Sicamous Waterfront Condo Market

Toward the end of the year and at the beginning of a new year, I am often asked by clients, past, current and potential what it is that they can expect of the market in the coming year. 

This is always a difficult question to answer in a small market such as Sicamous but I always start with the previous sales, in comparison to past sales, which can provide some perspective. Knowing where we've been can help point us in one direction or another.

Sicamous Condo Stats - All Condos in Waterfront Developments

 

Sales

Median 

Price

Average Days

on Market

2018

16

$315,000

93

2017

14

$286,000

172

2016

18

$322,000

237

2015

15

$289,000

154

2014

20

$316,000

242

2013

15

$400,000

138

2012

6

$335,000

128

2011

13

$360,000

247

2010

8

$396,000

137

2009

10

$442,000

153

2008

4

$490,000

162

2007

11

$401,000

146

2006

16

$383,000

93

Overview of Events:

2008 - Recession 

2009 - By 2009, 4 new projects hit the market: Hummingbird Resort, Grandview Shores, Legacy on Mara Lake and Portside Court adding 184 new condos to the market which took approximately 8 years in total for the developers to sell out. 

2012 - Sicamous floods 

2013 - Calgary Floods 

We've seen a consistent number of sales over the last 6 years with an average of 16 a year. 2018 saw "mini-markets" emerge with White Pines Resort behaving much like a Seller's Market with little to no inventory and an increase in price of about 14% over 2017. We also saw The Riverside lack in inventory taking 30% of the sales in 2018. Both developments were popular this year largely due to falling within the median sale prices and selling between $246,000-$315,000. 

With economic uncertainty in the Alberta market, I believe we will continue to see a price-conscious buyer. While we see sales in all price points, with just 4 sales in 2018 selling from $515,000 up to $730,000, buyers will continue to want to know they are paying no more than market value. Based on prices being fairly consistent over the last 4 years, I believe market values will remain unchanged with a slight trend up, depending on the development.

Although the new year has just begun, I am positive for the spring market based on the number of inquiries I am getting from potential purchasers who will be coming to the area over the next few months to view condos.

Smaller markets such as the Sicamous Condo Market, 'emerge' meaning the best indication of what we can expect in 2019 will be revealed over the next few months as we gauge the level of inventory and the number of early sales. I have seen more condos listed through the late fall right through to the end of December than I have in the past, which may be an indication of higher inventory to come in 2019. 

Sellers will do well to list earlier in the year so as not to miss out on a potential purchaser. Purchasers looking to enter the Sicamous market would do well to work with an agent to receive notifications of newly listed condos so that they will have the best selection in their preferred development. 

If you currently own in Sicamous / on Mara Lake and are thinking of selling this year, please give me a call to talk about market value in your complex and what the best time for you to list might be. If you're a purchaser and would like to narrow down criteria based on how you see yourself vacationing, whether or not you have a pet and/or would like to rent, let me know. 

I look forward to an opportunity to talk with you and may 2019 bring you good health and good fortune!

Paige Gregson 250-308-2928

Oh, by the way®... if you know of someone who would appreciate the level of service I provide, please call me with their name and business number. I’ll be happy to follow up and take great care of them.

 

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Paige Gregson

Paige Gregson

REALTOR®
CENTURY 21 Executives Realty Ltd.
Contact Me

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