Fernie Real Estate Pulse: November 2024 Market Adjustments

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In Episode #45 of The Property Mindset Podcast, titled "Fernie Real Estate Pulse: November 2024 Market Adjustments," host Phil Gadd offers a comprehensive analysis of the shifting dynamics in the Fernie real estate market. With the year winding down, November introduces notable changes that could influence buyer and seller strategies as we approach 2025.

What’s Inside This Episode:

• November Overview: Delve into the significant reduction in new listings and the decline in sales, showcasing a market that is increasingly favoring buyers.
• Pricing Insights: Unpack how despite the market slowdown, the median sale price has increased to $697,000, offering insights into property valuation resilience.
• Market Trends: Explore detailed statistics that highlight a decrease in sales and list prices but an uptick in the sale-to-list ratio, suggesting a complex market environment.
• Strategic Forecast: Discuss the implications of these trends on future market behavior and what it means for those looking to engage with the Fernie real estate market.

📈 Key Takeaways for Listeners: Whether you're considering selling your property or looking for investment opportunities, understanding these market shifts is crucial. This episode provides the insights needed to navigate the complexities of real estate transactions in a fluctuating market.

Tune in to gain a deeper understanding of Fernie’s market trends and prepare for the upcoming year with strategic foresight.

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):
November brought some bigchanges to the Fernie real

(00:02):
estate market fewer listings,shifting prices.
So while we leaning towards abuyer's market.
Are you curious about what'shappening with listing sales and
prices as we head towards theend of the year?
Welcome to the property mindsetpodcast.
The home of the Fernie realestate market report.

Phil (00:23):
So it is the beginning of December.
So that means it's one thing.
It is my market summary, theFernie market summary for
November, 2024.
we had 13 new listings in,November.
2024.
That's actually 13% down on thistime.

(00:44):
Last year.
sold listings again, a lot ofred this month.
We only had eight sold listingsin November.
2024, 11% down on the same timelast year.
the medium price was actuallyup.
so we have actually had a bit ofa.
shakeup with a system and a lotof data is kind of been.

(01:08):
Raya Malka mated, I guess.
So the numbers are a little bitdifferent, but the trends are
very much the same.
So the medium price in Novemberof this year is 697,000.
the average sale price, as inNovember, 2024 was 790,800.

(01:29):
And the average list price.
821,177.
the sale price was down 9%.
On this time last year and thelist price was down 11% on, the
same time in 2023.
They, LR.
So ratio was up.
3% small amount this month inNovember.

(01:51):
So it's actually at 96%.
So that means that what you listyour property for, on average,
you will get 96% of that valueas the sale price.
data market is down in November75 days.
so what is kind of telling us,November is a little bit slower.

(02:14):
we here actually at, firsttracks real estate group, I've
seen a little bit different, youknow, where we're on track to
have a record.
month this year in December.
So, yeah, signs of a little bitof a slowdown, typical of this
time of year.
But, Mum's supply of inventory.
That's how much inventory wehave in the markets actually up.

(02:36):
So we are hovering around a sortof buyers market number of 6.44.
That's up 50% so the activeinventory.
this month.
we are now looking at FernieFernie.
west Fernie is up 45%.
2 96.
So as always, we do like to lookat the, we go back 10 years.

(02:57):
So the average year on yearpercentage increase of the
average house price in Fernie iscurrently a 801.
Thousand 525.
So that number is the whole ofthe year.
So average.
So from January 1st to today,which is December 3rd, So that,

(03:17):
is, up a little bit, while yousay, you know, we, we do take a
deeper dive a little bit in aminute where we look at 21 to
24.
But the average year on yearpercentage increase since 2024,
sorry.
From 2024 to 2014 is 7.86%.
So the average house price hasincreased.

(03:39):
By that much, every single yearfor the last decade.
the median year on year averagepercentage increase is a
slightly higher 8.06%.
With the current.
average, six hundred and ninetyseven, four hundred.
So if we take a little bit of azoomed in view, basically pre

(03:59):
COVID 2021 to 2020 for the lastfour years.
The average year on yearpercentage increase.
Is significant at 16.2, 4%.
the main day and year on.
Percentage increases slightlylower.
as of today for 2024.
Looking back over the last fouryears.
It's at 15.6, 7%.

(04:23):
So that's it for my marketsummary for November 20, 24, as
always.
If you would like to reach outto get a deeper dive into any of
the areas in Fernie, alwayshappy to help.
my direct number is 7 7 8 7 4 50 3 4 7.
don't forget to subscribe to thechannel if you want updates and,

(04:45):
alerts, to make sure that.
You get this, Market update inyour inbox every month.
we do it the first Friday ofevery month.
So If you want that update, thenplease do subscribe.
It helps the channel helps usgrow.
the more subscribers, thebetter.
but as always, please feel freeto reach out if you want to
deeper dive into the phonymarket, more than happy to help,

(05:08):
and, give you a much, detailedview on what we do have here in
Fernie.