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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