As October sweeps in with crisp autumn air and spooky festivities, the Kootenay real estate market unveils its own seasonal surprises. This October, we’ve seen some ghoulishly good shifts—promising more options for buyers while sellers may feel a few ghostly chills. Here’s a peek into the October 2024 real estate market and what these numbers mean for your next move!
A Haunted Rise in Inventory 🎃👻
October brought a surge in inventory—an eerie 77.69% increase year-over-year, pushing available homes up to 231 units from last year's 130. With this boost, the Months of Supply rose nearly 88% to 6.68 months. Buyers, beware (or rejoice)! This growing inventory means more selection for house hunters looking to find their dream haunt before the year ends.
Prices Continue to Soar Like a Witch on Her Broomstick 🧙♀️
Even with a higher inventory, home prices showed no signs of slowing. The average list price jumped 22.45% to $590,729, and the average sale price cast an even spookier spell, leaping 23.86% to $555,005. Sellers, take note—pricing your home realistically will keep buyers from ghosting you, especially as market competition brews.
Days on Market: Lingering Like a Ghost 👻
Homes are taking a bit longer to find their new owners, with Days on Market (DOM) stretching by over 16% to 94 days. While buyers enjoy a leisurely pace to evaluate options, sellers should prepare for a slightly longer waiting period—think of it as the season's chill adding to the suspense!
More New Listings Add to the Market Cauldron 🕯️
With 44 new listings in October (a 7.32% rise), the influx of homes is certainly keeping the cauldron bubbling. Compared to last year, this steady flow of properties entering the market means buyers won’t feel like they’re stuck in a haunted maze—there’s a clear path to find a great match, whether it’s a cozy cabin or a grand estate.
Tips for Navigating the Market’s Twists and Turns 🧛♂️
Buyers: The spooky season is your friend this year! With inventory high and competition lightening, you’ll have a better chance to find your perfect place—no tricks, just treats.
Sellers: Keep your pricing spellbinding but realistic. While average prices are up, buyers have more choices, and a well-priced home can still vanish off the market quickly.
October’s Spellbinding Opportunity Awaits! 🏡✨
Whether you're looking to carve out your own corner of Kootenay paradise or ready to sell, October's market brings bewitching opportunities. With the Sherlock Homes Real Estate Team at RE/MAX Invermere, you’re in good hands for every twist and turn of this haunted season.
Ready to unearth more? Reach out today, and let’s make your real estate goals a real (and spooky) success!
Contact: Geoff Sherlock Phone: 250-688-5151 Email: geoff@remaxinvermere.com or Lindsey Sherlock Phone: 250-409-6464 Email: lindsey@remaxinvermere.com
