December 2024 Update
Sales in the Powell River residential real estate market for December were quite good for this time of year at 24 sales, roughly equal to November this year at 25. That’s well ahead of last Nov/December’s pair of 14’s and a little ahead of most of the ‘winter’ lows in the past 5 years. January’s numbers will be interesting. Predictions have been good for 2025 and I’ve been wondering if the market would start quickly this year. We’re off to a slow start in January, so it may be that the market will pick up toward the end of February as is generally the case. New listings fell way off in December at 14 which is well down from this year’s average of 55. Total listings available is 155 which is still very strong historically - there’s lots to choose from. My six-month rolling price average is showing December 2024 is down about 12% from last December. We’ve seen prices falling suddenly, then gradually since mid 2022 when interest rates went up steeply. We’re back to roughly December 2021 price levels. Further interest rate drops are predicted for this year which should bring buyers out of hibernation. There’s still political and economic uncertainty around us but things look quite good for the real estate market this year.