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December Update

As expected the Powell River real estate market was a bit slower in December with 26 sales in a very active year which averaged 38 sales per month.  This is attributed to tSales-Listing 2015he annual Christmas slowdown and a reduction in new listings over the past several months.  We’re continuing to see a seller’s market although early January is showing signs of sellers coming out of hibernation with a few more homes starting to come on the market.  The $200-$300,000 range continues to be the most active although we’re seeing a noticeable increase in listings over $400,000 in the past few months.  However, I see only 2 sales over $400,000 since September.  The ‘buzz’ is still on and we’re expecting another busy year in  Powell River real estate.

By the Numbers

Numbers450  total residential sales (includes homes, condos, mobiles, building lots)

9  Sales to buyers from ‘out of country’ (2% of total sales)

190  Sales to buyers from outside of Powell River (42% of total sales includes ‘out of country’)

108  Sellers who moved away from Powell River

55  Building lots (‘raw land’) purchased (compared to 17 in 2014)

46  buyers retired to Powell River (10%)

11 buyers who retired and stayed in Powell River (downsized?)

How’s your Assessment?

You should be receiving your 2016 Property Assessment Notice this month.  It’s a good Assessments 2015time to check what yours is and decide if you think it’s accurate.  Instead of a quick glance consider if you’re paying more in taxes that you should be.  According to a little survey I did, chances are that you’re in good shape.  On the other hand, your assessment may be over market value by as much as 20%. On an ‘average priced’ home in Powell River, that could add up to an extra $600 per year on your tax bill.  In the graph, I’ve taken the 38 homes sold in 2015 in the month of July and compared their sale price with their assessed value (which is done as of July).  (Each bar represents one sale and its percentage above or below the sale price.) As you can see, most homes were under assessed, but 21% were over-assessed.  If you’d like a professional valuation of your home to bring to the attention of BC Assessment, call me any time.  (604 223-0811)

Check out BC Assessment through the link under the “Links” heading on my website at www.billbailey.ca

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Brandy's AbbotsfordB-6916 Abbotsford Ave

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$285,000

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