Market Update June 2023

Hello, everybody. Here is a look at the stats of what happened in the real estate market here on 100 Mile House in Bridge Lake, and Sheridan Lake, and Deka Lake in the month of May.

So it's June 6th when I'm recording this, but we'll look at May data. I am going to share my screen, and we are going to start here. So, what we've got here is this is active across the 100 Mile area as a whole. Right now there's 317 listings. Now this is a big jump, but it's that time of year. We expected this jump. When we look at what's sold, so I've got here the sold list for the month of May and the whole area was 46. So if you take that 317 listings divided by 46 it's about seven months worth of inventory. But it's that time of year where our sales numbers are pretty high and our listings peak. Actually, in about the next couple of weeks we expect those listings to peak. Now what we've got here, this is active at the Bridge Lake, Sheridan Lake, Deka Sulphurous area. Right now we're at 67 active listings. These numbers have jumped up quite a bit. I remember, I think it was two months ago, Deka only had a couple of listings active. Currently, Deka has got 17 active listings and they had two sales in the month of May. And Bridge Lake, Sheridan Lake has 50 active listings at the moment and in the month of May, they sold five. One of the things we're seeing here is the snow doesn't melt till the end of the month of May, or sorry into the month of May. And there's a two week time lag between somebody writing an offer usually and someone removing their conditions.

So we are seeing some of those numbers in the lower May sales numbers. But when we look at what's available, so this is again, Bridge Lake, Sheridan Lake, Deka Lake, the cheapest stuff we've got going are little third acre lots on the highway, I would at Lac Des Roche. You'll see here there's a bunch of stuff that's come up at Deka, a bunch of bare land, lots. Those are all, you know that 70 up to, some of them are a little pricier, 130. These ones here are out at Sheridan Lake and then we're going to skim to the end. So, the most expensive stuff we've got going, there's a couple resorts for sale in the millions of dollars of mark. There's actually quite a lot for sale over a million. When we get into the under a million mark, we've got some waterfront, some large properties, waterfront acreage properties, sort of there at the high end. That's what we've got for sale right now. Now, we're expecting, as you know, the next month goes by we'll see some of that inventory come off and things should balance out a bit better. So here we are looking at the Stats Center. This is for 100 Mile House altogether as a whole and we're doing 10 years on a monthly average, which is why it's so noisy. But, sales, you can see every year at this time of year we start to get those ups and downs, which just is the indication of everybody getting spring fever at the same time, which is how that usually works. You also see those same spring fever indications in this graph, which is the active listings. But I want to draw your attention to, you know, in May we had 217 active listings, and when you look at the history here, you can see it's not a huge amount. So we have seen the inventory jump, we were expecting it, and it still hasn't jumped very high. Our month supply, it's interesting. So, the market since about 217, or sorry, 2017, has been fairly steady and you can see it in this graph. Month supply has been fairly low over that period. It's always a little hard to tell what's going to happen in the next few months, but things aren't as quiet as we've, at least as I expected them. I expected it to be fairly quiet through the whole last year. Now, last fall was pretty quiet. The spring, like the early January to March time for me, was a little quiet, but these last couple of weeks have been pretty hectic.
That is what we expect at this time of year though. So, in the next couple of weeks, I would expect the inventory to peak. Things will start to fall or get sold off after that. And I'm not sure if we're going to swing real far into that buyer's market or if we're going to sort of stay in the seller's market we've been in for a while. But there you go, that's your look at what happened at the numbers in May. And if you guys have any questions, I'm Amanda Oldfield with eXp Realty, and I'm here to help. So give me a call and get your questions answered. Have a great day.

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