Sales in the Powell River Real Estate Market continued the seasonal slow down with 19 residential sales in December compared with 31 in November and 24 last December (2015). New listings for the month at 18 were the fewest in 2 years which fits with the overall pattern this year. Average monthly new listings were down 34% from last year which yields a lower supply and along with the continued demand it maintains upward pressure on prices. The average residential sale price for 2016 was up about 15% over last year. Sales are up in the Regional District (north and south of town) by about 2% over last year at the expense of Texada which is down about 3%. Lower taxes in the regional districts catch the eye of many buyers. What’s ahead? It’s going to take more houses on the market to see sales in 2017 as strong as the year past.
BY THE NUMBERS
437 total residential sales (includes homes, condos, mobiles, building lots)
14.8 Percent increase in average selling price of single family homes in all areas over last year
70 Building lots sold (30% increase over last year)
24.3 Percent increase in average selling price of building lots in all areas over last year
12 Sales to “foreign’ buyers” (2.3% of total residential sales from ‘out of country’)
251 Sales to buyers from outside Powell River (48.8% – up from 42% in 2015)
88 Sellers who moved away from PR (down from 108 in 2015)
65 Buyers retired to Powell River (up 2% from 2015)
19 Buyers who retired and stayed in Powell River ((downsized?)
Tax Fighter Kit
I just received my most recent property assessment and it shows a 7% increase over last year’s assessment. Given the market conditions this past year, it’s likely most of us will see something similar. I haven’t done a detailed analysis, but as I’m working with clients to determine a fair offer on a home, it appears that the assessments generally haven’t kept up with the rising prices. I’m going to say that generally you can expect the market value of your home to be higher than what your assessment shows. If you’re feeling that your assessment is inaccurate and doesn’t serve you well, you have until the end of January to launch an appeal. I recently received an interesting and informative booklet called, The Tax Fighter Guide for the Homeowner which takes you through the appeal process. Call or email me if you’d like a copy.
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 / www.billbailey.ca)
Cute Cranberry Home
6833 Cranberry St
- 3 Bedr/2 Bath -2038 sq ft
- 1 Ac Lot near Mowat Bay Park
- Well-kept with ample parking
Powell River Real Estate Tid-bits 