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
