 which we haven’t seen at that height since July 2015. Prices have fallen since last Fall but have been holding steady for the past several months at about $675,000 on a 6 month rolling average. With a large inventory and so-so sales we’re in a Buyer’s market for the second month in a row. It’s a good market for Buyers once they decide to get active.