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