If you're wondering what's happening in the 100 Mile House real estate market, I've got some numbers for you guys.
So it's November 3rd when I'm recording this and currently we've got 198 listings across the 100 Mile area.
In 2020 in October, we sold 53 listings and in 2021, we had sold 56. So there's not a huge change there, but we did sell more this year than last year.
Out of those 56 that we sold, 46 of them were under $500,000. So only 10 properties over $500,000 sold. Right now there's 70 properties left over 500,000. Those houses are sitting on the market a little bit longer. There's a lot less buyers up at those higher price points. Those houses need to be marketed better; you've got to make sure you've got some great pictures, things like that.
Out of those 56 that we sold, 46 of them were under $500,000. So only 10 properties over $500,000 sold. Right now there's 70 properties left over 500,000. Those houses are sitting on the market a little bit longer. There's a lot less buyers up at those higher price points. Those houses need to be marketed better; you've got to make sure you've got some great pictures, things like that.
When we look at the inventory, it still keeps declining. Last year on the residential side for October, there was 156 listings. This year in October, we had 116.
Days on market, though, have been rising. So in October this year, we were at 54 days, as the median days on market for everything that sold, and back in May, the median was 26. So you can see, houses are taking a little bit longer to get sold. And days on market is actually considered a leading indicator. It's an indication that the market's cooled off since May. October is usually a pretty busy time for us, but doesn't always rival May, and the peak seemed to have been maybe even before May; it's been kind of a crazy year.
There's a look at what's going on in the 100 Mile market.
If you guys have any questions,
I'm Amanda Oldfield with eXp Realty and I'm here to help.
Have a great day.