BC Markets Showing Signs of Recovery As Supply Remains Scarce
The BC Real Estate Association has just released the provincial first-quarter real estate statistics. They are stating; “Even though home sales remain about 20 percent below normal levels for this time of year, home prices in BC have now risen two months in a row, reaching its highest level since May 2022 as markets tighten due to a lack of supply.” Read Article
SUPPLY – In Golden, we are seeing 11% fewer single-family homes on the market from this time last year, and in Golden Rural, 20% fewer listings compared to last year, so with such few numbers that is pretty similar. (ex. Golden 9 new listings last year to date and 8 this year)
Specifically in Golden, we have seen a dramatic decrease in sales when looking at the year-to-date compared to last year. Single-family home sales in the first quarter in the Town of Golden, dropped 73%, and Golden Rural dropped 64% compared to this time last year.
PRICES – Golden average Single Family home prices have also decreased however the Association of the Interior Realtors is adopting benchmark pricing in order to attempt to discern “typical” vs those dramatically different types of properties which may influence higher or lower prices.
“The benchmark price, a better representation of value compared to the average or median price as it represents a dwelling of “typical attributes”, saw percentage increases across all home categories in the Kootenay region compared to March 2022, with the highest percentage increase occurring within the townhome category; up 7.8% coming in at $493,300.” Read Article
In Golden, the average single-family home price has decreased by 11% from last year at this time, however, the benchmark price has increased by 13%. I feel with the lack of inventory and still the demand from those who have missed out over the last 2 years, our prices have been very steady.
DAYS ON MARKET – The biggest thing that stands out to me in the new statistics is days on market. Homes are taking longer to sell. The steady Bank of Canada rate increases have slowed buyers down. It doesn’t mean the buyers are gone, they are just taking longer to decide and are slower to make a move.
If you have questions please feel free to reach out! If you are looking to sell, spring is a great time to get on the market and as you can see with the lack of inventory it could be very timely as buyers are shopping! Buyers if you are shopping please touch base, homes are tending to be on the market for longer, however, if something new comes up we may want to act quickly.