Whether buying or selling a home in Castlegar, it’s nice to know that the current real estate market is in good shape, especially with the crash of 2008 still lingering in recent memory.
“The market place is strong right now,” says Derek Sherbinin, broker at Century 21. “We have a lot of properties that are being listed, a lot of properties that are actually being sold as well. In some cases we’ve been seeing multiple offers on properties.”
And the market is not only strong right now, but has been for the past few years.
“Probably the last five to six years it’s been a relatively consistent market,” says Simon Laurie, broker at Castlegar Realty.
In the case of the real estate market consistency means a strong market overall, with minor fluctuations. Some due to the season.
“There is a seasonal effect in Castlegar,” says Laurie. “It’s not significant, but you know obviously spring and summer months are, in general, busier than the winter months.”
Lorene MacGregor, broker and owner at RE/MAX Home Advantage, has seen the same seasonal trend.
“The months of July and August have seen a lot of closings,” she says. “We did start off slowly; I think the whole market started off slowly, and we’re just starting to catch up.”
Other fluctuations occur year to year, but balance out. For instance, the number of sales are down slightly this year, but so are the number of listings, while the average price of a house has risen from $250,000 last year, to $259,000 this year.
Despite the rise in selling price, houses are selling faster. Last year the average number of days a house was on the market was 118 days, while this year it’s 94 days.
Sherbinin credits the strong market to low interest rates, with some as low as 2.69 percent for five years. He also credits the diverse job market in Castlegar, with people finding jobs at Celgar Pulp, Interfor, Teck, and Selkirk College.
“We’re confident in the market,” says MacGregor. “We’re seeing homes sell, [and] we’re seeing homes that are priced right sell very quickly.”