Slower, and Uncertain

There was a small uptick to 31 sales from 27 in May in the Powell River residential real estate market this past month.  The market is generally slower than usual this summer due mainly to the rising interest rates which put a purchase out of reach for some and uncertainty about where prices are going for others. Demand is still strong and we are seeing homes that are neat and tidy at a good price selling quickly. Roughly two thirds of the homes sold were under the $700,000 range while the remaining third went for those higher prices. New listings fell off to fifty from last month’s 69, however the total inventory of homes at 178 is quite a bit better than the annual averages for the past several years.  My calculations are showing the past two months being ‘balanced’ - favouring neither sellers nor buyers. Today’s interest rate increase my create a bit of a short-term rush for those who are locked in at a better rate but may have the intended dampening effect on fall sales.