Just the stats! COVID-19 spurs remote worker interest in Revelstoke real estate market

This story first appeared in print in the Summer 2020 issue of Revelstoke Mountaineer Magazine. Read the e-edition here:

The Revelstoke real estate market is vibrant as we head into summer, after one of the most unusual second quarters in history. We are still reeling from this almost surreal pandemic, which no one saw coming, but statistically many knew to be inevitable.

There has been a steady stream of inquiries by buyers from larger centres, as they are all realizing what’s important in life — fresh air, fresh water and, for many of the new remote workers making a home here, fibre Internet. Working remotely has been figured out and is now widely attainable and acceptable, something the pandemic has reinforced. Problems create new and improved solutions, or as they say, necessity is the mother of invention!

Buyers were already hesitant to pay the higher prices being asked this past fall and winter. Prices continue to be at the top range, however, and can be achieved if the property is buttoned up and ready to go. When renovations are required, we are seeing more of a negotiated reduction, which on average has been approximately 3%.

As of June 30, 2020 there were just 26 Single Family Residential (SFR) sales, as compared to 42 in the first half of 2019.

Of these, five of the 26 homes sold for less than $500,000; 21 sold for more than $500,000; four were in the $1 million-plus range; and in the same period for 2019, 16 of the 42 homes sold for less than $500,000.

The average Revelstoke SFR sale price in 2019 was $585,000. The 2020 average to date jumps to $836,000 if the home sales valued over $1 million are included. However, removing those sales over $1 million, the average is $599,000.

As of June 30, 2020, there are just 50 single family residential properties on the market. The average number of days-on-market-to-sell has been 92, statistically the amount of exposure slightly longer than the 70 days it took an average SFR to sell in 2019.

There have been seven land-only sales so far in 2020 compared to 21 during the first half of 2019. The average sale price for land in 2019 was $251,000, but to date in 2020 it’s at $293,000. By mid-April this year, sales volume was down by 62% — but as many others have reported, sales are right back up as we head into summer. This reflects the pent-up energy and newfound freedom, for as long as it lasts. The uncertainty is the tough part.

Sellers know what they have in Revelstoke and if they aren’t in a hurry to sell, we may continue to see higher list prices. However, until the dust settles, it remains to be seen what direction things will take over the longer term.

Take care of yourselves and each other out there (and don’t pollute!) Earth is the only home we all have, and she too needs proper maintenance!