September 2024 Update
Sales in the Powell River residential real estate market took a nice jump in September to 30 which is on par with our best in the spring market months of April (32) and May (34) of this year. Inventory is high at 226 so there’s lots to choose from. Condos and mobiles were weak but single family homes at 27 were strong sellers. New listings at 55 were above average and continued to contribute to the high inventory. It’s been a buyer’s market for four months with lots of price reductions in all price ranges. Homes in the under $700,000 range have been the strongest sales with the higher priced homes in less demand. However, prices have remained fairly stable over this year with a six-month rolling average of $667,615 for September. Interest rate reductions should keep some momentum going into the year end slowdown. We should see reasonably steady sales in October and November.