As we move into June 2024, the Kootenay real estate market continues to exhibit dynamic trends, providing ample opportunities for buyers and sellers alike. Here’s a snapshot of the market’s performance this past month:
Increased Listings and Market Confidence
The market saw a modest yet significant increase in new listings, with 129 properties entering the market, a 3.20% rise from the previous year. This steady growth indicates sustained confidence among sellers, offering a diverse array of options for buyers eager to find their ideal summer homes.
Rising Prices Highlight Market Strength
The average list price climbed by 5.80% to $614,997, while the average sale price rose 6.75% to $590,269. These increases reflect the region's continued attractiveness and robust investment potential, affirming the high value placed on properties in the Kootenay area.
Healthy Sales Activity
Sold listings increased by 11.54%, totaling 58 properties. Despite this, the average days on market rose by 15.19% to 74.66 days, suggesting a balanced market where buyers are actively seeking properties but taking their time to make informed decisions.
Strategic Pricing and Negotiation
The average percent of selling price to list price saw a slight uptick to 95.93%. This suggests that sellers can still achieve near-asking prices, provided they employ strategic pricing and effective marketing.
Expanding Inventory and Market Balance
Inventory levels increased by 11.23%, with 416 homes available for sale, contributing to a more balanced market. The months’ supply of inventory also rose to 10.19, indicating a stable environment that benefits both buyers and sellers by offering more choices and reducing price pressure.
Regional Highlights
Each area within the Kootenay region showcased unique market activities: Canal Flats saw a significant influx of new listings, Invermere continued to attract interest in higher-valued properties, and Radium demonstrated balanced market dynamics. These regional variations provide tailored opportunities for both buyers and sellers.
June 2024 in the Kootenay real estate market presents a vibrant and promising landscape. For those looking to buy or sell, leveraging detailed market insights and expert guidance is essential. The Sherlock Homes Real Estate Team at RE/MAX Invermere is here to support your real estate journey, ensuring you navigate the market with confidence and success.
