Just the Stats! First quarter 2017 Revelstoke real estate statistics update

The Revelstoke real estate statistics for the first quarter of 2017 are in. Find out what's been happening in the market in our latest Just the Stats! column from Emily Beaumont.

A new Royal LePage Revelstoke listing at 503 Third Street East. Photo: Royal LePage Revelstoke

Over 12 meters or 40 feet of snow, blanketed our mountain paradise this winter. With the snowfall came a flurry of real estate inquiries in the First Quarter of 2017 with 34 residential sales accumulating. Just 15 of those were single family residential, down 12 from last year’s 27 sales in the same time-period due to the continued drought of affordable inventory. There are many buyers waiting in a holding pattern for the spring run-off as more properties come available.

As evidenced by the 193 SFR sales in 2016, properties that are priced right sell fast. The natural law of supply & demand dictates that prices go up when supply is low, and who doesn’t appreciate a little appreciation in one’s property, but too much too soon and the market will respond by not responding.

With growth comes challenge. But that’s actually the best part. Collectively we come together to make the improvements that solve the problems. There are innovative ideas taking shape right now, all being crafted by a wide variety of dynamic, entrepreneurial-spirited folk who are committed to finding a way to keep Revelstoke affordable and attractive as a real possibility for those who desire a place to call their own & live closer to the great outdoors.

Here is a breakdown of the type of home sales from January 1 to March 31 2017:

  • 15 Single Family Residential sales
  • 5 Manufactured Home sales
  • 3 Strata & Recreation sales
  • 11 Lots & Acreages
  • For a total of 34 Residential Sales

Number of “Single Family Residential Home” sales by Month the past three years:

Month 2015 2016 2017
Jan 3 6 3
Feb 2 10 4
Mar 7 11 8
Total 12 27 15

Average Sale price of Single Family Homes the past 3 years:

Average Sale Price
2015 $345,101
2016 $376,931
2017 $386,133

Current Listings:

  • 10 Commercial
  • 98 Residential
  • 34 of those are ‘Single Family’ Residential. Many have accepted, conditional offers waiting for subject removal which makes the deal firm and unconditional. A property is not reported sold until the Subject Conditions are removed.

We are receiving inquiries from near and far as Revelstoke’s popularity grows. The Revelstoke Adventure Park just received their tenure, for operations to start in the Summer of 2018, Spring cleaning is happening all over in anticipation for the sunshine and warmer weather. Watch for more listings, they’ll be showing up with the tulips!

Emily Beaumont
Emily has been enjoying the vibrant community of Revelstoke since the spring of 2007 relocating to our Big Mountain Town from South-Western Ontario. Having spent almost 20 years in the marketing and advertising industries, and a licensed Realtor in BC since 2008, she brings a wealth of knowledge to the table & understands the intricacies with providing outstanding client care. Her dedication & enthusiasm for both her work and active lifestyle in Revelstoke shines through. Contact Emily at 250-837-1162 or through the link to her Realtor Facebook page located below this text.