Submitted
The numbers are in, and they tell us indicators for Golden and area real estate trends.
In the Golden and area region, 15 homes sold last month. That’s up about 88 per cent from March 2017, which is the highest amount of homes sold in March since 2008.
Currently, Golden area is in short supply of single family homes under $400,000 coming on the market.
Looking at the inventory, last month there was a total of 122 listings on the market, down 25 per cent from last year and 40 per cent down from 2016.
Similar to February, the March inventory is the lowest level for the month in the last 10 years.
Another interesting statistic that paints a picture of the marketplace is the sales-to-new listings ratio. According to the Canadian Real Estate Association (CREA), a ratio between 40 per cent and 60 per cent is generally consistent with a balanced housing market. In March, Golden and area had a sales-to-new listings ratio of 65.2 per cent, which the CREA says represents conditions in the marketplace that slightly favours sellers. It reinforces the trends Golden realtors have been experiencing, with lower supply and higher demand for homes under $600,000, and the majority of it is from folks moving in town.
It is also important to keep in mind that all these numbers come from the Kootenay Real Estate Board multiple listings service and do not include homes that were sold privately.
Looking at things from a provincial point of view, we are still waiting to hear the final word on the review the provincial government is doing on things like banning limited dual agency and whether there will be an exception of some kind made for the Kootenay region or not.
Real estate tip of the month: Make sure that your home is priced right in this market, that way you won’t miss out on buyers that are qualified and currently motivated to buy a home.
