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Real Estate Ramblings - What's hot in Dawson Creek real estate?

Market Update: Sales to listings ratio's All sales information is taken from March14, 2010 to June 14, 2010. All data was accurateat the time this article was written on June14, 2010.

Market Update: Sales to listings ratio's

All sales information is taken from March14, 2010 to June 14, 2010. All data was accurateat the time this article was written on June14, 2010.

Pending sales are homes on which a negotiatedagreement has been reached but thetransaction has not yet completed.

The Dawson Creek real estate market is currentlyexperiencing record levels of transactions.Year to date there have been 116 transactionscompared with 111 in 2008, the previousrecord holder. However, there are 181 homeson the market. The local market is relativelybalanced leaning towards favoring sellers. Readon for a break down by asset class.

Question: "What is selling these days?"

Answer: Under $100,000: There are currently 19homes for sale in this price range. 12 of themare mobile homes. There have been 7 sales inthis range in the past 3 months. There is 1 salepending. The sales include 3 mobiles, 3 fixer-uppersin Pouce Coupe and 1 foreclosure. Thesales to listings ratio is 30%. Selection ofmobiles in this range is good. Single familyhomes need a lot of work. If you're handy, thedeals are there to be had.

$101,000 - $150,000: There are currently23 homes for sale in this price range. 5 havesold and there are 2 more sales pending. Thiscontinues to be a poorly performing pricerange with a sales-to-listings ratio of 23%. Agenerous portion of this price range are mobilehomes. The single family homes all require significantwork to make them comfortably livable.However, for buyers, the margins arethere to increase your net worth with somesweat equity. If you are selling in this range, it isa matter of price and motivation.

$151,000 - $200,000: This is the hottestasset category in Dawson Creek. There are only15 homes available for sale in this price rangeincluding a couple of brand new condos. Theseoffer great value if you don't have a family orlarge pets. We have seen 17 sales in the past 3months including 6 brand new condos and 1older condo. There are an additional 9 salespending (2 condos). The sales to listings ratio inthis category is 41%. If you consider the pendingsales, that increases to 63%. The movementin this price range points to the maturingof our market as more and more people acceptwell priced and appointed condos as an alternativeto a single family home. This is greatnews.

$201,000 - $250,000: There are 38 homesfor sale in this price range. There have been 21sales in the past 3 months plus another 10pending transactions. The sales to listings ratiois 30%. This is the peak of the bell curve in ourlocal market in terms of volume. There is greatvalue to be had in this range. Well-appointedfamily homes with a full basement can still befound at the bottom of the range if you act fast.

$251,000 - $300,000: There are currently 20homes for sale in this price range. There havebeen 11 sales with another 5 sales pending. Thesales to listings ratio is 31%. This is another"good value" range if you know what you arelooking for. There are still some brand new propertiesto be had and the older product tends tobe very well maintained and often totally renovated.

$301,000 - $350,000: There are currently 20homes for sale in this price range. There havebeen 6 sales plus 8 more transactions pending.The sales-to-listings ratio is only 17%. However,when pending sales are considered the ratio is41%. This shows this segment acceleratingrecently. This range includes ideal starter homesfor those that can afford it and very little that wasbuilt before 1980. If it was built before 1980, ithas been substantially renovated and is ready formove-in.

$351,000 - $400,000: There are 16 homescurrently available for sale in this price range.There have been 6 sales and there are 2 morepending. The sales-to-listings ratio is 25%. Theseare strong levels for this price range. There are afew brand new homes still available in this pricerange which can complete before the HSTimpacts the price. If you can afford it, the time toact is now.

$401,000 - $450,000: There are currently12 homes for sale in this price range. Therehave been 2 sales in the past 3 months andthere are 5 transactions pending. The sales-to listingsratio is 10%. These numbers, however,are drastically misleading because several brandnew homes have been sold in this price rangeoutside of the MLS. Take a drive through anynew subdivision and you will see what I mean.This is, in fact, a very robust price range and agreat indicator of the upwards movement ofour local market.

$451,000 and up: There are currently 19homes for sale in this price range and 16 ofthem are acreage estates. There have been 2sales plus an another 3 pending. The sales-listings-ratio is just under 10%. However, consideringthat this is uncharted territory for ourlocal market, every sale is a sign of strength. 1sale and 1 pending sale are in town. This is verysignificant considering that there have beenonly 3 single family homes sold in this range inthe history of Dawson Creek.

Kevin Kurjata is a Dawson Creek Real EstateSpecialist with Remax Dawson Creek Realty. He canbe reached by phone at 250.719.3538, email at kevink@kevink.ca or visit him online at www.kevink.ca. He is currently accepting new clients.