Market Update May 2023

I've got real estate stats for you for the 100 Mile House area and the Interlakes area specifically.
Hey, everybody, Amanda Oldfield with eXp Realty, and let's look at what the market's doing. I'm going to share my screen here with you guys. We're going to start with land. So right now, we are looking at active across the whole 100 Mile House area. We have 85 bare land listings. And when we look at what's sold in the last month across the same area, we've got six sales. So this would tell us that there's, geez, over 10 months, maybe a year's worth of inventory, but that's not really the case. What we're seeing here is the sales numbers are a reflection of the fact that the snow's just gone, and people aren't buying bare land that's covered in snow when they can't see it. So we're actually expecting next month's sales data to be much stronger than this. Now when we look at what's going on in the residential side of things, so we've got 168 active listings, you can see here, across the 100 Mile area at the moment. And we look at sales for the last month, we had 25. So again, this is going to be impacted by the time of the year. This tells us that we're about six months worth of inventory, but in the next month, we're going to sell many more houses than we did in the last month just because it's spring, and that's how the market rolls around here. So when we look specifically at the Bridge Lake and Sheridan Lake numbers for sales. I'm just going to stop my share for a second. Bridge Lake/Sheridan Lake, we had 20 active residential listings right now on the 10th of May. And then the last month we had sold four. Out at Deka, though, we only had two residential active sales right now, and we sold zero. So out at Deka on the house side of things, we've only actually sold one property since the start of the year, and it sold in two days. Out at Deka, if you've got a house, and you're thinking about listing, you have no competition right now. So that's why those numbers are so skewed if we're just going to pull data from them. Now let's get back to screen sharing, and I'm going to show you what's going on in our StatsCenter. So your purple line at the top here is 100 Mile House, and then we have Bridge Lake/Sheridan Lake in blue, and Deka Lake/Sulphurous Lake in green. You can see these are active listings, so there's not very many. And in fact, if you look sort of at the overall, I've got the 10-year pulled up here, so you can see how it looks on a 10-year average, and you can see the active number of listings is actually fairly low. It's not as low as it was over the last couple of years, but on that 10-year average, it is low. For sales prices, this is a bit of a noisy graph, so this is your average sales price by month. You can see this is all over the place, but it's worth noting that we get this one sale here on the blue line, a Bridge Lake/Sheridan Lake that was $1.6 million, and it's going to throw our averages out a little when we look at the rolling 12 months. So that's why Bridge Lakes numbers are at the top of the list there. But you can see for the average prices across the last three years, we had that peak. That was at about February/March of last year and things have calmed down since then. But our sales prices are still trending upwards. Because the inventory is still fairly low, and they're still buyers out there, we are seeing the sales prices continue and sort of trend up a just a hint, I think, right now. So that gives you guys a bit of an idea what's going on in the Bridge Lake/Sheridan Lake market, Deka Lake market, and 100 Mile overall. If you'd like a more specific look at your neighborhood, give me a call and we can talk about that. Or I can film you a video, like this, just specifically for you. So hopefully, you guys found that helpful. I'm Amanda Oldfield with eXp Realty, and as always, I'm here to help.
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