December 2024 Fernie Market Wrap-Up: Trends and Predictions

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In Episode #49 of The Property Mindset Podcast, titled "December 2024 Fernie Market Wrap-Up: Trends and Predictions," host Phil Gadd takes a deep dive into the year-end dynamics of the Fernie real estate market. Discover how various property types fared as we transition from 2024 into 2025 and what potential buyers and sellers might expect in the coming year.

What’s Inside This Episode:

• December Overview: An in-depth analysis of fewer listings and how specific property types like single-family homes and apartments have seen price increases.
• Market Dynamics: Explore the factors leading to a 14% drop in new listings and an 11% decrease in sales, coupled with the implications of these trends.
• Pricing Insights: Delve into the median price trends across different property types, noting significant gains in apartments and the unusual dip in land prices.
• Historical Review: A review of the long-term market trends, highlighting a consistent property value appreciation over the past decade.
• 2025 Outlook: Predictions for the Fernie real estate market based on current and historical data, providing listeners with foresight into potential market shifts.

📈 Key Takeaways for Listeners: Gain critical insights into how the Fernie market is shaping up and what strategic moves could be beneficial as we approach a new year in real estate investments.

Listen in for a comprehensive review and expert analysis tailored to both seasoned investors and first-time homebuyers.

Show Sponsor: First Tracks Real Estate Group - eXp Luxury

👉 Schedule a consultation with Phil today

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Show Sponsor: First Tracks Real Estate Group - eXp Luxury

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Episode Transcript

(00:00):
December brought some bigchanges to the Fernie real

(00:02):
estate market.
Fewer listings and rising pricesin some categories.
Which properties saw the biggestgains in Fernie last year.
Was it single family homes,apartments, townhomes, or was it
land?
As we compare 2023 to 2024.
Some of these numbers maysurprise you.
So let's break it all down inthe December, 2024 Fernie market

(00:25):
summary.
Welcome to the property mindsetpodcast.
The home of the Fernie realestate market report.

Phil (00:33):
So it is the beginning of January, 2025.
So we're going to look back atthe market summary for December,
2024, right here in Fernie.
so let's get right into it.
So these numbers that we'relooking at are the new listings
that we had in December, 2024,we had six.
So that's down 14 percent onthis time last year sold

(00:56):
listings.
It's typically a slower time ofyear here in Fernie.
For sold listings, that's down11 percent on the same time last
year.
the median price held firm thesame as November.
the median price across theboard in Fernie as of the end of
2024 was 697, 400.
It's actually up 7%.

(01:18):
On the same time last year,we're looking some averages.
Now, the average list price inDecember again across the board,
we are actually going to lookinto specifics and look how
they've actually increased yearon year.
So, for example, in a minute, wewill look.
The median prices for singlefamily homes, apartments,

(01:41):
townhomes, and land.
right now we're looking at theaverage price.
The average list price dropped29 percent in December 2024 to
700, 399.
the average sale price inDecember 2024 was 674, 750.
down 6 percent the sale to listratio, was at 95%.

(02:05):
So if you listed your house,you're expecting on average to
get 95 percent of that listprice.
That's up 15%.
on January, sorry, December 23,and the days on market actually
down to 81 days on market.
That's 53 percent down on thesame time last year.

(02:25):
The MSI number, and activeinventory, both green numbers.
the month supply of inventorywas at 4.
86 in December.
up 22%.
that's A little bit down fromlast month.
we're edging towards a balancedmarket right now with active
inventory at 75, that's 27percent up on the same time last

(02:47):
year.
Now, as I said, we're going tolook at The median price, from
2023.
And now, because of the, we, atthe end of 2024, beginning of
2025, we're going to look backat the median price for 2024.
So the single family home hasincreased by 5%.
So the median price at the endof 2024 was 892, 500.

(03:13):
And that's for a single familyhome right here in Fernie.
The median price on apartments,probably the biggest gains here
up 14 percent on 2023.
So the median price on apartmentin Fernie for 2024 was 405, 000.
so the, Median price on townhomes in Ferny at the end of

(03:36):
2024 was 719,750.
That's up 7% on the same timelast year where the price was at
669,498, land has actuallydropped.
The median price of land hasactually dropped by 12%, so in
2024.
The median price of land was352, 350, whereas 2023, we saw a

(04:02):
number of 395, 000.
So out of the four categorieswe've just looked at, land has
actually come down a little bitfrom, 2023.
if we look back over the last 10years, we can see the average
year on year percentageincrease, so the average selling

(04:22):
price from 2014 to 2024, year onyear has increased by 7.
86%.
The median selling price from2014 to 2024.
it's up slightly, year on yearincrease at, 8.
06%.
So as we can see, the average,year on year increase, for

(04:46):
Fernie, over the last four yearsis actually at 16.
24%.
And the median year on yearincrease at 15.
76%.
So as you can see, someinteresting numbers as we get to
the end of the year, what will2025 bring?
Are we going to see moreinterest rate cuts?

(05:08):
What will that do to the fernymarket?
if you want to look back at myvideo, I do predictions on 2025.
I released that a couple ofweeks ago.
So I go into a much deeper divethere, on my thoughts on where
the 2025 market will take ushere in Fernie.
as always, if you'd like toreach out to me, then please
feel free to give me a call.

(05:28):
My number as always is 778 7450347.
Alternatively, below this video,you can schedule a call directly
into my calendar and I'llhappily talk more about the
Fernie market.
please make sure to subscribe tothe channel.
It really does help the channelgrow.
And also you get notified of allthe upcoming videos.

(05:51):
until then I'm Phil Gadd, stayfocused, stay informed and keep
building.
That property mindset.