Fernie Real Estate Pulse: November 2024 Market Adjustments

In Episode #45 of The Property Mindset Podcast, titled "Fernie Real Estate Pulse: November 2024 Market Adjustments," host Phil Gadd offers a comprehensive analysis of the shifting dynamics in the Fernie real estate market. With the year winding down, November introduces notable changes that could influence buyer and seller strategies as we approach 2025.

What’s Inside This Episode:

• November Overview: Delve into the significant reduction in new listings and the decline in sales, showcasing a market that is increasingly favoring buyers.
• Pricing Insights: Unpack how despite the market slowdown, the median sale price has increased to $697,000, offering insights into property valuation resilience.
• Market Trends: Explore detailed statistics that highlight a decrease in sales and list prices but an uptick in the sale-to-list ratio, suggesting a complex market environment.
• Strategic Forecast: Discuss the implications of these trends on future market behavior and what it means for those looking to engage with the Fernie real estate market.

📈 Key Takeaways for Listeners: Whether you're considering selling your property or looking for investment opportunities, understanding these market shifts is crucial. This episode provides the insights needed to navigate the complexities of real estate transactions in a fluctuating market.

Tune in to gain a deeper understanding of Fernie’s market trends and prepare for the upcoming year with strategic foresight.

Show Sponsor: First Tracks Real Estate Group - eXp Luxury

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Show Sponsor: First Tracks Real Estate Group - eXp Luxury

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Transcript

0:00

November brought some big changes to the Fernie real estate market fewer listings, shifting prices. So while we leaning towards a buyer's market. Are you curious about what's happening with listing sales and prices as we head towards the end of the year? Welcome to the property mindset podcast. The home of the Fernie real estate market report.

Phil: 0:23

So it is the beginning of December. So that means it's one thing. It is my market summary, the Fernie market summary for November, 2024. we had 13 new listings in, November. 2024. That's actually 13% down on this time. Last year. sold listings again, a lot of red this month. We only had eight sold listings in November. 2024, 11% down on the same time last year. the medium price was actually up. so we have actually had a bit of a. shakeup with a system and a lot of data is kind of been. Raya Malka mated, I guess. So the numbers are a little bit different, but the trends are very much the same. So the medium price in November of this year is 697,000. the average sale price, as in November, 2024 was 790,800. And the average list price. 821,177. the sale price was down 9%. On this time last year and the list price was down 11% on, the same time in 2023. They, LR. So ratio was up. 3% small amount this month in November. So it's actually at 96%. So that means that what you list your property for, on average, you will get 96% of that value as the sale price. data market is down in November 75 days. so what is kind of telling us, November is a little bit slower. we here actually at, first tracks real estate group, I've seen a little bit different, you know, where we're on track to have a record. month this year in December. So, yeah, signs of a little bit of a slowdown, typical of this time of year. But, Mum's supply of inventory. That's how much inventory we have in the markets actually up. So we are hovering around a sort of buyers market number of 6.44. That's up 50% so the active inventory. this month. we are now looking at Fernie Fernie. west Fernie is up 45%. 2 96. So as always, we do like to look at the, we go back 10 years. So the average year on year percentage increase of the average house price in Fernie is currently a 801. Thousand 525. So that number is the whole of the year. So average. So from January 1st to today, which is December 3rd, So that, is, up a little bit, while you say, you know, we, we do take a deeper dive a little bit in a minute where we look at 21 to 24. But the average year on year percentage increase since 2024, sorry. From 2024 to 2014 is 7.86%. So the average house price has increased. By that much, every single year for the last decade. the median year on year average percentage increase is a slightly higher 8.06%. With the current. average, six hundred and ninety seven, four hundred. So if we take a little bit of a zoomed in view, basically pre COVID 2021 to 2020 for the last four years. The average year on year percentage increase. Is significant at 16.2, 4%. the main day and year on. Percentage increases slightly lower. as of today for 2024. Looking back over the last four years. It's at 15.6, 7%. So that's it for my market summary for November 20, 24, as always. If you would like to reach out to get a deeper dive into any of the areas in Fernie, always happy to help. my direct number is 7 7 8 7 4 5 0 3 4 7. don't forget to subscribe to the channel if you want updates and, alerts, to make sure that. You get this, Market update in your inbox every month. we do it the first Friday of every month. So If you want that update, then please do subscribe. It helps the channel helps us grow. the more subscribers, the better. but as always, please feel free to reach out if you want to deeper dive into the phony market, more than happy to help, and, give you a much, detailed view on what we do have here in Fernie.