This article first appeared in print in the April/May 2019 issue of Revelstoke Mountaineer Magazine.
Although it seems the national and international media spotlight on Revelstoke is getting brighter, the law of supply and demand continues to impact home ownership opportunities in Revelstoke. Total transactions annually are on the decline while prices are on the rise; however, prices are showing a slight dip as we approach the end of the first quarter of 2019.
Last spring we saw some pushback to the steadily rising prices since 2015. Although it’s too early to tell, it’s not surprising that the market is responding to this swift increase in property values (18% in 2018 according to BC Assessment) by not responding. Already in the first quarter of 2019 single family homes may be spending more time on the market than in the previous three years, triggering sellers of homes with higher price points to be strategic with their pricing should they hope for a swifter sale. Those willing to wait are typically achieving 95–96% of their asking pricing.
With the majority of buyers looking for homes under $400,000, this price range remains very competitive. As of March 19 only five homes were listed under $500,000, three of which had an accepted offer, awaiting removal of conditions. The local buyer is still placing a strong demand on properties, as with the trend toward 2015–2016 first-time buyers upgrading and/or adding properties to their investment collection. But regardless of the motivation to buy, it remains to be seen what will happen with pricing in the coming months as we move further into the new year, with approximately 75% of the volume of single-family homes as compared to this time last year.
• 14 Commercial
• 9 Strata
• 27 lots and acreages
• 27 Single Family Residential.
For more on the local market, buying and selling, visit the team at Royal Lepage Revelstoke.