Market Update - Who knew 2009 was such a good year??

An update of Real Estate activity in the local Fernie market. Data was compiled from sales reported to the MLS from April 1st 2009, 2010, 2011 until Aug 1st, 2009, 2010, 2011. Private home sales and FSBO sales are not included in the data. Enjoy the pie charts.

House sales are down 21% from 2010 and 29% from 2011. Condo sales followed suit with a decrease of 12.5% in 2010 and 46% from 2009.





Average days on market (DOM) for homes have doubled since 2009, and DOM for condos is up 34%. In general the DOM statistic can be an indicator for several trends in the real estate markert.

During a ruthless "sellers' market" when the inventory of avaliable real estate is very low, a home that has been on the market for a extended duration may cause a Realtor or a Buyer to ask " Whats wrong with this listing?"

In a normal "sellers' market", if a home is priced competitively, the seller might end up with multiple offers within a week. Again, if a home during a seller market had been on the market for 200 days, that might make buyers and Realtors curious as to why??

In our current market - which is a "Buyers' Market", the DOM stat on most listings will have a different meaning. There are a large number of homes for sale in Fernie which will increase competition for any home for sale. All the homes are competing for the same buyers. Properties WILL take longer to sell.







Average housing and condo prices in Fernie have decreased as well, as has the total sales volume on the market.










A REALTOR's (r) job is part negotiator, part economist, part marketing expert, part psychic, and most importantly a manager of buyers and sellers expectations.





Its not all doom and gloom in this type of market. There are many excellent housing options available at prices comparable to 2008. For buyers, shop around and see whats on the market and what is selling. Be careful with "stink bids", in my experience all they serve to do is to increase tension and further frustrate an already stressful situation. Work with a REALTOR(R) that understands the real "value" of the property, and is able to quantify their opinions.

As a seller in this market, be realistic with your pricing and try and keep your property "ahead" of the market rather than chasing it. A property priced appropriately from the start will most likely sell first and for more money.

And remember it's always darkest just before the dawn.


Thanks for reading

Ryan