This past year 50% of our residential buyers were from the Lower Mainland area, up a bit from previous years whereas sales to those from the out of province are down a bit. About 65% purchased a principle residence whereas others purchased for investment or recreation. About 12% purchased their first home while roughly 10% retired to Powell River. Looking at the percentages, we’ve seen about 1700 sales in the past 5 years which is roughly 850 from out of town and about 500 ‘families’ who have come to live here. I think that’s great! We’re seeing new ideas, new businesses and new energy coming to our area. I hear some complaints about how much busier our traffic is getting to be, but I think the turnover for us is healthy!
Residential sales in the Powell River real estate market were the strongest November at 47 that we’ve seen in recent history although well down from the 56 recorded for each of the past three months. Buyer interest is still strong but with fewer and fewer available homes to choose from. The inventory is approaching its lowest point in recent history as well which will throttle back sales activity for December even further. The Seller’s market numbers are the strongest since I began keeping track in 2013. January sales will depend entirely on the availability of homes to sell. There’s no reason to believe demand will diminish in the short term. Merry Christmas!
I hope for a merry and healthy! Christmas for all my readers and their families. All the best to each of you in the new year. I’m looking forward to a fresh start where we can begin to look ahead with less gloom and fewer restrictions! All the best to you!