Like the mighty Columbia River, the Revelstoke real estate market continues to flow. Sale prices have corrected and are holding after the influx when the market began to pick up again in 2015. Properties priced under $400,000 and at fair market value make up the bulk of the sales. Inventory remains sparse with just 43 single family homes on the market, many of which have accepted conditional offers.
Here is a breakdown of the different types of property sales at the end of each quarter so far in 2017:
- 71 Single Family Residential sales
- 13 Manufactured Home sales
- 21 Strata & Recreation sales
- 35 Lots & Acreages
- For a total of 140 Residential Sales
- 42 Single Family Residential sales
- 6 Manufactured Home sales
- 13 Strata & Recreation sales
- 20 Lots & Acreages
- For a total of 81 Residential Sales
- 15 Single Family Residential sales
- 5 Manufactured Home sales
- 3 Strata & Recreation sales
- 11 Lots & Acreages
- For a total of 34 Residential Sales
Number of Single Family Residential Home sales by Month the past three years:
Average Sale price of Single Family Homes the past 3 years:
|Average Sale Price|
|2017 – 1st Q||$386,133|
|2017 – 2nd & 3rd Q||$458,296|
- 13 Commercial
- 94 Residential
- 41 of those are ‘Single Family’ residential. Many have accepted, conditional offers waiting for subject removal which makes the deal firm and unconditional. A property is not reported sold until the subject conditions are removed.
Bottom line: more “homes” (under $400,000) are needed. What we think of as a home is also continuously changing with the evolution of the design/build process. We need cooperation and continued expansion of allowable home design to foster the trends brought to life by the incredible people, from all over the globe, making Revelstoke their home.
The Columbia will flow and Revelstoke will grow. Let’s also hope the path ahead takes into account the preservation of the natural playground we are all attracted to. This is what brought many of us here!
The growing pains are far outreaching and go deep. We’ve got some interesting times ahead. There is demand, but the supply is delayed. So we wait. Let it snow!