December 2024 Fernie Market Wrap-Up: Trends and Predictions

In Episode #49 of The Property Mindset Podcast, titled "December 2024 Fernie Market Wrap-Up: Trends and Predictions," host Phil Gadd takes a deep dive into the year-end dynamics of the Fernie real estate market. Discover how various property types fared as we transition from 2024 into 2025 and what potential buyers and sellers might expect in the coming year.

What’s Inside This Episode:

• December Overview: An in-depth analysis of fewer listings and how specific property types like single-family homes and apartments have seen price increases.
• Market Dynamics: Explore the factors leading to a 14% drop in new listings and an 11% decrease in sales, coupled with the implications of these trends.
• Pricing Insights: Delve into the median price trends across different property types, noting significant gains in apartments and the unusual dip in land prices.
• Historical Review: A review of the long-term market trends, highlighting a consistent property value appreciation over the past decade.
• 2025 Outlook: Predictions for the Fernie real estate market based on current and historical data, providing listeners with foresight into potential market shifts.

📈 Key Takeaways for Listeners: Gain critical insights into how the Fernie market is shaping up and what strategic moves could be beneficial as we approach a new year in real estate investments.

Listen in for a comprehensive review and expert analysis tailored to both seasoned investors and first-time homebuyers.

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

December brought some big changes to the Fernie real estate market. Fewer listings and rising prices in some categories. Which properties saw the biggest gains in Fernie last year. Was it single family homes, apartments, townhomes, or was it land? As we compare 2023 to 2024. Some of these numbers may surprise you. So let's break it all down in the December, 2024 Fernie market summary. Welcome to the property mindset podcast. The home of the Fernie real estate market report.

Phil: 0:33

So it is the beginning of January, 2025. So we're going to look back at the market summary for December, 2024, right here in Fernie. so let's get right into it. So these numbers that we're looking at are the new listings that we had in December, 2024, we had six. So that's down 14 percent on this time last year sold listings. It's typically a slower time of year here in Fernie. For sold listings, that's down 11 percent on the same time last year. the median price held firm the same as November. the median price across the board in Fernie as of the end of 2024 was 697, 400. It's actually up 7%. On the same time last year, we're looking some averages. Now, the average list price in December again across the board, we are actually going to look into specifics and look how they've actually increased year on year. So, for example, in a minute, we will look. The median prices for single family homes, apartments, townhomes, and land. right now we're looking at the average price. The average list price dropped 29 percent in December 2024 to 700, 399. the average sale price in December 2024 was 674, 750. down 6 percent the sale to list ratio, was at 95%. So if you listed your house, you're expecting on average to get 95 percent of that list price. That's up 15%. on January, sorry, December 23, and the days on market actually down to 81 days on market. That's 53 percent down on the same time last year. The MSI number, and active inventory, both green numbers. the month supply of inventory was at 4. 86 in December. up 22%. that's A little bit down from last month. we're edging towards a balanced market right now with active inventory at 75, that's 27 percent up on the same time last year. Now, as I said, we're going to look at The median price, from 2023. And now, because of the, we, at the end of 2024, beginning of 2025, we're going to look back at the median price for 2024. So the single family home has increased by 5%. So the median price at the end of 2024 was 892, 500. And that's for a single family home right here in Fernie. The median price on apartments, probably the biggest gains here up 14 percent on 2023. So the median price on apartment in Fernie for 2024 was 405, 000. so the, Median price on town homes in Ferny at the end of 2024 was 719,750. That's up 7% on the same time last year where the price was at 669,498, land has actually dropped. The median price of land has actually dropped by 12%, so in 2024. The median price of land was 352, 350, whereas 2023, we saw a number of 395, 000. So out of the four categories we've just looked at, land has actually come down a little bit from, 2023. if we look back over the last 10 years, we can see the average year on year percentage increase, so the average selling price from 2014 to 2024, year on year has increased by 7. 86%. The median selling price from 2014 to 2024. it's up slightly, year on year increase at, 8. 06%. So as we can see, the average, year on year increase, for Fernie, over the last four years is actually at 16. 24%. And the median year on year increase at 15. 76%. So as you can see, some interesting numbers as we get to the end of the year, what will 2025 bring? Are we going to see more interest rate cuts? What will that do to the ferny market? if you want to look back at my video, I do predictions on 2025. I released that a couple of weeks ago. So I go into a much deeper dive there, on my thoughts on where the 2025 market will take us here in Fernie. as always, if you'd like to reach out to me, then please feel free to give me a call. My number as always is 778 745 0347. Alternatively, below this video, you can schedule a call directly into my calendar and I'll happily talk more about the Fernie market. please make sure to subscribe to the channel. It really does help the channel grow. And also you get notified of all the upcoming videos. until then I'm Phil Gadd, stay focused, stay informed and keep building. That property mindset.