I want to provide an update and comparison for this area’s real estate activity. I have, however, run into a couple of obstacles that have made this a more difficult task.
The first issue is that our board, Kootenay Real Estate Board (KREB), which covers all of south-eastern British Columbia, as far west as Rock Creek, switched computer systems in April. Now it has been a steep learning curve for all of us in this industry, but the new system is better and allows us to do more. If you have been receiving e-mail notifications of new listings, you will have noticed how this has changed.
Another example is the number of categories that are now available for listing properties. They have increased, and, in some cases, there is a cross-over of information. This has made it difficult to measure the year over year changes, as we are not always looking at the same categories of property types.
So, I have attached a graph to this post with sales statistics and average prices in Nelson and the rural area around us, for the first half of 2013 with comparable numbers for the first half of 2012 and 2011.
In general, this looks like a pretty flat market. Average home prices are still trending down over the past couple of years (this trend has been happening since 2008), and the number of sales is pretty stable. The large change in manufactured home pricing in the rural area is the number of sales in 2012 that were on their own property, which is always more expensive than if you are buying a manufactured home on a rental pad. Back in 2011 there were more vacant land sales in Nelson because of the development of a new subdivision. Since then the number of sales has dropped, and the average price is also lower.
I was, quite frankly, surprised at these numbers when I first viewed them. My personal experience has been quite a bit busier this year than the previous 2 years (or even the previous 5 years), but that is not borne out by the total sales figures.
What we have not had this year is an excess number of listings. This helps to keep the sell/list ratio in line, and helps to stabilize prices.
All in all I suggest that we are still in a “Buyer’s Market”, but one that is reasonably balanced.
I’m always happy to hear from you and to try to answer additional questions you may have.
Thanks to the diligent staff members at the Kootenay Real Estate Board for providing this information to me.