January saw a small increase in residential sales at 22 over last month (19) suggesting that the winter real estate hibernation in Powell River may be ending even if the weather shows no sign of it! We’re seeing lots of buyer interest in the area and well-priced, well-kept homes continue to sell quickly. Inventory of homes for sale is still low at 87 in January compared with 131 a year ago and a high of 240 in May 2015 when the long term Buyers’ market was balancing and moving into the current Sellers’ market. Some markets may have cooled in the Lower Mainland, but the still sky-high prices are pushing buyers to look to Powell River for good value compared with other areas of the lower coast. This year is looking to be good time to sell a home in Powell River!
Assessments Still Low…
Miss the deadline for challenging your tax assessment? Take heart, there’s a pretty good chance that the assessed value of your home hasn’t caught up with the market value. I suppose that’s little consolation if you saw a whopping increase, however it probably means that you’ve picked up some equity in your home as well. The graph shows the percentage that the assessed value for July 2016 was above or below the sold value of 24 homes sold last July. I picked July because that’s the month that the assessments for 2017 were finalized. As you can see, the assessed values are generally below (average 14%), but they also vary widely. The annual assessments are not a reliable way of determining the market value of your home. Call me for a free market evaluation of you home.
What’s the View Worth?
It’s hard to put a value on ocean view because each one is so different. However, the prices of those with an unobstructed panorama seem to be rising as we see at least half of our buyers coming from out of town. Some of them come from places with no ocean view anywhere and others from larger coastal centres are used to ocean views priced in the stratosphere. Either way, those views are pretty appealing. Recent sales suggest that some ‘big views’ may be worth as much as $40,000. Not all demand that value, but more and more buyers are putting ocean view higher on their priorities.
Ocean-view Family Home!
3399 Cariboo Ave
- 5 Bedr/3 Bath -4221 sq ft
- 21 ac. Lot/Great Neighborhood
- Exceptional Master Suite!
Check out all the Powell River listings at billbailey.ca