Just the Stats! First Quarter 2019 Revelstoke Real Estate Stats.
Published April 2019 in The Mountaineer.
Although it seems the national and international media spotlight on Revelstoke is getting brighter, the law of supply and demand continues to impact homeownership. Total transactions annually are on the decline while prices are on the rise, however showing a slight dip as we approach the end of the first Quarter of 2019. (Figure 1)
This may be the first time since the property values began to rise steadily in 2015 that there is some price push back (Figure 2). Although too early to tell it’s not surprising that the market is responding to the swift increase in property values (8% in 2017 & 18% in 2018 – BC Assessments) with fewer sales recorded. In the first quarter single-family homes are spending more time on the market than in the previous three years. Sellers of homes in higher price points need to be strategic with their pricing if they are wanting to sell within 90 days or less. Patient sellers are typically achieving 95- 96% of their asking pricing.
With the majority of buyers looking for homes under $500,000, this price range remains very competitive. As of March 19th only five homes were listed under $500,000, three of which had an accepted offer, awaiting removal of conditions. Demand is strong with local buyers upgrading and/or adding properties to their investment collection. But regardless of the motivation to buy it remains to be seen what will happen with pricing in the coming months, with a 25% decrease in single-family homes listed, compared to this time last year.
27 lots and acreages
27 Single Family Residential.
For more on the local market, buying and selling, visit the team at Royal Lepage Revelstoke.