Hello everyone,
I hope that you all had a wonderful start to 2021. With January behind us, I am here to update you on what we’ve been seeing in the market – specific to Fernie and the surrounding areas.
If you follow Fernie Real Estate Group on Social Media, you would have noticed that our last few listings moved VERY quickly. We saw a single-family unit sell within 3 weeks, along with 1multiSingle family home ( 1 Million + ) get multiple offers and move to SOLD within one day, along with another single-family home just under 1 million go under contract within one day. It is busy, to say the least. We are still seeing strong demand for properties, and with limited inventory – when houses hit the market – they move QUICK.
As per The Kootenay Association of REALTORS® (KAR), we saw 221 residential unit sales in December 2020, a rise of 35.5 percent from December 2019. According to KAR President, Chuck Bennett, “We’ve had another record-setting month for Kootenay real estate, following the strong demand that hit the market in June 2020. Such extraordinary market behaviour would have been hard to predict 6 months ago, but after a string of high-performance months, our sales numbers for December seem normal. We were aware and prepared for a slowdown in the holiday season, but we’ve managed to end 2020 on a strong note with the best performing December in a decade. As our annual sales numbers for the year have comfortably exceeded our performance in 2019, I foresee high potential for growth for Kootenay real estate in 2021, if the demand continues.”
Year-to-date (YTD), Kootenay MLS® residential sales dollar in December was $1.3 billion, 31.2 percent higher than what it was last year. YTD Residential unit sales were up for the third time running by 17.2 percent at 3494 units, while the average MLS® residential price (YTD) was up by 11.5 percent to $384,186.
Specific to Fernie, we are currently seeing 38 listings total – which are historical lows for the area. Available inventory could be even less – pending any conditional sales. In 2020 we saw 177 units sell, which is way above average. Along with that, and much like our start to 2021 – days on market was very low – further emphasizing the demand for properties. When we start to look at sales over 1 million, we started to see a maturing of the higher end of the market with 8 listings that sold over 1million (Jan 1, 2020 – Dec 31, 2020) vs 0 sales over 1 million in 2018. While we see this market mature even more, we could potentially move towards the 2 million + properties being sold.
In summary – we are seeing a diverse surge of buyers right now, which can be attributed to a major demand shift as a result of consumers who retained their jobs and found themselves making important life decisions during the pandemic thus creating more market confidence. All categories including land have inventory issues. With a lack of availability – we are urging anyone who has been thinking about listing, to seriously think about listing sooner than later! At the end of the day, you will come out on top with an experienced Agent by your side who can utilize their skills for expert negotiations in this quick-moving market!
Why list with us?
Our expert team has a wealth of experience in effectively marketing and selling all types of Real Estate. From luxury properties to condos, townhomes and timeshares, we are the leaders within this space, backed with the proper knowledge and professionalism that comes with years of experience within this industry. This winning combination creates an exceptional selling experience for all involved.
Our competitive advantage
We source only the highest quality images to represent your property while using strategic and effective marketing tactics that are driven exclusively by data to get your property in front of as many eyes as possible. We can guarantee your property will get seen by thousands of local + specifically targeted viewers within 24 hours of your listing going live while generating qualified leads that show interest in your property.
We look forward to connecting with you soon! Don’t forget to follow us on Instagram, Facebook for all of the newest listings and updates.
– Todd Fyfe, Fernie Real Estate Group
