Just the Stats! Revelstoke real estate market December update

Revelstoke inventory remains low, but new builds could bolster stock

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Photo: Joel Swick

This article first appeared in print in the December 2018 issue of Revelstoke Mountaineer Magazine.

The snowline continues to make its way down the mountains, soon to blanket our snow globe town as winter moves in.

Revelstoke’s real estate market continues to show signs of strength despite the continued lack of inventory. Buyers are poised and ready if properties are priced right. The average sale price for homes has increased this year over last by 10% even with the correction experienced since the spring. Total sales this year over last decreased by 7%.
Our very unique market remains fairly strong through the winter months as the world continues to learn of the incredible snow and big-mountain, small-town living Revelstoke offers.

The need remains for smaller lots and higher-density residences. Much work is being done behind the scenes to create these absolutely necessary properties for a well-rounded community, creating space for every price range in the market. With a new mayor and council in the recent municipal election, all invested in Revelstoke are expecting much needed change to streamline the building and development process. Revelstoke has a chance to do it right. There is no place like home! Let it snow!

Breakdown of the types of property sales so far in 2018:

• 82 single family residential sales from $212,000 to $930,000
• 19 strata and recreation sales from $235,000 to $1,455,000
• 21 manufactured home sales from $60,000 to $355,000
• 31 lots and acreages sales from $40,000 to $380,000
• For a total of 153 Residential Sales from January 1 to November 15, 2018.

Number of single family residential home sales by month the past three years:

 

Month 2015 2016 2017 2018
Jan 3 6 3 5
Feb 2 10 4 5
Mar 7 11 8 8
Apr 8 8 6 8
May 13 10 9 6
Jun 12 10 14 11
Jul 10 7 9 8
Aug 17 14 12 9
Sep 17 10 6 5
Oct 19 7 8 14
Nov 8 7 9 3

Average Sale price of single family residential homes in the past 10 years:

Year Average Sale Price
2008 $433,557
2009 $365,094
2010 $358,459
2011 $355,780
2012 $341,468
2013 $331,109
2014 $333,230
2015 $345,101
2016 $376,931
2017 $486,708
2018 $537,793

Current Listings:

• 11 Commercial
• 6 Strata
• 40 lots and acreages
• 38 single family residential.

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