November 2024 - Merritt BC Real Estate Stats
Moving to Merritt Market Stats for November 2024
Signs of Hope For Buyers and Sellers
With the cooling market affecting Merritt over 2024, the fall has seen a surprising upswing in activity for all housing sectors. Detached, Duplex, Semi-detached, Condos, and even bare land saw a share of the 19 solds over the month of November - however, leading the way was affordable detached and semi-detached housing. While there is still interest in the more expensive single family homes, the high water mark for sales in the month was a sale price of $685,000. While the average sale price was just $388,000. Among the flurry of sales were half duplexes and affordable detached houses. Of the 19 sales in the month of November, 13 of them were under $500,000.
Check out some of the general numbers Here.
Sellers in Merritt - Be Patient.
With the average days on market hovering around 62 days, if you're a seller it is time to exercise patience. A rate reduction is expected in December that might help heat the market up in the new year, but with more inventory available than usual, buyers are being more selective and patient with their home search as well. If you're looking to sell quickly, pricing sharply is your friend. If you're holding out for top dollar, be prepared to hold on a little longer.
Longterm Outlook - Positive!
I think with the amount of activity that is still occuring into the winter months, this is a positive sign for Merritt and the Nicola Valley. Rate drops should help buyer sentiment moving forward, and we should see more buyers come into the market. Once the snow starts to melt (it hasn't even really started yet) we should see more buyers and sellers enter the market for a busy 2025.
Looking For Help? Call Jared Thomas, Merritt, BC Realtor
If you're looking to get off the sidelines, and get serious about buying a home this year and want some of the best real estate service feel free to give me a call any time.
Jared Thomas
778-694-6804
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