March 2025 Update
Sales fell off in the Powell River residential real estate market in March with 19 sales compared with 24 in February and 27 a year ago. This is not what we would normally expect in March with interest rates having come down 2.25% in 6 months and a ‘housing shortage’. There are lots of homes available with new listings climbing by 62 and 72 in recent months to a total of 207 homes for sale currently. It should be a recipe for a very strong sales market. However, with our own economic challenges and the on-again-off-again tariff threats coming from the US, there is a lot of hesitation among buyers out there. Showings are less-frequent, days on market are up and consequently, sales are not blossoming as we’d expect. We’re currently in a strong buyers market which means there are good opportunities for those who are willing and able to purchase a home. My six month rolling average on prices (which intends to flatten out the wildly fluctuating monthly average) shows prices as having been relatively flat for the past year. It’s a tough time for predictions with the news changing daily, but I don’t think things will change much until we have a new federal gov’t in place and find out what their plans are. The buyers’ market will continue!