Williams Lake’s real estate market is hot right now, say local realtors.
“The market is moving quite quickly,” realtor Susan Colgate of Interior Properties told the Tribune Thursday morning.
“I don’t think we’ve seen units selling for the prices that they are for quite a few years,” Colgate said. “There is a low inventory in many desirable areas and it has become a bit of a seller’s market.”
Sutton Cariboo Realty’s Court Smith is vice-president of the BC Northern Real Estate Board (BCNREB) and echoed Colgate saying the market has a challenged inventory.
“There is a really strong demand in all price ranges,” he said.
In Smith’s office, the buyers are about 50 per cent locals wanting to move around and 50 per cent new people moving to Williams Lake, he said.
“The market is strong,” Smith added. “It was a strong year last year too.”
Referring all property sales in the Williams Lake area, Smith said there were 174 sales in the in the first five months of 2017, compared to 164 sales in the first five months of 2016.
Realtor Carol-Ann Taphorn of Interior Properties recalled that it was 2007 when the market was as strong as it is now.
“When something comes along that’s priced right, it’s gone,” Taphorn said. “There are often multiple offers.”
She agreed with Smith saying half the buyers are local.
People coming from out of town are coming from all over the province, she added.
Referencing the statistics reflecting sales from the beginning of 2017 until the end of May, Taphorn said the average home in Williams Lake is selling for $260,656, compared to the same time frame in 2016 when the average home price was $253,313.
The biggest change is in the value of residential housing sales, Taphorn noted.
As of the end of May 2017, a total of $20,331,201 was achieved, which is up considerably from the end of May in 2016 when the amount was $14,692,208.
“It’s quite a difference,” Taphorn said. “As soon as a sign goes up people are phoning. It’s quite a different market.”