Residential sales in the Powell River real estate market in February continued to be sluggish with 19 sales which is not unexpected at this time of year. Last year, April was the month when things really took off with some improvement in March. The promising news is that we’re seeing a nice uptick in new listings with 26 and 33 in January and February. This much-needed increase in inventory will be a welcome relief for the many frustrated buyers who’ve been watching new listings often sell in the first week for the past several months. The strong sellers market has weakened to some degree. Next month should tell us if we’re in for a change or if sales have been slower simply because there hasn’t been much to choose from. All indications are that the market will continue to be strong through this year. We have surpassed our previous average price high from 2007.
Prices are Up!
The last high point in home prices in Powell River was in the fall of 2007. During the period of March 7, 2007 to March 7, 2008, there were 244 single-family, freehold homes sold in the city of Powell River. The average sale price of those homes was $260,357. The average number of days on the market was 60. For the same period from 2016 to 2017, there were 249 sales with an average sold price of $307,459 with an average number of days on the market at 57. That’s about 18% above the previous high point. The percentage may vary depending on the time period chosen, but it’s a pretty good indicator that current home prices have now surpassed that previous high. I’m happy to give you a free market evaluation of your home. Call me!
Is your house “insurance-ready” for sale? Insurance issues keep changing and you may be ‘grandfathered’ on some items whereas a new buyer may face challenges getting insurance and hence, a mortgage to complete the sale. Oil tanks pretty much have to be double walled throughout now. Sometimes a ‘double-bottomed’ tank might be ‘shoehorned’ in. Hot water tanks over 15 years are going to be trouble. A home sitting vacant for more than 30 days is a problem as well – regardless of regular walk-throughs. Sixty amp electrical services are not insurable. They must be upgraded to at least 100 a. If you’re burning wood, be ready with proof that the chimney has been cleaned once a year. That could be just personal record if you’ve been doing it yourself. If you’re thinking of selling in the next year or so, it may be worth upgrading these areas to save difficulties when the time comes.
Ocean-view Family Home!
4739 Harvie Ave
- 4 Bedr/3 Bath -3148 total sq ft
- 34 ac. Lot/Central Location
- Loads of room!
Call or email for a showing:
billbailey.ca (for all the Powell River listings)