November Market Update. What’s Happening in Kimberley Real Estate?

November brought some interesting shifts to the Kimberley market, and while things are still moving at a steady pace, we’re also seeing the effects of lower inventory and more selective buyers. Here’s a breakdown of what happened and what it means if you’re thinking about buying or selling.

Sales stayed steady, but new listings dropped

We saw 13 homes sell in November, exactly the same number as last year. What changed was the number of new homes coming to market. New listings dropped by more than 20 percent, which means buyers had fewer choices and sellers faced less competition.

When listing activity slows down like this, the market becomes tighter. Even in a more cautious environment, reduced inventory can help support pricing.

Prices continued to climb

Both the average list price ($556,134) and the average sale price ($512,538) increased from last year. List prices rose by almost nine percent and sale prices rose by more than seven percent. Despite a more balanced and slower moving market overall, Kimberley continues to hold strong on value.

This tells us that buyers are still willing to pay for well maintained or well presented homes, especially in desirable neighbourhoods.

Homes sold faster this November

One of the most notable changes was days on market. Homes took about 95 days to sell compared to 120 days last year. That’s a significant improvement and a sign that buyers who are active are genuinely motivated.  Even though we’re not in the ultra fast market we saw during the pandemic, properly priced homes are still attracting attention and moving in a reasonable timeframe.

Inventory tightened significantly

Active listings dropped by more than 30 percent, bringing months of supply down from 5.16 to 3.57. When supply shrinks this quickly, the market becomes more balanced and can even lean in favour of sellers in specific price brackets.

For homeowners who are considering listing in the new year, this is encouraging. Less competition means your home has a better chance of standing out.

Buyers are still negotiating

The sale to list price ratio dipped slightly, from 92.63 percent to 91.57 percent. This shows that while prices are holding, buyers are still expecting some negotiation room. Accurate pricing is important. Overpricing will lengthen your days on market and ultimately work against you.

What this means moving forward

If you’re thinking about selling, the combination of lower inventory and steady pricing puts you in a better position than you might expect for this time of year. Buyers are selective, but they are active, and they’re moving when the home is priced correctly from the start.

If you’re buying, the slower pace can work in your favour. There’s more time to make thoughtful decisions and negotiate terms that work for you.

If you’re curious about what these trends mean for your specific property, I’m always happy to put together a personalized market evaluation.