As the leaves turn vibrant shades of orange and kids settle back into school routines, the Kootenay real estate market shifts into its own rhythm. September brings a fresh season for buyers and sellers, and here’s how the market performed as we transition into fall.

Fewer Listings, More Inventory: A Changing Supply Landscape

September 2024 saw a significant drop in new listings, with only 50 properties entering the market—a 28.57% decline compared to the previous year. However, total inventory levels rose by 16.05%, reaching 441 homes. This increase in available inventory has pushed the months' supply of inventory up to 11.73, a 26.60% rise. Buyers now have more options, but the market's growing supply could signal more competition among sellers as the season progresses.

Price Increases Continue to Define the Market

Despite the lower number of new listings, property prices have continued their upward momentum. The average list price climbed 10.34% year-over-year, reaching $494,577, while the average sale price followed suit with a 9.70% increase to $472,300. These price hikes highlight the continued demand in the Kootenay region, even as inventory grows.

Days on Market Shorten: A Sign of Buyer Activity

Homes are selling faster than they did last year, with the average days on market (DOM) dropping by 9.68%, now sitting at 96.69 days. This shorter time on the market suggests that buyers are motivated, taking advantage of the increasing inventory while it lasts. Sellers can take comfort in the fact that well-priced homes are still moving quickly, even in a more competitive fall market.

Sales Activity: A Decline in Sold Listings

September 2024 recorded 35 sold listings, a 16.67% decrease compared to the same period in 2023. While the number of transactions has slowed, this could be due to the larger selection of homes now available, giving buyers more time to make their decisions.

Strategic Pricing is Key for Sellers

The average percent of selling price to list price fell slightly to 94.29%, down from 96.39% in September 2023. This drop suggests that buyers are negotiating more, possibly due to the increased inventory. Sellers should consider setting realistic prices to stay competitive, especially as the market adjusts to these fall trends.

Regional Highlights

• Invermere and Canal Flats: Continued to show steady activity, with higher-priced homes drawing attention from buyers looking for premium properties.

• Radium: Maintained a balanced market, providing good opportunities for both buyers and sellers as the area transitions into the quieter fall months.

A Season for New Beginnings: What Does Fall Hold for Buyers and Sellers?

With children back in school and routines returning, fall is often a time for reflection and new beginnings in the real estate market. For buyers, the increasing inventory provides more options and opportunities to find the perfect home. For sellers, pricing strategies will be key as competition heats up and buyers become more discerning.

Your Fall Real Estate Partner

Whether you're buying or selling this fall, now is the time to make strategic decisions with the help of experts. The Sherlock Homes Real Estate Team at RE/MAX Invermere is ready to guide you through the changing market. Our team has the insights and experience to help you navigate the fall season with confidence.

Make Your Move this Fall

September 2024 brings a market full of opportunities, whether you're looking to find your next home or position your property for a successful sale. The shifting dynamics of inventory and pricing mean there's no better time to get expert guidance. Contact us today to begin your real estate journey this fall.

For personalized advice and market insights, reach out to Sherlock Homes Real Estate Team at RE/MAX Invermere. Let's make the most of this new season together!

Contact: Geoff Sherlock Phone: 250-688-5151 Email: geoff@remaxinvermere.com or Lindsey Sherlock Phone: 250-409-6464 Email: lindsey@remaxinvermere.com

As the summer holiday season reaches its peak, the Kootenay real estate market continues to offer both challenges and opportunities for buyers and sellers. Whether you're wrapping up your summer adventures or planning your next move, here's a detailed look at how the market performed in August 2024.

Inventory Growth and Market Dynamics

The Kootenay market saw an increase in available properties, with 469 homes on the market by the end of August 2024, an 18.43% rise from the previous year. This growing inventory, coupled with a 28.04% increase in the months' supply of inventory (now at 12.34), signals a market that's offering more choices to buyers as they enjoy the last days of summer.

Pricing Trends: A Slight Cooling Off

The average list price in August 2024 dipped slightly by 1.80% to $491,463, while the average sale price experienced a marginal decrease of 0.57%, settling at $463,398. This cooling trend offers a moment of reflection for sellers as they consider pricing strategies that resonate with the market's current dynamics.

Sales Activity Slows Down

The summer lull appeared in the form of decreased sales activity. Sold listings dropped by 30.16% compared to August 2023, with only 44 properties changing hands. Despite this, the average days on market (DOM) extended to 102.20 days, a 27.23% increase, suggesting that while buyers are still engaged, they are taking their time to make decisions.

Strategic Pricing and Seller Considerations

The average percent of selling price to list price also saw a slight dip to 92.87%, down from 93.72% in August 2023. This indicates that buyers are negotiating more, which could be a sign of increased buyer caution or a market shift towards more balanced conditions. Sellers should consider pricing competitively and be prepared for more negotiation during this period.

Regional Highlights

• Invermere: Continues to be a focal point for buyers, with higher-valued properties drawing interest, particularly those that offer unique summer amenities.

• Canal Flats: Saw steady activity, with both new listings and sales contributing to a diverse market landscape.

• Radium: Maintained balanced market conditions, making it an attractive area for both buyers looking for value and sellers aiming for fair market prices.

A Market to Navigate with Care

The increase in inventory, along with the slight cooling of prices and extended DOM, suggests that both buyers and sellers should approach the market with thoughtful strategies. For buyers, this could be an excellent time to explore options and make informed decisions, while sellers should focus on aligning their pricing with current market realities.

Your Summer Real Estate Partner

As the summer holiday season wraps up, and we prepare for the fall, now is the time to review your real estate goals. Whether you're buying or selling, the Sherlock Homes Real Estate Team at RE/MAX Invermere is here to provide expert guidance and support. Our deep understanding of the Kootenay market ensures that you navigate your real estate journey with confidence.

Embrace the Summer Vibes, Secure Your Future

August 2024 offers a unique market landscape, perfect for those who want to make the most of the season. Enjoy the warmth of summer while securing your next real estate venture with the help of experienced professionals. Contact us today to begin your journey towards a successful and rewarding real estate experience.

For personalized advice and market insights, reach out to Geoff & Lindsey Sherlock at RE/MAX Invermere. Let's make the most of these summer days and prepare for an exciting fall in real estate!

Contact: Geoff Sherlock Phone: 250-688-5151 Email: geoff@remaxinvermere.com

Lindsey Sherlock Phone: 250-409-6464 Email: lindsey@remaxinvermere.com

As the summer heat reaches its peak, so does the Kootenay real estate market. The July 2024 performance has shown both exciting opportunities and notable shifts for buyers and sellers. Here's an in-depth look at the latest trends, perfect for those looking to make a move during this vibrant season.

Cooling Sales but Rising Prices

The number of sold listings in July 2024 was 50, a slight decrease of 3.85% from the previous year. Despite fewer transactions, the market shows a strong upward trend in pricing. The average list price surged by 11.43% to $644,346, and the average sale price followed suit, increasing by 18.72% to $595,594. This price appreciation indicates a robust demand in the Kootenay region, even as the overall sales volume cools slightly.

Inventory Levels and Market Dynamics

The end-of-month inventory saw a rise of 12.20%, reaching 460 homes. This increase in available properties contributes to a months' supply of inventory that grew by 13.38% to 11.65 months. Such a balanced increase in inventory ensures that buyers have ample choices while maintaining a healthy competitive environment for sellers.

Average Days on Market

The average days on market for July 2024 decreased by 8.29% compared to last year, now standing at 86.58 days. This reduction in market time suggests that homes are being snapped up more quickly, reflecting a strong buyer interest and efficient transaction processes.

Pricing Strategies and Seller Insights

The average percent of selling price to list price dipped slightly to 94.10%, down from 95.61% last year. This slight decline emphasizes the importance of strategic pricing and effective marketing to achieve optimal sale outcomes. Sellers are advised to remain realistic with their pricing to attract serious buyers in this competitive summer market.

Regional Highlights

• Canal Flats: The market here continues to attract buyers looking for serene, nature-filled living spaces, with a consistent flow of listings catering to various budget ranges.

• Invermere: Known for its premium properties, Invermere remains a hotspot for high-value real estate transactions, drawing significant interest from buyers.

• Radium: This area exhibits steady market dynamics with balanced listings and sales, making it a reliable choice for both buyers and sellers.

Expert Guidance for Hot Market Moves

Navigating the sizzling summer market requires in-depth knowledge and professional insights. The Sherlock Homes Real Estate Team at RE/MAX Invermere is dedicated to guiding you through these dynamic conditions with expertise and confidence. Whether you're buying or selling, our seasoned professionals are here to ensure a seamless and successful real estate journey.

Enjoy the Summer with Confidence in Your Real Estate Decisions

July 2024 presents a dynamic and promising landscape in the Kootenay real estate market. Embrace the summer heat and make informed decisions with the support of experienced professionals. Contact us today to start your real estate journey with confidence and success.

For personalized advice and expert guidance, reach out to Geoff Sherlock at RE/MAX Invermere. Your dream home or perfect buyer is just a call away!