June 2024 Fernie Real Estate Market Report: Key Insights & Surprises

In this episode of The Property Mindset Podcast, Phil Gadd dives into the latest Fernie Real Estate Market Report for June 2024. Discover key insights, including a 6% rise in new listings, a 15% increase in average sale prices compared to last year, and a whopping 36% rise in average house prices since 2021. Stay tuned for detailed analysis and what these trends mean for buyers and sellers in Fernie.

Show Sponsor: First Tracks Real Estate Group - eXp Luxury

Transcript

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Welcome to the property mindset podcast. The home of the Fernie real estate market report.

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So welcome back to the Property Mindset Podcast with me Phil Gadd. It is the beginning of July, which means one thing, we are looking back at the month of June. So stay with me for the Fernie Real Estate Market Report for June 2024. Some interesting facts, stay to the end, because we look at how much the average house price in Fernie has gone up since 2021, and I think some of you will be in for a big surprise. The market summary for Fernie June 2024. Let's get straight in. So we've had 33 new listings last month in June 2024. That's actually up 6 percent on last year but we are definitely getting inventory back in the market. the number of solds in June interestingly is down 13 percent on this time last year to only 13. Now the average house price, as if you've been following along, this year, the average house price in Fernie is steadily creeping upwards. So the average list price in June, 2024 was 840, 292, 000. That's up 14%. And the average sale price down slightly. On the month before, but still this year at 820, 377. That's actually up 15 percent on the same time last year. sale to list ratio, actually down 1 percent to 97%. And also, interestingly, days on markets down. 71 days, this June. That's 8 percent difference on the same time last year. Month supply of inventory and active inventory. So the month supply of inventory, the MSI number, it's basically, you remember this, it's that metric that lets us know for in a buyer's or seller's market, 8. 76%, which basically means we are in a buyer's market, but are buyers buying? Not so much. Depends what type of the market, you're in, properties, the higher end of the market. Absolutely. Moving very quickly. the sort of mid range, not so much, but active inventory is up 92 percent actually this month. last month, June, 2024, that's up 21 percent on this time last year. the average house price or the average price across the board. As of, June, 2024, since January, 2024 is 852, 815. And as you can see, since 2021, the average price of property in Fernie has gone up considerably. So as you can see here, year on year, House prices or the average house price has pretty much gone up, steadily from 21 to 22 to 23, as you can see here. So the actual increase since 2021 on the average house price in Fernie is a whopping 36%. So if you'd bought a house in 2021, the average cost of a house here in Fernie was 547, 000. As of June 2024, the average cost of property in Fernie is 852, 815 up 36%. As always, Phil Gadd, First Trax Real Estate Group, bringing you the information for the Fernie real estate market, keeping you up to date with all the stats. If you do need further information or you are thinking of buying or selling Fernie in real estate, then there's only one thing to do. Give me a call. 778 745 0347.