Posted on March 4, 2025 by Sherlock Homes Real Estate Team

As winter winds down and we inch closer to spring, the Columbia Valley real estate market has shown some interesting shifts. While February typically sees a slower pace, this month brought a mix of declining prices, faster sales, and a steady inventory increase. Here’s what you need to know about the latest trends and how they may impact your real estate decisions.

Inventory Expands, Providing More Options for Buyers 📈🏡

February ended with 223 active listings, an 8.25% increase compared to last year. This steady growth is helping create a more balanced market, giving buyers more selection and negotiating power. The Months Supply of Inventory (MSI) also grew by 9.03% to 6.4 months, indicating a slightly slower absorption rate as listings outpaced sales.

Prices Experience a Seasonal Dip 📉💰

For the first time in months, we saw a moderate price decline:

• Average List Price: $498,777 (-9.15% YoY)

• Average Sale Price: $483,331 (-7.75% YoY)

While prices softened, the sale-to-list price ratio increased to 97.55%, meaning sellers are still achieving strong returns close to their asking price.

Homes Selling Faster Despite Fewer Sales ⏳🚀

• 26 properties sold, down 13.33% from last February.

• Homes sold in an average of 60.81 days, a 30.72% decrease in Days on Market (DOM) from 87.77 last year.

This means that while fewer transactions took place, serious buyers were quick to act on well-priced properties.

New Listings Slightly Decline But Remain Strong 🏠✨

• 65 new listings hit the market, down 13.33% from last year’s 75.

• Despite this drop, new inventory levels remain above the 5-year average, suggesting sellers are still confident in listing their homes.

Key Takeaways: What This Means for You 🔑

🔹 Buyers: Prices have cooled slightly, and inventory is rising, giving you more negotiating power. With homes selling faster, act quickly when you find the right property!

🔹 Sellers: Although prices dipped, well-priced homes are moving quickly. Ensuring your home is competitively priced and showcasing its best features will help you attract serious buyers.

Looking Ahead: Spring Surge Incoming? 🌷🏡

As we transition into spring, we often see an increase in market activity. If you’re considering buying or selling, now is a great time to plan your next move with expert guidance.

At Sherlock Homes Real Estate Team, we’re here to help you navigate the market with confidence. Whether you’re looking for a new home or preparing to sell for top dollar, let’s make the most of this season together!

Ready to Make a Move? Let’s Talk! 📞

📍 Geoff Sherlock
📞 250-688-5151
📧 geoff@remaxinvermere.com

📍 Lindsey Sherlock
📞 250-409-6464
📧 lindsey@remaxinvermere.com

✨ Thinking about buying or selling? Let’s make your next move a successful one! 🚪🔑

Posted on February 1, 2025 by Sherlock Homes Real Estate Team

The new year has arrived, bringing with it fresh opportunities and renewed energy in the Columbia Valley real estate market! Whether you’re setting new homeownership goals or looking to make a strategic move, January’s market trends are setting the stage for an exciting 2025. Let’s dive into the latest numbers and what they mean for buyers and sellers alike.

A Surge of New Listings to Kick Off the Year 🎆🏡

January saw an 87.1% increase in new listings, jumping from 31 in 2024 to 58 in 2025. This wave of fresh inventory gives buyers a fantastic selection to choose from, making it a great time to start house hunting. If you’ve been waiting for more options, this could be your moment!

Prices Climb as Demand Stays Strong 📈💰

The average list price rose by 29.32% to $551,413, while the average sale price increased by 30.39%, reaching $518,789. This upward trend reflects a competitive market where well-priced homes continue to attract buyers. Sellers, take note—pricing your home correctly can make all the difference in securing a great offer.

Homes Selling Faster Than Last Year 🚀⏳

Buyers weren’t just browsing—they were acting fast. The average Days on Market (DOM) dropped by 31.53%, from 110.8 days last January to just 75.87 days this year. This means motivated buyers are making decisions quicker, so sellers should be prepared for faster turnarounds.

Inventory Expands to Meet Demand 🏠📊

The total number of available homes at the end of January grew by 38.1%, reaching 203 units. Meanwhile, the Months Supply of Inventory climbed to 5.84 months, a 40.41% increase from last year. This signals a more balanced market, giving buyers a little breathing room while still keeping sellers in a strong position.

What This Means for You 🔑✨

Buyers:

• With new listings flooding the market, you have more choices than in previous months—this is your chance to find the perfect property.

• Act quickly! Homes are selling faster, and those that are well-priced won’t last long.

Sellers:

• The rising sale prices indicate that buyers are still willing to pay for the right home—ensure your property is well-prepared and competitively priced.

• With homes selling faster, being market-ready from day one is crucial to attracting strong offers.

2025: A Year of Real Estate Possibilities! 🌟

Whether you’re looking to buy your dream home, sell for the best price, or simply explore your options, the start of the year is the perfect time to make your move. The Columbia Valley real estate market is buzzing with activity, and we’re here to help you navigate it with confidence.

At Sherlock Homes Real Estate Team, we’re committed to making your real estate journey smooth, stress-free, and successful. Let’s make 2025 your year of smart real estate decisions!

Ready to Make a Move? Let’s Chat! 📞

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

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

New year, new home? Let’s make it happen together! 🎊🏡

Spring is just around the corner, and it’s the perfect season to list your home for sale. Buyers are emerging from winter hibernation, eager to find their dream home as the flowers bloom and the real estate market heats up. But to make sure your property shines and attracts the best offers, there are a few steps you should take to prepare your home or property for the spring market.

1. Enhance Your Curb Appeal

The exterior of your home is the first thing buyers see, and a great first impression can make all the difference. Here’s how to spruce it up:

• Landscaping: Trim hedges, mow the lawn, plant seasonal flowers, and remove any debris from winter storms.

• Cleaning: Power wash the driveway, sidewalks, and siding. Clean the windows to make them sparkle.

• Repairs: Fix any visible issues, such as broken gutters, chipped paint, or loose shingles.

2. Declutter and Depersonalize

Buyers need to envision themselves living in your home, which can be challenging if it’s filled with personal items or clutter. Take the time to:

• Declutter: Remove excess furniture and personal belongings to make rooms feel more spacious.

• Organize: Arrange closets, pantries, and storage spaces neatly—buyers will likely peek inside.

• Neutralize: Tone down bold color choices and remove highly personal decor, like family photos or unique collectibles.

3. Deep Clean Every Corner

A clean home signals to buyers that the property has been well cared for. Focus on:

• Scrubbing kitchens and bathrooms until they gleam.

• Dusting light fixtures, baseboards, and ceiling fans.

• Shampooing carpets and polishing hardwood floors.

4. Make Necessary Repairs and Updates

Small improvements can have a big impact on your home’s appeal. Consider:

• Touching up paint: Repaint walls in neutral colors to appeal to a wider audience.

• Upgrading fixtures: Replace dated light fixtures, cabinet handles, or faucets.

• Fixing problems: Address any maintenance issues, such as leaky faucets, squeaky doors, or sticky windows.

5. Stage Your Home

Professional staging can highlight your home’s best features and help buyers visualize its potential. Even if you don’t hire a stager, you can:

• Rearrange furniture to create open, inviting spaces.

• Add fresh flowers or plants for a touch of life and color.

• Use mirrors to make rooms feel larger and brighter.

6. Select the Right Real Estate Agent

Choosing the right real estate agent is one of the most important steps in the selling process. A great agent will:

• Market Your Home Effectively: They’ll ensure your property is showcased in the best light online, using professional photography, video tours, and engaging descriptions.

• Price It Right: With their knowledge of the local market, they’ll help you set a competitive price that attracts buyers.

• Guide You Through the Process: From listing to closing, they’ll provide expert advice and support every step of the way.

When interviewing agents, ask about their marketing strategy, experience in your neighborhood, and track record of successful sales. Look for someone who is not only professional and knowledgeable but also enthusiastic about helping your home stand out.

7. Prepare for Showings

Once your home is listed, it’s crucial to keep it show-ready. Simple tips include:

• Keeping surfaces clear and clutter-free.

• Ensuring your home smells fresh by avoiding strong odors and using light, natural scents.

• Opening curtains and blinds to let in natural light before showings.

Spring into Success

Preparing your home for the spring market might take some effort, but it’s well worth it. With the right steps and the right real estate agent by your side, you’ll be well on your way to a successful sale. If you’re ready to list your property or need advice on getting started, reach out to a local expert who can help make your home shine this spring!

As December blankets the Columbia Valley in a wintry glow, the real estate market has seen a flurry of activity, making it an exciting season for buyers and sellers alike. With festive cheer in the air, let’s take a look at how the market performed during this frosty month and what it could mean for you as we step into a new year.

A Frosty Boost in Activity ☃️🏡

December brought an impressive 70% increase in sold listings, climbing from 10 in 2023 to 17 in 2024. Similarly, new listings saw a 30% rise, with 39 fresh properties hitting the market compared to 30 last year. This winter wonderland of activity means buyers have more options to choose from, while sellers benefit from an uptick in demand.

Prices Heat Up Despite the Chill 🔥💰

In a surprising twist, the average list price soared by 66.88%, reaching $586,888, while the average sale price climbed even higher, by 74.73%, to $568,224. These figures reflect the continued strong interest in Columbia Valley properties, making it a great time for sellers to showcase their homes.

Homes Moving Faster Than Santa’s Sleigh 🎅🚪

The average Days on Market (DOM) fell by a significant 19.09%, dropping to 91.6 days from 113.2 last year. This faster pace highlights the motivation of winter buyers, making it crucial for sellers to be prepared for quick decisions.

Inventory Expands Like Holiday Spirit 🎄

End-of-month inventory grew by 47.79%, with 201 homes available compared to 136 last year. This increase, paired with a Months Supply of Inventory rising to 5.77 months (up by 48.50%), signals a more balanced market—ideal for both buyers seeking variety and sellers aiming for visibility.

Key Insights for December’s Market Players ❄️

Buyers:

• With expanded inventory and a range of price points, now is the time to secure your dream property before the market warms up in spring.

• Act quickly; while choices are abundant, homes are selling faster than last year.

Sellers:

• Leverage the higher average sale prices to your advantage, but ensure your home is competitively priced to stand out.

• Highlight your home’s winter charm—think cozy fireplaces, seasonal views, or proximity to winter activities like skiing and snowshoeing.

Why Winter is a Great Time to Make a Move 🌟

Winter may seem like a quieter time for real estate, but December’s data shows that the market is bustling. For buyers, it’s a chance to explore diverse options with less competition. For sellers, it’s an opportunity to attract motivated buyers in a market where prices are soaring.

At the Sherlock Homes Real Estate Team, we’re here to guide you through every snowy step of your real estate journey. Whether you’re looking to buy or sell, let’s make your winter move a success!

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

Let’s turn your real estate goals into reality this winter! ❄️✨

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! 🍂✨

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

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!

As the summer sun warms the Kootenay region, the real estate market continues to reflect both challenges and opportunities for buyers and sellers alike. Here’s a detailed analysis of the June 2024 market performance, perfect for those looking to make a move during this vibrant season.

Inventory on the Rise

The Kootenay real estate market saw an increase in new listings, with 122 properties entering the market in June 2024. This marks an 11.93% rise from the previous year, bringing the total inventory to 474 homes, up by 17.62%. This influx of properties offers a plethora of options for buyers eager to find their ideal summer retreat.

Shifting Price Trends

While the number of listings increased, the average list price saw a slight dip, falling by 0.58% to $511,687. Similarly, the average sale price decreased by 0.91% to $496,766. These modest declines indicate a more balanced market, potentially providing a favorable environment for buyers looking to negotiate their summer purchases.

Sales Activity and Market Dynamics

June 2024 experienced a notable decrease in sold listings, dropping by 38.46% compared to June 2023, with only 32 properties sold. Despite this reduction in sales, the average days on market decreased by 11.23%, now standing at 65.09 days. This suggests that while fewer properties are selling, those that do are moving more quickly, a sign of motivated buyers and competitive pricing strategies.

Strategic Pricing and Seller Insights

The average percent of selling price to list price slightly decreased to 96.25%. Sellers are achieving close to their asking prices, but strategic pricing remains crucial in this competitive market. Effective marketing and realistic pricing are key to attracting serious buyers during the summer season.

Regional Highlights

• Canal Flats: This area saw an impressive influx of new listings, providing ample opportunities for those seeking tranquil, nature-filled living.

• Invermere: Continues to attract interest, particularly in higher-valued properties, reflecting its appeal as a premium destination.

• Radium: Demonstrated balanced market dynamics, with a steady flow of listings and sales, making it a reliable choice for both buyers and sellers.

Months’ Supply of Inventory

The months' supply of inventory increased to 12.05, an 18.86% rise from the previous year. This indicates a stable market, with a sufficient supply of homes to meet buyer demand without causing significant price hikes. This balance benefits both buyers, who have more choices, and sellers, who face less pressure to reduce prices.

Expert Guidance for Summer Moves

Whether you’re looking to buy or sell, leveraging detailed market insights and professional guidance is essential. The Sherlock Homes Real Estate Team at RE/MAX Invermere is here to support your real estate journey. Our expert team can help you navigate the Kootenay market with confidence, ensuring a seamless and successful transaction.

Enjoy the Summer with Confidence in Your Real Estate Decisions

June 2024 presents a dynamic and promising landscape in the Kootenay real estate market. Embrace the summer vibes and make informed decisions with the help of seasoned 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!

Contact:

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

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

Understanding the ALR

The Agricultural Land Reserve (ALR) in British Columbia is a provincial zone where agriculture is the primary use. Established to protect valuable farmland from urban development, it spans over 4.6 million hectares. Managed by the Agricultural Land Commission (ALC), the ALR prioritizes agricultural activities and restricts non-farm uses.

Key Regulations and Policies

1. Residential Use:

   • Primary Residences: You can build a primary residence but must adhere to size restrictions. Additional residences, like homes for family members or farm workers, require ALC approval.

   • Non-Adhering Residential Uses: Applications for non-standard residential uses must meet specific criteria outlined by the ALC.

2. Agricultural Structures:

   • Farm Buildings: Structures necessary for farming, such as barns and greenhouses, are allowed but must comply with local bylaws and ALC guidelines.

3. Soil and Fill Management:

   • Soil and Fill Regulations: The placement of fill and removal of soil are regulated to prevent land degradation. Activities often require a Notice of Intent to be submitted to the ALC.

4. Land Use Policies:

   • Farm Product Processing: The processing of farm products is permitted under specific conditions to support agricultural activities.

   • Non-Farm Use: Commercial and industrial uses related to farming require ALC approval to ensure they do not interfere with agricultural operations.

5. Subdivision Rules:

   • Subdividing Land: Subdividing ALR land is tightly controlled to prevent fragmentation. Approval from the ALC is necessary and typically granted only under specific conditions.

Compliance and Enforcement

The ALC has a robust compliance and enforcement framework to ensure regulations are followed. Appeals can be made against orders or penalties issued by the ALC under established guidelines.

Practical Considerations

1. Zoning and Local Bylaws: Always check local government zoning bylaws and how they interact with ALC regulations. Some local bylaws may impose additional restrictions.

2. Long-Term Commitment: Purchasing property in the ALR is a long-term commitment to preserving agricultural land. Ensure you understand the obligations and limitations before buying.

3. Professional Advice: Consider seeking advice from a real estate professional familiar with ALR regulations and a legal expert to navigate the complexities of owning and developing ALR land.

Conclusion

Buying property in the ALR can be a rewarding investment for those committed to agriculture. Understanding the regulations and policies is crucial for ensuring compliance and making the most of your investment. For detailed information, visit the ALC Act and ALR Regulations page​ (PALC-GovBC)​​ (PALC-GovBC)​.

By being informed and prepared, you can make a sound investment that supports BC's agricultural heritage.

The interest rates in Canada play a pivotal role in shaping the housing market dynamics. As we navigate through 2024, understanding the current interest rates and their forecast is crucial for both buyers and sellers. Let’s delve into the current landscape of interest rates in Canada, the forecasts, and what it means for the housing market.

Current Interest Rates in Canada

As of mid-2024, the Bank of Canada (BoC) has maintained its key interest rate at 4.75%. This decision comes after a series of rate hikes in 2023 aimed at curbing inflation, which saw rates rise from a historic low of 0.25% in 2021. The BoC's approach has been to balance economic growth while keeping inflation in check, a challenging task given the global economic uncertainties.

Forecast for Interest Rates

Economists and market analysts predict a steady stance from the BoC for the remainder of 2024, with potential for gradual decreases in 2025 if inflation shows consistent signs of slowing. The consensus is that the BoC will maintain its cautious approach, ensuring that inflation targets are met before making any significant rate cuts. This forecast is supported by the need to stabilize the economy and avoid overheating, which could lead to another inflation surge.

Impact on the Housing Market

The current interest rate environment has several implications for the housing market:

1. Mortgage Rates and Affordability Higher interest rates have directly impacted mortgage rates, making borrowing more expensive. This has led to higher monthly payments for new buyers and those renewing their mortgages. Consequently, housing affordability has become a pressing issue, particularly in major urban centers like Toronto and Vancouver, where home prices are already high.

2. Buyer Behavior With higher borrowing costs, many potential buyers are adopting a wait-and-see approach, hoping for rate cuts in the near future. This has led to a slight cooling in market activity, with fewer transactions and longer times on market for listings. Buyers are becoming more discerning, focusing on properties that offer the best value and long-term potential.

3. Seller Strategies Sellers are also feeling the impact of higher rates. To attract buyers, many are adjusting their pricing strategies, offering incentives, or being more open to negotiations. The days of quick sales at above-asking prices are less common, and a more balanced market is emerging.

4. Investor Considerations For real estate investors, the higher interest rates mean increased costs for financing new properties. However, rental demand remains robust, providing an opportunity for steady income streams. Investors are looking for properties with strong rental potential to offset higher mortgage payments.

Future Outlook

While the current interest rate environment poses challenges, it also presents opportunities. For buyers, a cooler market means less competition and potential for better deals. For sellers, realistic pricing and attractive property features can still lead to successful transactions. For investors, focusing on rental properties in high-demand areas can yield stable returns.

As we move forward, staying informed about interest rate trends and market conditions will be key. Whether you’re buying, selling, or investing, understanding the broader economic landscape will help you make informed decisions and navigate the complexities of the real estate market.

At Sherlock Homes Real Estate Team, RE/MAX Invermere, we’re committed to guiding you through these times with expert advice and personalized service. If you have any questions about how the current interest rates affect your real estate plans, feel free to reach out. We're here to help you make the most informed and strategic decisions.