Posted on
February 29, 2024
by
Katie Indrebo
Property Sales in Powell River compared to the third quarter of 2023 and the fourth quarter of 2022.
The average sale price from October 1st to December 31st was $480,141 and the gross amount of sales was 58. The third quarter of 2023 had an average of $576,167 and 93 sales. There was an 18% drop in average sale price from the third quarter to the fourth quarter and 46% drop in the amount of properties sold. Taking a look at the fourth quarter of 2022, there were 71 properties sold with an average sale price of $519,778.
Now let’s compare how quickly homes sold for by looking at how many sold within the first, second, third, and fourth week of the property being listed for sale:
The fourth quarter of 2022 The third quarter of 2023
Properties sold in 1 week: 1 Properties sold in 1 week: 2
Properties sold in 2 weeks: 10 Properties sold in 2 weeks: 11
Properties sold in 3 weeks: 7 Properties sold in 3 weeks: 6
Properties sold in 4 weeks: 9 Properties sold in 4 weeks: 13
The fourth quarter of 2023
Properties sold in 1 week: 2
Properties sold in 2 weeks: 3
Properties sold in 3 weeks: 6
Properties sold in 4 weeks: 6
The Overnight rates according to the Bank of Canada
Let’s take a look at how the interest rates have changed compared to the fourth quarter of 2022 and the third quarter of 2023.
October 2022: 3.25 July 2023: 4.75 October 2023: 5.00
November 2022: 3.75 August 2023: 5.00 November 2023: 5.00
December 2022: 4.25 September 2023: 5.00 December 2023: 5.00
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