Please find this months real estate market update!
Sales continue to slump in the region. In Cranbrook home sales are down, months of supply inventory and days on markets it up. This is creating a softening in the market and shifting it to a buyers market.
In Kimberley the stats indicate the same. Sold homes are down and months of supply inventory is way up. This is starting to soften the average sale price in the area.
Kimberley compared to Cranbrook is showing more signs of a buyers market however we do expect this to balance slightly once the ski hill opens for the year and more vacation travel comes to the area. Rental demand including vacation rental is still very strong in the area with low vacancy anticipated for this winter season.
Overall the market is shifting to a buyers market but compared to pre 2019 sales levels we are still in a good place. The areas economic indicators are strong and we do feel that the East Kootenay's will get through this market slump fairly easily.
Buyers have a great opportunity right now and should check out my recent market update video that chats more about this.
Watch the video here!
Have more questions? Connect with me! Steve Throndson | Real Estate Advisor Redline Real Estate Group Steve@ThrondsonRealty.com 250.919.3366