Posted on December 2, 2024 by Sherlock Homes Real Estate Team
November is here, bringing a mix of crisp mornings and cozy evenings as we find ourselves firmly in the shoulder season. For the real estate market in the Columbia Valley, this transitional period has revealed some intriguing trends, offering opportunities for both buyers and sellers. Let’s dive into the November 2024 market highlights and what they mean for your real estate journey!
A Season of Inventory Abundance 🌲🏡
This November, inventory surged 59.23% year-over-year, climbing from 130 units in 2023 to a plentiful 207 homes available for purchase. With a Months Supply of Inventory increasing by a significant 66.29% to 6.12 months, the market is now more balanced. Buyers have a wider selection of properties to consider, while sellers face an environment where competitive pricing becomes key.
Prices Cool Like the Weather ❄️📉
The average list price dropped by 15.84% to $435,100, while the average sale price saw a 14.89% decrease, landing at $412,128. This market correction is a welcome reprieve for buyers navigating affordability challenges. Sellers, on the other hand, will benefit from strategic pricing to ensure their property stands out amidst increased options.
Days on Market Shorten Like Daylight Hours 🌅
Despite cooling prices, homes are selling slightly faster than last year. The average Days on Market (DOM) decreased by 3.7% to 104 days. For buyers, this means properties are moving more swiftly, signaling that serious buyers are still active. Sellers should be prepared to act quickly when offers come through.
New Listings Keep the Market Active 🍁
With 41 new listings, a 32.26% increase from last year’s 31, fresh opportunities are hitting the market. Whether it’s a lakeside retreat or a mountainside cabin, the Columbia Valley continues to offer a variety of options for every type of buyer. Sellers can take advantage of this renewed interest in seasonal property transitions.
Tips for Buyers and Sellers in November 📋
Buyers:
This is the perfect time to explore the expanded inventory. With a broader selection and softened prices, the shoulder season might just be your golden window to secure that dream property before the market tightens in spring.
Stay proactive; homes are spending less time on the market!
Sellers:
Pricing is more important than ever. With inventory climbing, setting a competitive price will help your property attract attention and secure offers.
Emphasize your property’s unique seasonal charm—cozy fireplaces, winter views, or proximity to ski resorts can make a big impression.
Why November is the Perfect Time to Make Your Move 🏔️
The shoulder season is a time of reflection and preparation, both for the holidays and for upcoming market shifts. For buyers, it’s a chance to take advantage of reduced competition and favorable pricing. For sellers, it’s about strategically positioning your property to catch the attention of those looking to make a move before winter fully sets in.
At the Sherlock Homes Real Estate Team, we’re here to guide you through every twist and turn of the market. Whether you’re buying, selling, or just exploring your options, our expertise ensures a smooth journey.
Ready to Make a Move? Let’s Connect! 📞
Contact:
Geoff Sherlock
Phone: 250-688-5151
Email: geoff@remaxinvermere.com
Lindsey Sherlock
Phone: 250-409-6464
Email: lindsey@remaxinvermere.com
The Columbia Valley awaits—let’s make your real estate goals a reality this season! 🍂✨
