Market Update June 2024
Market update June 2024
Hey everybody, let's have a look at what's happening in the 100 mile house real estate market right now. Day is June 4th, and we're going to have a look at what's gone on in the markets in the last month or so. Let's best share my screen here, show you guys some of the numbers. So I pulled up the stats for multi-class, so this is all across the residential and land, and this shows you what we sold. So this is last year, 2023 we sold 48 properties, and in 2024 we also sold 48 properties in May. So year over year, no change in the number of sales there. I did see is here in 2024, the average sales price is 472, 456, which is a little bit higher than we had last year, 440, 192. So sales prices have come up, a little bit of that's going to be reflected in the fact that last year we sold more bare land, which is the bottom of the price point, and this year we sold more residential. We also this year, at the very bottom you can see we had a couple sales over a million dollar mark, that doesn't happen every year. So yeah, when we look at the residential side specifically, so this is properties with houses on them. Last year we had sold 36 in May, and this year in May it was 40, so like I said, a little bit more on the residential side there. You will see those two over the million dollar mark, we had two over nine and two over eight, a fair bit of high price listings for us. But you'll see, I mean in May, which is usually the busiest month, we only sold two over nine, or between nine and a million, two over a million. So if you're in that high end of the price point, you have a lot of competition, and very few sales on the monthly average. Something to keep in mind. Now, when we look at the Stat Center here, so I've got the 100 mile house area pulled up, that's this green line, and right now we're looking at sales on a 10-year, or sorry, the 10 year timeframe on a monthly average. It's a little noisy when you look at it like this, but you'll see our sales in May were fairly, sort of in the middle there. When we do the ruling 12 month average, it gives you an idea of where the trends are. So sales are not where they were crazy during COVID. We had a pretty good year here in 2017, but they're not as low as they have been in the lower parts of the market. When we look at what was active during those timeframes, you can really see quieter times. We have these 400 plus homes on the market, and right now we're sitting at 260. Now, keep in mind, this is just residential, not bare land also. You can see our days on market though was climbing a little bit. This is again, the first times where things were selling really good, but the days on market isn't to where it was during those really slow times. So when supply has come up, we're now sitting at 9.2. Now, that's your rolling 12-year average. If we look at this on a month to month basis, I believe we're up at 11, 11.8 as your inventory, so this is really swinging into a buyer's market. Well, if you're a seller out there, you can note this is swinging into a buyer's market. Your days on average, 39 isn't actually terrible in May. Through the winter we were at 100, 110, so it's nice to see some improvements there, but a lot of that has to do with the annual cycle. Seeing more properties for sale, and more like shorter times on market is pretty standard for May, the May early June timeframe. So keep in mind what the annual cycle's doing. And then it's nice to look at what that 10-year cycle's doing and compare yourself out. So if you guys have any questions about that, I'm Amanda Oldfield, and I'm here to help. So gimme a call, I'm always around.
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