Hope you have been having a great summer! Certainly the BC real estate market has. We've enjoyed a nice strong market here locally as well. Not the heady craziness of Vancouver, but certainly the best summer market we have seen here in many years. Steady demand and a limited inventory has driven local prices up this summer combined with the inbound buyers from outside the area that are used to paying full price and above. Many multiple offer scenarios have played out this summer and that has placed a lot of pressure on local buyers looking to get into the market. Part of the shortage of listings this season has been the result of there being such a limited inventory of homes to purchase that potential sellers have decided not to sell noting that if they do sell, there is simply nothing for them to buy! So those homes never came to the market this season - causing an even tighter supply. As always, the key question I get asked is "is this a good time to buy....or to sell?" Now, more than ever, there's just no quick answer to that - it's very dependent on the specific area, type of property and the price point - call me and we'll discuss your particular situation.
Here is a snapshot of our local market activity up to the end of July 2016 for Nelson City detached homes and Nelson Rural detached homes. For comparison, I have included the numbers for the same period from last year. As you can see, year-to-date the price trend continues to indicate increases in average prices both in the city and rurally around Nelson. Things are selling faster and the sales price to original list price is tightening. There's a lot more to know beyond these simple metrics, so please feel free to contact me if you would like to know more about these stats and trends and how this may be affecting your property value and/or your purchasing options.