2 minute read
A LOOK AT THE SECOND QUARTER REAL ESTATE SALES
April to June 2023 saw a total of 47 real estate transactions in Revelstoke
A spreadsheet or a balance sheet, it’s a difficult choice for me. Which do I love more? For certain statistics will always be my first love! Based on the numbers, it appears real estate was hopping throughout the spring! So, let’s take a comprehensive look at how Revelstoke's second quarter 2023 real estate market shaped up.
April to June 30, 2023 saw a total of 47 real estate transactions. This includes single family homes, strata properties, manufactured homes and vacant land. In the single-family home category, there were 30 transactions with sale prices ranging from $340,000 to $1,980,000 or an average sale price of $865,933, and an average sale time of 66 days. Nine of the sales were strata properties, three were manufactured home sales and five were sales of vacant land. In total there was $38,799,811 in real estate sales.
To compare, 2023’s first quarter totaled 29 transactions, with 14 single family home sales ranging from $485,000 to $1,610,000, and an average sale price of $876,029. The average sale timeline was 91 days. Eight strata properties, two manufactured homes sales and five in the vacant land category, totaling $28,764,099.
The breakdown – overall real estate sales were up quite significantly from the first quarter of 2023. Almost double in the single-family home category. The timeline to sell a single-family home decreased by approximately 30 days. The average sale price of a single-family home was down marginally as well.
It is of interest to note that six of the sales during the second quarter had a price tag of more than $1,000,000 and varied in sale timelines ranging from 12 days to 212 days. Listing prices of single-family homes remain consistent at $1,237,515. List volume has increased from 35 single family homes listed at the end of the first quarter of 2023 to 41 at the end of the second quarter of 2023.
The BC Real Estate Association (BCREA) released an article July 13, 2023 stating, “June home sales continued to outperform expectations, following a very strong rebound in May. However, rising interest rates will likely dampen home sales activity in coming months,” **. Just recently the Bank of Canada hiked its interest rate by another 25 points to five per cent. Thus, again making borrowing, especially for first time home buyers, more difficult. It doesn’t appear these outside market conditions are slowing real estate transactions in Revelstoke or the rest of BC. As we transition in the summer and fall with this increase the end of the third quarter of 2023 will be telling.
If you’re interested in more detailed information or want a market evaluation specific to your home or property, please reach out. I am always interested in meeting with the members of our amazing community to talk everything real estate and in particular your individual experiences and thoughts!
*Tara Sutherland, Associate Broker – RE/MAX Revelstoke Realty –250-814-8677 or tara@revelstoke-realty.com
** BCREA article https://www.bcrea.bc.ca/economics/bc-markets-showingsigns-of-recovery-as-supply-remains-scarce/
** Information taken from the MLS for Revelstoke specifically on March 31, 2023 and April 18, 2023.
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