January 2023 Market Update

Wow what an interesting start to the new year!

As expected, Cranbrook sales have slooooowwwwwed way down over last year. Economic uncertainty, inflation and interest rates are keeping buyers on the sidelines. All performance indicators for Cranbrook are showing a softening of the market.

Most notably average sale price really took a downturn with a drop of 18%. Days on market and sold vs. list price also reflects a market softening. Silver lining is that sold's were actually up over LY, however it's not keeping up with the inventory and sellers are needing to reduce their prices and taking less then list price in order to sell.

Kimberley has also had some interesting figures show up in the stats. As many know right now it's a busy time in Kimberley and the resort area, so we have seen a bump in sales activity. However just like Cranbrook it's not keeping up with inventory accumulation.

Inventory is way up and continues to build. Where the stats seem to waiver a bit compared to Cranbrook is in the average sale price, days on market and sold vs. list price. Normally given the months of inventory we would expect the other KPI's to reflect a buyers' market, but surprisingly Kimberley's stats all showed improvements in the above mentioned categories.

As a caveat to this thought, given Kimberely's small sales volume, luxury home sales can drastically impact its sales figures. In this case we suspect a luxury home sale did impact the average sale price for last month.

Keep an eye out for our market update video this month where we dive into more details about the local market.

Steve Throndson Real Estate Advisor | Steve@ThrondsonRealty.com | 250.919.3366