insight into local real estate trends.
There is little question that the desire to be in Fernie is growing. Population, visitor count, and real estate sales are all trending upward with little slowdown in site.
The Fernie real estate market is outperforming the 5-year averages for the area and the volume of sales in the Single-Family home category alone are ahead of last year by over 27%. (Note: sales volume figures would be higher if the inventory of houses for sale was higher) The average price of Single-Family home has climbed in 2017 by over $50,000 with higher priced home sales exploding this year.
There are currently 33 Single family home listings on the MLS® leaving buyers with fewer choices and less time to make critical life decisions in this strong Sellers’ market. With low inventory, it requires home buyers (especially first-time buyers) to be diligent in moving forward on their desired properties. Having an experienced Buyers agent is more important than ever. A REALTOR® acting for, and advising the Buyer through every step of this tricky market can save the Buyer from making price, location, and product errors. All of which can be some of them most expensive mistakes of our lives.
Looking forward into the next 6-12 months, watch for faster sales and rising prices in the Fernie condo and the Sparwood single-family home markets as buyers expand their search into inventories with more selection at lower opening prices points.
The reduced inventory in the market is spurring Landlords to sell and cash out of older rental properties leaving tenants with fewer choices in this already tight rental market. This situation is also compounded by homeowners converting residential properties into hotel style rentals using vehicles such as Airbnb and VRBO to advertise their property. Watch for local municipality bylaw changes that work to protect home prices and rental stock for long term tenants as affordable housing.
If you are looking to purchase or market a property, contact a REALTOR® with the experience to handle your needs.