January 2024 Update
January saw a small uptick in sales in the Powell River residential real estate market from 14 in both November and December to 16. Generally, we don’t expect a strong month in January but the slight improvement in sales and more ‘activity’ during the day suggests that we’ll see a stronger spring market. The larger centers are seeing strong sales and competition for listings. Our new listings for January popped up to 38 from 21 the previous month and will be much needed when buyers become active in the next couple of months. Total inventory was up to 124 from 100 last month and we’re still in a Buyer’s market as we have been for most of the past year. With recent reductions in mortgage rates and the last three quarters showing prices down from the previous year, it’s a good time for buyers to jump in before the market picks up.