July 2024 Fernie Real Estate Market Analysis

In Episode 28 of The Property Mindset Podcast, host Phil Gadd dives into the latest trends and statistics of the Fernie real estate market for July 2024. With an impressive 80% surge in new listings and a notable drop in average sale prices, we explore what these changes mean for both buyers and sellers. Discover why properties are moving faster but selling for less, and gain insights into how to navigate this evolving market. Whether you're a seasoned investor or a first-time buyer, this episode is packed with valuable information to help you make informed decisions in the Fernie real estate market.

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Show Sponsor: First Tracks Real Estate Group - eXp Luxury

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Transcript

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Welcome to the property mindset podcast. Join us as we dive into the journeys of successful real estate entrepreneurs, gaining personal insights, practical tips, and valuable tools for your own real estate adventure. Whether you're new experienced, or just love real estate. This podcast is for you. Tune in for engaging and informative conversations with the brightest minds in the industry. Welcome back to the property mindset podcast with me Phil Gadd today, we are exploring the Fernie real estate market for July, 2024. From a staggering 80%, in a search in new listings. To a drop in the average sell price. Join me as we explore what these changes mean to both buyers and sellers. And we'll uncover why properties are moving faster, but selling for less. So maybe this is a time to make your move, whether you're a buyer or a seller. Whether you're a seasoned investor or a first time buyer. These insights will equip you with the knowledge to navigate the current Fernie real estate market. So stay tuned while we break down the numbers trends and opportunities that July, 2024 has brought to the Fernie real estate market. So stay tuned.

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it is August, beginning of August, so we are going to be taking a look back at July, the Fernie market for July 2024. New listings, we had 32 new listings in July 2024. That's almost 80 percent up on this time last year. 9 percent up on the number of listings sold, 12 listings sold in July. The average, this is interesting. So the average list price and the average sale price, is down. Both, 26 percent for list price at 680, 983. And the average sale price is significantly down, even on last month at 6, 6, 7, 0, 5, 4. That's 25 percent down on this time last year. Sale to list ratio is at slightly up at, 98%. That means that properties, getting listed sell for 90%. 8 percent of their value. Days on market is also up, but it's still only 50 days, which means houses are selling pretty quickly. So that's 27 percent up on this time last year. The MSI number, the month supply of inventory also up 38 percent on this time last year at 8. 56. That is an indication that we are definitely moving, if not in a much, much more balanced market than we have seen over the last few months. Active inventory, we've got 92 units, that's 21 percent up on this time last year. As always, we take a look at the average selling price here in Ferny for the last decade. So all the way back to 2014 to 2020 24. So as you can see, the average sell price as of July, 2024 was 818,585. Now, interestingly, we have only looked at the average. sale price, since I've been doing the market report. So I'm going to start doing something a little bit differently. We are actually going to start look at the medium price. So what is the difference? The average price takes a total price of all the property sold divided by the number of units sold. Whereas the medium price takes the middle value in an order list of home prices. Why does this matter? The impact of extreme value. So if you take an average, it sometimes can be skewed by high or low extremes. So the medium, value, potentially gives us a more accurate market representation and a clearer view of typical home prices. So back to the average selling price for the last 10 years, as you can see, it's a pretty sharp, increase from 21 up to present day. But if we look at the median selling price, the graph is a little bit different. In 2021, the number actually drops from 2020. We do still see the similar shape increase between 22 to 23, 24. And, but what's interesting is it's flattened off. For the last few months of this year. So when we talk about, average price, like I mentioned, we are looking at the total sum. So as you can see here, since 2021, the average sale price has increased steadily over the years. If we look at the medium price, it's increased steadily over the first few years. but the last two years, the medium price has pretty much flattened off. But if we look again at the overall average price since 2021, it has increased by 33%. If we look at the medium cost, it's increased by a similar amount, just 2 percent lower at 31%. But as you can see, the median price can give us a better sense of the market's true condition. So from now on, on the Property Mindset Podcast, we will be looking every month at both the average and medium house prices in the Fernie Real Estate market to get a better and a true understanding of what exactly is going on. So as always, Phil Gadd, First Trax Real Estate Group. If you want a more personalized approach, to some market, stats and information, my phone number as always is 778 745 0347. I'd be more than happy to help with, any questions you have on the market. And, until next time. Phil Gadd, First Trax Real Estate Group. If you want a more, in depth analysis on the Fernie market, you can reach out. As always, my number is 778 745 0347. And until next time, enjoy this beautiful weather and we'll see you soon.