Charlie Veaudry

Serving you with passion!

 

May sales bounced back from the slower pre-election April sales. With 155 single family homes sold, that is the highest number of May sales ever in the North Okanagan, up 51 from April and 2 higher than May 2016. The election is over, but uncertainty lingers as we wait to see who forms government. Consumer confidence will remain low as will real estate. Also, the low inventory continues to have an unusual impact on our real estate market with homes selling quickly (my listings average 5 days on the market!), selling for above the asking price due to multiple offers and reluctance for people who want to sell but are afraid they will not be able to find a new place. Last month I shared some techniques I developed to help my clients overcome this. I got a good response so I will cover it again at the end of this update.

 

Sales - Sales of single family residential homes for the 12 months ending May 2017 eased a little more to 1,264 dropping to a 14.5% increase over last year down from last month’s 18% increase. The real estate market seems to be reflecting the uncertainty of our political landscape. Given that the real estate market is dependent largely on consumer confidence, this makes sense. The uncertain political climate will continue to soften activity although June month-to-date sales are up 10% from the same period last year.

 

Inventory - The 12 month average monthly inventory of single family homes is still the lowest since 2006. The 12 month average monthly inventory dropped 160 units to 369 for the last 12 months ending in May 2017 compared to 529 for the same period in 2016. Home owners are still reluctant to list their homes.

 

Prices - Average median prices moved up slightly to $392,554 for the last 12 months ending in May 2017. Prices continue to be above the highest levels in the history of real estate in the North Okanagan Valley! Average median prices are still 6.6% higher for the 12 months ending in May 2017 over last year and are up 21.3% from 2013 when we saw the lowest average median price of the last 10 years. This is still 8% higher than the peak prices of 2008. New records for high real estate prices continue in our market. As long as there are more Buyers than there are homes for those Buyers, we will see upward pressure on prices no matter, it seems, how much the sales volume drops.

 

Absorption Rate - The rate at which our inventory is being absorbed by Buyers continues to climb. The average absorption rate of 27.73% over the 12 month period ending Map 2017 is up from the 17.35% for the same period last year. Also, at the end of May 2017, we are down to 2 months supply of homes available on the market from 4 in April.

 

So as promised in my opening paragraph, here is a repeat of my ideas from last month about how we deal with finding homes for the Buyers who are looking and for the Sellers who want to sell but are afraid they won’t find anything to buy. #1). buy first, then sell and use the rising market to fund the overlap costs (if you would like more details on this, please ask me). #2). Get your ducks in a row (financing, etc.) then monitor the market (with my help, I can show you homes 24 hours before they are shown to the general public, and I also know of many “pocket” listings) . When you find a home you like, be prepared to put in an offer right away (with my portable office, I can submit your offer from inside the house we are viewing). #3). Let me know where you want to live and I will canvass that area to see who wants to sell but has not listed yet. When the going gets tough, the tough must get creative!

 

What is your next move? Let me help you!

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page at If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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Well the combination of a pending provincial election and the lowest inventory since 2006 has slowed single family home sales again in the North Okanagan. April sales are down slightly from last month (typically April sales increase over March) and significantly from April last year. These declines are starting to show in the year-over-year sales stats as well. This low inventory is having unusual impacts on our real estate market where homes are selling quickly (my listings average 5 days on the market!), selling for above the asking price due to multiple offers and causing reluctance for people who want to sell but are afraid they will not be able to find a new place. These changes have prompted me to develop some clever techniques which I will talk more about at the end of this update.

 

Sales - Sales of single family residential homes for the 12 months ending April 2017 eased a little more to 1,262 dropping to an 18% increase over last year from last month’s 30% increase. It will be interesting to see what happens as we move further along into the 2017 spring post-election market. May month-to-date sales are already up 10% from the same period last year.

 

Inventory - The 12 month average monthly inventory of single family homes is now the lowest since 2006. The 12 month average monthly inventory dropped 160 units to 381 for the last 12 months ending in April 2017 compared to 541 for the same period in 2016. This is due to the the continued inflow of Buyers to our community which contributes to the lowest inventory we have seen in over 11 years.

 

Prices - Average median prices moved up again to $392,138 for the last 12 months ending in April 2017. Prices continue to be above the highest levels in the history of real estate in the North Okanagan Valley! Average median prices rose 7.5% for the 12 months ending in April 2017 over last year and are up 20% from 2013 when we saw the lowest average median price of the last 10 years. This is now 8.8% higher than the peak prices of 2008. New records for high real estate prices continue in our market. As long as there are more Buyers than there are homes for those Buyers, we will see upward pressure on prices no matter, it seems, how much the sales volume drop.

 

Absorption Rate - The rate at which our inventory is being absorbed by Buyers continues to climb. The average absorption rate of 26.77% over the 12 month period ending April 2017 is up from the 16.38% for the same period last year. Also, at the end of April 2017, inventory actually increased to 4 months supply of homes available on the market from 3 in March, which is mostly due to the low number of sales.

 

So as promised in my opening paragraph, how do we deal with finding homes for the Buyers who are looking and for the Sellers who want to sell but are afraid they won’t find anything to buy? Here are some hints… #1). buy first, then sell and use the rising market to fund the overlap costs (go ahead, ask me how). #2). Get your ducks in a row (financing, etc.) then monitor the market (with my help, I can show you homes 24 hours before they are shown to the general public, plus I know lots of Realtors with “pocket” listings) and if you like it, be prepared to put in an offer right away (with my portable office, I can submit your offer from inside the house we are viewing). #3). Let me know where you want to live and I will canvass that area to see who wants to sell but has not listed yet. When the going gets tough, the tough get creative!

 

What is your next move? Let me help you!


If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page at If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.
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North Okanagan real estate continues to move along at a flatter pace this year after breaking records last year. February sales, like January are a little off. Although sales are flat or slightly down from last year, they are still higher than two years ago. Our inventory is still at record lows giving Buyers less to choose from and bringing multiple offers to Sellers. After seeing record sales in 2016, February sales in 2017 were about average with 59 single family homes sold compared to 70 last year, a drop of 16%. However, year over year sales continue to show that we are still in a strong Sellers market. The first 22 days of March shows a 13.5% increase over last year for the same timeframe.

 

Sales - Sales of single family residential homes for the 12 months ending February 2017 eased a little to 1,293 still a strong 30% increase over last year. It will be interesting to see what happens as we move further along into the 2017 spring market.

 

Inventory - The 12 month average monthly inventory of single family homes is still the lowest since 2007/8. The 12 month average monthly inventory dropped 147 units to 403 for the last 12 months ending in February 2017 compared to 553 for the same period in 2016. This is due to the the continued inflow of Buyers to our community which contributes to the lowest inventory we have seen in over 9 years.

 

Prices - Average median prices inched up again to $387,304 for the last 12 months ending in February 2017. Prices continue to be above the highest levels in the history of real estate in the North Okanagan Valley! Average median prices rose 8.6% for the 12 months ending in February 2017 over last year and are up 19% from 2012/3 when we saw the lowest average median price of the last 10 years. This is now 5.2% higher than the peak prices of 2008/09. New records for high real estate prices continue in our market. As long as there are more Buyers than there are homes for those Buyers, we will see upward pressure on prices.

 

Absorption Rate - The rate at which our inventory is being absorbed by Buyers continues steady. The average absorption rate of 25.75% over the 12 month period ending February 2017 is up almost double from the 14.73% for the same period last year. Also, at the end of February 2017, inventory dropped to 5 months supply of homes available on the market from 8 in January, which is low for winter months and has not been this low since 2007.

 

To repeat an important message from last month, some of our local mortgage brokers have now had experience with applications for the new interest-free loan program from the BC government helping first-time homebuyers struggling to save up a down payment. According to Jeremy Schaffner at Invis, potential clients who wish to participate, MUST apply online, and 1 of the 4 documents required is a PRE-APPROVAL letter from a mortgage broker or lender. You cannot write an offer without being approved first for the program. There are some pros and cons to this program so make sure you talk to your mortgage specialist as early as possible (first thing) when getting the process started. (Jeremy’s phone number is (250) 549-9549. You can call or text him.)

 

What is your next move? Let me help you!


If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page at If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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November saw a slight dip in sales compared to last November. A lot of this can be attributed to the uncertainty and distraction of the US election. Strong real estate markets are the result of strong consumer confidence. Global uncertainty undermines consumer confidence and often we see that uncertainty reflected in fewer big purchases like homes. According to the BC Real Estate Association, housing demand across the province is expected to moderate next year as declining affordability related to rising prices and government policy interventions limit the number of eligible buyers. However, while home sales are not expected to repeat this year’s record performance, consumer demand is expected to remain well above the ten-year average. I have also heard from other industry leaders that we can expect a more balanced market next year.

 

Sales - Sales of single family residential homes for the 12 months ending November 2016 was at 1,311, up 39% from the 944 for the 12 months ending November 2015 and more than double the 590 units sold in 2011. Year-to-date sales for 2016 remain strong with a 42% increase over last year. Although the 12 month average for 2016 continues to be the highest in the history of real estate in our area, it is showing signs of losing momentum and may be leading to the predicted more balanced market in 2017.

 

Inventory - The 12 month average monthly inventory of single family homes is now the lowest since

2008. The 12 month average monthly inventory dropped 107 units to 443 for the last 12 months ending in

November 2016 compared to 550 for the same period in 2015. The downward pressure on inventory may

ease up as we move toward a balanced market in 2017. If that happens it will eventually reduce upward

pressure on prices as demand softens.

 

Prices - Average median prices pushed higher again and at $383,221 for the last 12 months ending in

November 2016 continue to rise above the highest level in the history of real estate in the North

Okanagan Valley! Average median prices rose 8.6% for the 12 months ending in November 2016 over

last year and are up 15.3% from 2012 when we saw the lowest average median price of the last 10 years.

This is 3.1% higher than the previously highest prices of 2007/08. We may see price increases easing up

in next year’s more balanced market.

 

Absorption Rate - The rate at which our inventory is being absorbed by Buyers continues to climb. The

average absorption rate of 24.45% over the 12 month period ending November 2016 is up from the

13.94% for the same period last year. Also, at the end of November 2016, there were 4 months of

available homes on the market, up from 3 last month. That is the lowest available inventory for November

since 2004 but we are starting to see that ease up as we head towards a more balanced market.

 

In the news, we heard about the provincial and federal government’s steps to try and cool the over-heated

market in the lower mainland. These kinds of changes take a while to impact prices as we first need to

see a reduction in sales volume followed by the increase that will happen to the inventory of available

homes. Then the softening of rising price will likely follow. It will be interesting to watch what happens to

our real estate market over the next several months.

 

What is your next move? Let me help you!

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page at If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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The hot North Okanagan real estate market cooled off a bit more in August (compared to July) as people continued to enjoy the great outdoors on their summer holidays. However, the numbers continue to set records. There were more homes sold in the North Okanagan in August than have ever sold in the month of August in the history of our local real estate market! With more Buyers, they are competing to buy the few available homes and that is driving prices up. Sales of single family homes in August this year are up 37% over August last year and at 122 units is the highest monthly sales for August ever! Now, with 4 months of inventory on the market, August average inventory has not been this low since 2007leading to continued upward pressure on the average price of homes in our local market. If you know someone who is thinking of selling their home, could you please have them call me?!

 

Sales - The sales of single family residential homes for the 12 months ending August 2016 was at 1,240, up 29% from the 955 for the 12 months ending August 2015 and more than double the 605 units sold in 2011. Year-to-date sales for 2016 remain strong with a 45% increase over last year. The 12 month average for 2016 continues to be the highest in the history of real estate in our area.

 

Inventory - The 12 month average monthly inventory of single family homes is now the lowest since 2007. The 12 month average monthly inventory dropped 58 units to 484 for the last 12 months ending in August 2016 compared to 542 for the same period in 2015. We will likely see further downward pressure on inventory as we continue to see strong sales in this market. The tightening inventory is pushing prices higher and creates a strong market for Sellers unless. If you want to sell your home, now is a good time.

 

Prices - Average median prices pushed higher again and at $375,229 for the last 12 months ending in August 2016 and continue to rise above the highest level in the history of real estate in the North Okanagan Valley! Average median prices rose 7.5% for the 12 months ending in August 2016 over last year. Average median prices are up 12.9% from 2012/13 when we saw the lowest average median price of the last 9 years. This is slightly higher (1.2%) than the previously highest prices of 2007/08. With prices now surpassing those previous peak levels, it is a clear indication that Buyers are willing to pay more for their peaceful place in paradise.

 

Absorption Rate - The rate at which our inventory is being absorbed by sales continues at high levels. The average absorption rate of 21.27% over the 12 month period ending August 2016 is up from the 14.30% for the same period last year. However, looking at the absorption for the month of August 2016 only, we can see that it continues to outperform August 2015 by almost double and is the highest August absorption rate since August 2007. Also, at the end of August 2016, there were 4 months of available homes on the market, easing up a little from 3 last month. That is the lowest available inventory for August since 2007, further supporting that now is a good time, if you want to sell your home!

 

In the news, we now hear that the government’s steps to try and cool the over-heated market in the lower mainland has pushed those Buyers to now look to the Okanagan for affordable real estate investments. It looks like we can prepare for a robust fall market. What is your next move? Let me help you!

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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The hot North Okanagan real estate market cooled off a little in July (compared to June) as the summer holidays kicked in and people get out to enjoy the outdoors. However, the numbers continue to set records. There were more homes sold in the North Okanagan in July than have ever sold in the month of July in the history of our local real estate market!

 

The Buyers keep pouring in as they come here to enjoy all the fun that we have to offer. Sales of single family homes in July this year are up 20% over July last year and at 138 units is the highest monthly sales for July ever! Now, with just 3 months of inventory on the market, July average inventory has not been this low since 2007. This lack of inventory continues to put upward pressure on the average price of homes in this market. As the Sellers’ market momentum continues, Buyers are finding fewer homes and competing with each other to buy them resulting in continued increases in prices. If you know someone who is thinking of selling their home, could you please have them call me?!

 

Sales - The total sales for the 12 months ending June 2016 was at 1,207, up 23.6% from the 976 for the 12 months ending July 2015. Year-to-date sales for 2016 remain strong with a 46.3% increase over last year. The 12 month average for 2016 continues to be the highest in the history of real estate in our area.

 

Inventory - The 12 month average monthly inventory of single family homes is now the lowest since 2007. The 12 month average monthly inventory dropped 42 units to 499 for the last 12 months ending in July 2016 compared to 541 for the same period in 2015. We will likely see further downward pressure on inventory as we continue to see strong sales in this market. The tightening inventory is pushing prices higher and creates a strong market for Sellers. As mentioned earlier, if you want to sell your home, now is a good time.

 

Prices - Average median prices pushed higher again and at $373,146 for the last 12 months ending in July 2016 continue to rise above the highest level in the history of real estate in the North Okanagan Valley! Average median prices rose 7.2% for the 12 months ending in July 2015 just one year ago. Average median prices are up 14.3% from 2012/13 when we saw the lowest average median price of the last 9 years. This is slightly higher than the previously highest prices of 2007/08. With prices now surpassing those previous peak levels, it is a clear indication that Buyers are willing to pay more for their peaceful place in paradise.

 

Absorption Rate - The rate at which our inventory is being absorbed by sales continues at high levels. The average absorption rate of 20.18% over the 12 month period ending July 2016 is up from the 14.61% for the same period last year. However, looking at the absorption for the month of July 2016 only, we can see that it continues to outperform July 2015 by almost double and is the highest July absorption rate since 2003. Also, at the end of July 2016, there were still only 3 months of available homes on the market. That is the lowest available inventory for July since 2007. Again, not to sound like a broken record... if you want to sell your home, now is the time!

 

In the news, we now hear that the government’s steps to try and cool the over-heated market in the lower mainland does not seem to have had much affect. It looks like we can prepare for a robust fall market. What is your next move? Let me help you!

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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If you want to sell your home, now is the best time to do that. You will get top dollar and your home will sell quickly. 


There were more homes sold in the North Okanagan last month than have ever sold in one month in the history of our local real estate market! The Buyers keep pouring in and we are struggling to find homes for all of them. Sales of single family homes in June this year are up 75% over June last year and at 187 units is the highest monthly sales ever! Now, with just 3 months of inventory on the market, June average inventory has not been this low since 2008 when sales were last at peak levels. As this Sellers’ market gains even more strength we need to find more inventory for these hungry Buyers. Again, now is the time to sell. Do you know someone who is thinking of selling their home? If so, could you please have them call me?!

 

Sales - The total sales for the 12 months ending June 2016 was at 1,184, up 22.5% from the 975 for the 12 months ending June 2015. Year-to-date sales for 2016 remain strong with a 52.8% increase over last year. The 12 month average for 2016 continues to be the highest in the history of real estate in our area.

 

Inventory - The 12 month average monthly inventory of single family homes is now lower than last year and the lowest since 2008. The 12 month average monthly inventory dropped 16 units to 513 for the last 12 months ending in June 2016 compared to 539 for the same period in 2015. We will likely see further downward pressure on inventory as we continue to see strong sales in this market. The tightening inventory is pushing prices higher and creates a strong market for Sellers. As mentioned earlier, if you want to sell your home, now is a good time.

 

Prices - At $367,979, average median prices for the last 12 months ending in June 2016 are now at the highest level in the history of real estate in the North Okanagan Valley! Average median prices rose 5.6% for the 12 months ending in June 2015 just one year ago. Average median prices are up 12.9% from 2012/13 when we saw the lowest average median price of the last 9 years. This is slightly higher than the previously highest prices of 2007/08. With prices now surpassing those previous peak levels, it is a clear indication that Buyers are willing to pay more for their peaceful place in paradise.

 

Absorption Rate - The rate at which our inventory is being absorbed by sales continues to soar upwards. The average absorption rate of 19.26% over the 12 month period ending June 2016 is up from the 14.66% for the same period last year. However, looking at the absorption for the month of June 2016 only, we can see that it is more than double last June (almost triple!) and has not been this high for 11 years since June 2005. Also, at the end of June 2016, there were still only 3 months of available homes on the market. That is the lowest available inventory for June since 2007. Again, not to sound like a broken record... if you want to sell your home, now is the time!

 

In the news, we hear that the government is taking steps to try and cool the over-heated market in the lower mainland. I was in Vancouver this past weekend and everyone I talked to is talking about selling their homes there. It’s on everyone’s mind. There are Buyers in that market offering up the highest prices ever seen making it a good time for people nearing retirement to realize their dream of living in the Okanagan paradise. Many others are talking about relocating here and continuing to work from home. What is your next move? Let me help you!


If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.
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And the BIG news continues this month as average median prices and now our sales volume have surpassed peak levels of 2008 and have now reached the highest ever for sales and prices in the history of real estate in the North Okanagan Valley. Again, we ask... where will they go from here and how fast? Sales of single family homes in May this year are up 31% over May last year and at 153 units is the highest monthly sales ever! Now, with just 3 months of inventory on the market, May average inventory has not been this low since 2008 when sales were last at peak levels. As this Sellers’ market gains more momentum we need to find more inventory for these hungry Buyers. Again, if you want to sell your home, now is the best time to do that.

 

Sales - The total sales for the 12 months ending May 2016 was at 1,104, up 11.5% from the 990 for the 12 months ending May 2015. Year-to-date sales for 2016 remain strong with a 46.2% increase over last year. The 12 month average for 2016 is now the highest in the history of real estate in our area.

 

Inventory - The 12 month average monthly inventory of single family homes is now lower than last year and the lowest since 2008. The 12 month average monthly inventory dropped 6 units to 529 for the last 12 months ending in May 2016 compared to 535 for the same period in 2015. We will likely see further downward pressure on inventory as we continue to see strong sales in this spring market. The tightening inventory is pushing prices higher and creates a strong market for Sellers. As mentioned earlier, if you want to sell your home, now is a good time.

 

Prices - Prices are the BIG news again this month!! Last month prices surpassed peak levels of 2007/08! At $368,271, average median prices for the last 12 months ending in May 2016 are now at the highest level in the history of real estate in the North Okanagan Valley! Average median prices rose 6% for the 12 months ending in May 2015 just one year ago. Average median prices are up 13.7% from 2012/13 the lowest average median price of the last 9 years. This is 1.3% higher than the previously highest prices of 2007/08. With prices now surpassing those previous peak levels, where will they go from here and how fast? If you are a Buyer sitting and waiting on the sidelines, it could cost you more to wait any longer. 

 

Absorption Rate - The rate at which our inventory is being absorbed by sales continues on an upward trend. The average absorption rate of 17.35% over the 12 month period ending May 2016 is up from the 14.96% for the same period last year. However, looking at the absorption for the month of May 2016 only, we can see that it is almost double last May and has not been this high for 9 years since May 2007. Also, at the end of May 2016, there were only 3 months of available homes on the market, down one from last month. That is the lowest available inventory for May since 2007. Not to sound like a broken record... if you want to sell your home, now is the time!

 

The spring market continues on a high note. With the indicators of higher sales, lower inventory AND higher prices, it is looking like 2016 is already a good year for Sellers in the North Okanagan real estate market. Buyers will have to be sharp and ready to move or risk losing out to the ever increasing number of new Buyers entering our market. And the longer Buyers wait in this market, the more they will pay for their home. That is just how the market principle of supply and demand works and there is nothing anyone can do about it. It just is.


If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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More BIG news this month as average median prices have surpassed peak levels of 2008 and have now reached the highest ever in the history of real estate in the North Okanagan Valley. Again, we ask... where will they go from here and how fast? Sales of single family homes in April this year are up 39% over April last year and continues to outperform April sales since 2005! Now, with just 4 months of inventory on the market, April inventory has not been this low since 2007 when we experienced our strongest real estate market in history. As this Sellers’ market gains more momentum we need to find more inventory for these hungry Buyers. If you want to sell your home, now is the best time ever.

 

Sales - The total sales for the 12 months ending April 2016 was at 1,068, up 6% from the 1,007 for the 12 months ending April 2015. Year-to-date sales for 2016 remain strong with a 54% increase over last year. The 12 month average for 2016 has now outpaced 2007/08 and is closing in on 2006/07 sales volume.

 

Inventory - The 12 month average monthly inventory of single family homes is still slightly higher than last year, something that the strengthening sales will eliminate fairly soon. The 12 month average monthly inventory rose 1.5% to 541 for the last 12 months ending in April 2016 compared to 533 for the same period in 2015. Again, we will likely see that reverse as we continue to see strong sales in this spring market. The tightening inventory is pushing us further towards higher prices and a strong market for Sellers. As mentioned earlier, if you want to sell your home, now is a good time.

 

Prices - Here is the BIG news this month!! Prices have surpassed the peak levels of 2007/08! At $364,813, average median prices for the last 12 months ending in April 2016 are now at the highest level in the history of real estate in the North Okanagan Valley! Average median prices rose 5.2% from 12 months ending in April 2015 just one year ago. Average median prices are up 11.8% from 2012/13 the lowest average median price of the last 9 years. This is 1.2% higher than the previously highest prices of 2007/08. With prices now surpassing those previous peak levels, where will they go from here and how fast? If you are a Buyer sitting and waiting on the sidelines, it will cost you more to continue waiting. 

 

Absorption Rate - The rate at which our inventory is being absorbed by sales continues on an upward trend. The average absorption rate of 16.38% over the 12 month period ending April 2016 is up from the 15.22% for the same period last year. However, looking the absorption for the month of April 2016 only, we can see that it is almost double last April and has not been this high for 10 years since April 2006. Also, at the end of April 2016, there were only 4 months of available homes on the market, down one from last month. That is the lowest April inventory since 2007. Not to sound like a broken record... if you want to sell your home, now is the time!

 

The spring market continues on a high note. With the indicators of higher sales, lower inventory AND higher prices, it is looking like 2016 is already a good year for Sellers in the North Okanagan real estate market. Buyers will have to be sharp and ready to move or risk losing out to the ever increasing number of new Buyers entering our market. And the longer Buyers wait in this market, the more they will pay for their home. That is just how the market principle of supply and demand works and there is nothing anyone can do about it. It just is.


If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.
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Another month of rising sales and tightening inventory confirms that we are in the strongest spring market since 2008. The BIG news this month is that average median prices are up to the peak levels of 2008. Where will they go from here and how fast? Sales of single family homes in March this year are up 60% over March last year and continues to outperform sales since 2008 and the number of sales is fast closing in on the peak numbers of 2007/08! Now, with just 5 months of inventory on the market, March inventory has not been this low since 2007 when we experienced our strongest real estate market in history. An early look at April shows that month-to-date sales are 125% over last year. The Sellers’ market has gained momentum.

 

Sales - The total sales for the 12 months ending March 2016 was at 1,028, up 3.5% from the 993 for the 12 months ending March 2015. Year-to-date sales for 2016 remain strong with a 65% increase over last year. The 12 month average for 2016 has now outpaced 2015 as I predicted it would last month.

 

Inventory - The 12 month average monthly inventory of single family homes is still slightly higher than last year, something that the strengthening April sales will eliminate quickly. The 12 month average monthly inventory rose 2.5% to 549 for the last 12 months ending in March 2016 compared to 536 for the same period in 2015. Again, we will likely see that reverse as we continue to see strong sales in this spring market. The tightening inventory is pushing us further towards higher prices and a strong market for Sellers.

 

Prices - The BIG news this month is that prices have returned to the peak levels of 2008! At $361,854, average median prices for the last 12 months ending in March 2016 rose 5% from 12 months ending in March 2015 just one year ago. Average median prices are up 11.2% from 2012/13 the lowest average median price of the last 9 years. This is just $384 (one tenth of 1 percent) off of the peak prices of 2008. With prices back to those those peak levels, where will they go from here and how fast?

 

Absorption Rate - The rate at which our inventory is being absorbed by sales has returned to an upward trend. The average absorption rate of 15.44% over the 12 month period ending March 2016 is up from the 14.97% for the same period last year. However, looking at March 2016 absorption we can see that it is almost double last March. Also, at the end of March 2016, there were only 5 months of available homes on the market, down one from last month. That is the lowest March inventory since 2007 and confirming our move towards a solid Seller’s market. 

 

The spring market continues on a high note. With the indicators of higher sales, lower inventory AND higher prices, it is looking like 2016 is already a good year for Sellers in the North Okanagan real estate market. Buyers will have to be sharp and ready to move or risk losing out to the ever increasing number of new Buyers entering our market.

 

For Buyers and Sellers it still remains important to look carefully at comparable sales of similar homes in areas similar to where your home is located. That is our only valid indicator of home values in any market.

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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Another month of rising sales and tightening inventory shows us that 2016 continues to move us towards our strongest early spring market since 2008. Sales of single family homes in February this year are up 80% over February last year and continues to outperform sales since 2008! Now with just 6 months of inventory on the market, February’s inventory was even tighter than January’s inventory when we should be expecting more listings as we move towards the spring market. An early look at March shows that month-to-date sales are doubled over last year providing further evidence that the North Okanagan real estate market is ready to shine. This is further evidence that we can anticipate a Seller’s market in 2016.

 

Sales - The total sales for the 12 months ending February 2016 was at 991, down only 2.8% from the 1,020 for the 12 months ending February 2015. However, we see that year-to-date sales for 2016 are trending up with a 60% increase over last year. The 12 month average for 2016 will likely outpace last year within the next month or two.

 

Inventory - The 12 month average monthly inventory of single family homes rose again for the third time in 5 years, a lagging response to previous slowing sales. The 12 month average monthly inventory rose 3% to 553 for the last 12 months ending in February 2016 compared to 537 for the same period in 2015. Again, we will likely see that reverse as we continue to see strong sales in this spring market as tightening inventory pushes us further towards a strong market for Sellers.

 

Prices - Prices continue to edge up as we see continued upward pressure on average median prices. At $356,617, average median prices for the last 12 months ending in February 2016 rose 3.3% from 12 months ending in February 2015 and was up 9.3% from 2012/13 when we reached the lowest average median price of the last 9 years. With price being one of the last indicators affected by changes in sales and inventory, it will be interesting to watch what happens to prices if sales continue to climb in 2016. We could be back to the peak prices we saw in 2008. Right now we are only 2% off of those peak prices.

 

Absorption Rate - The rate at which our inventory is being absorbed by sales continues lower over the short term. The average absorption rate of 14.73% over the 12 month period ending February 2016 dropped below last year’s figure of 15.36% for the sixth time in a row. However, looking at February 2016 absorption we can see that it is double last February. Also, at the end of February 2016, with only 6 months of available homes on the market, down one from last month, further indicates our move towards a Seller’s market. 

 

The early spring market continues on a high note. With the indicators of higher sales, lower inventory AND higher prices, it is looking like 2016 is shaping up as a good year for Sellers in the North Okanagan real estate market.

 

For Buyers and Sellers it still remains important to look carefully at comparable sales of similar homes in areas similar to where your home is located. That is our only valid indicator of home values in any market. 

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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Wow! We have to look all the way back to 2007 to see a January like we just had. Sales of single family homes in January this year are up 58% over January last year and have not been this high in 9 years! With just 7 months of inventory on the market, we have not seen January inventory this low since 8 years ago in 2008. An early look at February shows that month-to-date sales are up 40% over last year! Is this the year for the North Okanagan real estate market to really shine? These early indicators could be telling us to watch for a Seller’s market in 2016.

 

Sales - The total sales for the 12 months ending January 2016 was at 960, down 5% from the 1,013 for the 12 months ending January 2015. With the BC economy continuing to lead the country, our North Okanagan region may be poised for some stable recovery if January sales for this year are any leading indicator.

 

Inventory - The average monthly inventory of single family homes rose again for the second time in 5 years, a response to slowing sales. The average monthly inventory rose 2% to 555 for the last 12 months ending in January 2016 compared to 543 for the same period in 2015. Again, that can all change quickly if the trend set by January sales gathers steam.

 

Prices - Despite slower sales and rising inventory, prices continue to edge up and we are seeing continued upward pressure on average median prices. At $355,339, average median prices for the last 12 months ending in January 2016 rose 3.5% from 12 months ending in January 2015 and was up 8.7% from 2012 when we reached the lowest average median price of the last 9 years. With price being one of the last indicators affected by changes in sales and inventory, it will be interesting to watch what happens to prices if sales continue to climb in 2016.

 

Absorption Rate - The rate at which our inventory is being absorbed by sales continues to fall over the short term. The average absorption rate of 14.10% over the 12 month period ending January 2016 dropped below last year’s figure of 15.17% for the fifth time this year. However, it was higher than last months 12 month average of 13.73%, another encouraging sign. Also, at the end of January 2016, the inventory dropped to where there are now only 7 months of available homes on the market, down 3 from last month. This is still considered a balanced market but moving towards a Seller’s market.

 

It seems that we are starting the year pretty much on a high note. With the indicators of higher sales, lower inventory AND higher prices, it is looking like 2016 could be a better year for the North Okanagan real estate market.

 

For Buyers and Sellers it remains important to look carefully at comparable sales of similar homes in areas similar to where your home is located. That is our only valid indicator of home values in this contradicting market. 2016 will be an interesting year to watch and I will keep you posted as it unfolds.

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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After the post-election surge in sales for November, December activity pulled back for the typical Christmas holiday season slowdown. In fact, monthly sales of 43 single family units in December 2015 was down 10% from 48 sales in December last year and the lowest December sales in 3 years since 2012. Year to date sales in the North Okanagan continue to trend down 8% from 1,021 last year to 939 this year. What’s in store for 2016?

 

Sales - The total sales for the 12 months ending December 2015 was at 939, down 8% from the 1,021 for the 12 months ending December 2014. Although the BC economy continues to lead the country, our North Okanagan region continues to show signs of flux in the real estate market... although sales volume is soft and inventory is rising, we are still seeing slightly increasing prices.

 

Inventory - The average monthly inventory of single family homes actually rose for the first time in 5 years, a response to slowing sales. The average monthly inventory rose 1% to 554 for the last 12 months ending in December 2015 compared to 549 for the same period in 2014. It is difficult to say why this is happening in the North Okanagan when we see stronger markets to the north (Shuswap) and south of us (Kelowna).

 

Prices - Despite slower sales and rising inventory, prices continue to edge up and we are seeing continued upward pressure on average median prices. At $355,027, average median prices for the last 12 months ending in December 2015 rose 3% from 12 months ending in December 2014 and was up 7.4% from 2012 when we reached the lowest average median price of the last 9 years. With price being one of the last indicators affected by changes in sales and inventory, it will be interesting to watch what happens to prices if sales continue to slow in 2016.

 

Absorption Rate - The rate at which our inventory is being absorbed by sales fell back in December after November’s jump. The average absorption rate of 13.73% over the 12 month period ending December 2015 dropped below last year’s figure of 15.17% for the fourth time this year. At the end of December 2015, the inventory rose to where there are now 10 months of available homes on the market, up four from last month. This is still considered a balanced market with no indicator as to whether the spring market will see a resurgence in our absorption rate.

 

It seems that we are ending the year pretty much as it has gone for the last 9 months. With the conflicting indicators of lower prices, higher inventory AND higher prices, it is difficult to say where the North Okanagan real estate market will go in 2016.

 

For Buyers and Sellers it remains important to look carefully at comparable sales of similar homes in areas similar to where your home is located. That is our only valid indicator of home values in this contradicting market. 2016 should be an interesting year to watch and I will keep you posted as it unfolds.


If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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There were calls for a Canadian housing market correction last year, but in 2015 they reached a fever pitch.

That was among the major stories — others included foreign investment, Bank of Canada interest rate adjustments, and the dominance of the Vancouver and Toronto markets — that shaped real estate conversation in Canada over the past 12 months.

 

Scroll through the interactive timeline to see the defining moments of 2015 for Canadian real estate.

 

If you are more interested in what has happened in the Vernon and area market over the last year, you can find all of these reports on my website. Click here for the most recent update, or as always, if you want to chat about your home or the market, please don't hesitate to contact me!

 

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As predicted, November sales of single family residential homes rose sharply by 33.3% (up 19 single family residential units to 76) compared to November last year (57 units) and up 8 units from last month’s 68 units. The North Okanagan real estate market had a healthy rebound after the federal election although year to date sales in the North Okanagan continue to trend down 7.9% from 973 last year to 896 this year.

 

Sales - The total sales for the 12 months ending November 2015 was at 944, down 7.9% from the 1025 for the 12 months ending November 2014. However, the recovering market we were seeing earlier this year may be making a come back as signaled by the rise in November sales. This is still the 2nd highest volume of sales in the last 8 years since 2007. Now that last month’s federal election is behind us, sales should continue to show increases with the support of good economic news in BC.

 

Inventory - The average monthly inventory of single family homes dropped by only 1% to 550 for the last 12 months ending in November 2015, the lowest average inventory we have seen in the last 8 years. Inventory has not been this low since 2007, before the start of the recession triggered by the US banking crisis. With more Buyers out there looking for reasonably priced homes Sellers can finally make that move that they have been thinking about for the last few years.

 

Prices - Prices continue to edge up and we are seeing continued upward pressure on average median prices. At $352,881, average median prices for the last 12 months ending in November 2015 rose 3% from 12 months ending in November 2014 and up 6.2% from 2012 when we reached the lowest average median price of the last 9 years. If more Buyers enter the market and the inventory continues to tighten, we will see more upward pressure on prices.

 

Absorption Rate - The rate at which our inventory is being absorbed by sales rose a healthy 27% compared to last month seriously bucking the normal downward seasonal trend. The average absorption rate of 13.94% over the 12 month period ending November 2015 dropped below last year’s figure for the third time this year. At the end of November 2015, the inventory dropped to where there are only 6 months of available homes on the market, down two from last month. This is still considered a balanced market but is moving steadily towards a Sellers market.

 

As predicted, the real estate market slowed down during the period leading up to the federal election then did a serious rebound right after the election. This also happened during Alberta’s provincial election in May 2015 when Edmonton real estate experienced the lowest sales in 20 years followed the next month by a rebound in sales and even rising prices. It seems clear that consumer confidence hangs in the balance during any election period. 

 

At this point we now expect that the market over the next 6 to 18 months will be characterized by increasing sales and lower inventory moving more strongly towards a market that favours Sellers with more competition from Buyers and rising prices. Prices will rise as consumer confidence gains momentum and brings with it more Buyers putting downward pressure on available inventory.

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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October sales of single family residential homes continue to decline dropping by 24.4% (down 22 single family residential units to 68) compared to October last year (90 units) and down 16 units from last month’s 84 units. The North Okanagan real estate market although healthy, continues to stagnate while we continue to see much better numbers in the Shuswap to the north and Central Okanagan to the south. Year to date sales in the North Okanagan continue to trend down 10.5% from 916 last year to 820 this year. BUT WAIT! With the federal election now over, November is showing a stunning rebound!

 

Sales - The total sales for the 12 months ending October 2015 was at 925, down 8.7% from the 1013 for the 12 months ending October 2014. The recovering market appeared to be taking a break, although this is still the 2nd highest volume of sales in the last 8 years since 2008. This is the third month in 2015 that sales showed a decrease over last year, another factor that showed a stalling recovery. However, now that last month’s federal election is behind us, sales in the first week of November have rebounded an amazing 150% to 25 single family home sales from 10 for the same week last year. It will be interesting to see how sales go for the rest of the month and the rest of the year.

 

Inventory - The average monthly inventory of single family homes dropped only 3% to 548 for the last 12 months ending in October 2015, now the lowest average inventory we have seen in the last 8 years. Inventory has not been this low since 2007, before the start of the recession triggered by the US banking crisis. With more Buyers out there looking for reasonably priced homes Sellers can finally make that move.

 

Prices - Prices continue to edge up and we are seeing continued upward pressure on average median prices. At $352,964, average median prices for the last 12 months ending in October 2015 rose 2.5% from 12 months ending in October 2014 and up 6% from 2013 when we reached the lowest average median price of the last 9 years. If more Buyers enter the market and the inventory continues to tighten, we will see more upward pressure on prices.

 

Absorption Rate - The rate at which our inventory is being absorbed by sales dropped slightly again compared to last month. The average absorption rate of 13.64% over the 12 month period ending October 2015 dropped below last year’s figure for the second time this year. At the end of October 2015, the inventory remained at 8 months of available homes on the market, up one from last month. This is still considered a balanced market and favouring neither Buyers or Sellers.

 

As predicted, the real estate market slowed down during the period leading up to the federal election the same way that it did during Alberta’s provincial election in May 2015 when Edmonton real estate experienced the lowest sales in 20 years followed the next month by a rebound in sales and rising prices. Our real estate market in North Okanagan appears to reacting in the same way as we see the 150% increase in sales for the first week in November. Let’s see what happens next!

 

At this point we still expect that the market over the next 6 to 18 months will be characterized by increasing sales and lower inventory moving more strongly towards a market that favours Sellers with more competition from Buyers and rising prices. Prices will rise when consumer confidence gains momentum and brings with it more Buyers putting downward pressure on available inventory.

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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September sales of single family residential homes continue to decline dropping by 8.7% (down 8 single

family residential units to 84) compared to September last year (92 units) and down 5 units from last month’s 89 units. The North Okanagan real estate market although healthy, continues to stagnate while we are seeing some much better numbers in the Shuswap to the north and Central Okanagan to the south. Year to date sales in the North Okanagan continue to trend down 9% from 826 last year to 752 this year. With the federal election in it’s final week, we will likely see continued reduced activity in the real estate market followed by a possible rebound after the election.

 

Sales  - The total sales for the 12 months ending September 2015 was at 947, down 6% from the 1008 for the 12 months ending September 2014. The recovering market seems to be taking a break, although this is still the 2nd highest volume of sales in the last 8 years since 2008. This is the second month in 2015 that sales showed a decrease over last year, another factor that shows a stalling recovery that will likely continue until after this month’s federal election.

 

Inventory  - The average monthly inventory of single family homes dropped 5% to 545 for the last 12 months ending in September 2015, now the lowest average inventory we have seen in the last 8 years. Inventory has not been this low since 2007, before the start of the recession triggered by the US banking crisis. With more Buyers out there looking for reasonably priced homes Sellers can finally make that

move.

 

Prices  - Prices continue to edge up more slowly due to slower sales though we are seeing continued (but weakening) slight upward pressure on average median prices. At $349,089, average median prices for the last 12 months ending in September 2015 edged up slightly by 1.7% from 12 months ending in September 2014 and up 4.9% from 2012 when we reached the lowest average median price of the last 8 years. If more Buyers enter the market and the inventory continues to tighten, we will see more upward pressure on prices, otherwise expect stagnation to continue and prices may even drop slightly.

 

Absorption Rate  - The rate at which our inventory is being absorbed by sales dropped slightly again compared to last month. The average absorption rate of 14.12% over the 12 month period ending September 2015 dropped below last year’s figure for the first time this year. At the end of September 2015, the inventory remained at 7 months of available homes on the market, the same as last month. This is still considered a balanced market and favouring neither Buyers or Sellers.

 

Real estate markets tend to slow down during the period leading up to an election. For example, during Edmonton’s provincial election in May 2015, Edmonton real estate experienced the lowest sales in 20 years. In the next month after the election, sales rebounded and prices even edged up. We can expect to see something similar in our market until October 19 and then expect business as usual after that.

 

At this point we still expect that the market over the next 6 to 18 months will be characterized by slightly increasing sales and lower inventory moving more strongly towards a market that favours Sellers with more competition from Buyers and slowly rising prices. Prices will rise when consumer confidence gains momentum and brings with it more Buyers putting downward pressure on available inventory.

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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August sales of single family residential homes dropped by 19% (down 21 single family residential units to 89) compared to August last year (110 units) and down 26 units from last month’s 115 units. The North Okanagan real estate market although healthy, continues to stagnate while we are seeing some much better numbers in the Shuswap to the north and Central Okanagan to the south. Year to date sales in the North Okanagan continue to trend down now 9% from 734 last year to 668 this year. Now with a federal election upon us, we will likely see continued reduced activity in the real estate market.

 

Sales  - The total sales for the 12 months ending August 2015 was at 955, down 3.4% from the 989 for the 12 months ending August 2014. The recovering market seems to be momentarily flat, although this is still the 2nd highest volume of sales in the last 8 years since 2008. This is the first month in 2015 that sales show a decrease over last year, another factor that shows a stalling recovery that will likely be further exacerbated by the upcoming fall election.

 

Inventory  - The average monthly inventory of single family homes dropped 7% to 542 for the last 12 months ending in August 2015, again, the lowest average inventory we have seen in the last 7 years. Inventory has not been this low since 2008, at the start of the recession triggered by the US banking crisis. With more Buyers out there looking for reasonably priced homes Sellers can finally make that move.

 

Prices  - Prices are edging more slowly due to slower sales though we are seeing continued (but weakening) slight upward pressure on average median prices. At $349,152, average median prices for the last 12 months ending in August 2015 edged up slightly by 2% from 12 months ending in August 2014 and up 5% from 2013 when we reached the lowest average median price of the last 8 years. If more Buyers enter the market and the inventory tightens, we will see more upward pressure on prices, otherwise expect stagnation to continue and prices may even drop slightly.

 

Absorption Rate  - The rate at which our inventory is being absorbed by sales dropped slightly again compared to last month. The average absorption rate of 14.3% over the 12 month period ending August 2015, is still the highest in the last 8 years. At the end of August 2015, the inventory edged up to 7 months of available homes on the market, slightly higher than the last 3 prior months. This is still considered a Seller’s market and will continue to put upward pressure on prices as Buyers compete for the available homes.

 

Real estate markets tend to slow down during the period leading up to an election. For example, during Edmonton’s provincial election in May 2015, Edmonton real estate experienced the lowest sales in 20 years. In the next month after the election, sales rebounded and prices even edged up. We can expect to see something similar in our market until October 19 and then expect business as usual after that. At this point we still expect that the market over the next 6 to 18 months will be characterized by slightly increasing sales and lower inventory moving more strongly towards a market that favours Sellers with more competition from Buyers and slowly rising prices. Prices will rise when consumer confidence gains momentum and brings with it more Buyers putting downward pressure on available inventory.

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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July sales were at par with July last year (1 more single family residence sold this year) and up 8 units from last month. Our North Okanagan real estate market continues to move along at about the same as last year while we are seeing some much better numbers in the Shuswap to the north and Central Okanagan to the south. Year to date sales in the North Okanagan continue to trend down now 7.2% from 624 last year to 579 this year. Now with a federal election upon us, we will likely see continued reduced activity in the real estate market.

 

Sales  - The total sales for the 12 months ending July 2015 was at 976, up less than 1% from the 12 months ending July 2014. The recovering market continues to loose steam, although this is still the highest volume of sales in the last 7 years since 2008. This month’s increase over last year is lower than the last 2 month’s increases of 5% and 10%, another factor that shows a stalling recovery that will likely be further exacerbated by the upcoming fall election.

 

Inventory  - The average monthly inventory of single family homes dropped 8.6% to 541 for the last 12

months ending in July 2015, again, the lowest average inventory we have seen in the last 7 years.

Inventory has not been this low since 2008, at the start of the recession triggered by the US banking

crisis. The drop in the 12 month average was less than the 10.6% of the last two month’s. With more

Buyers out there looking for reasonably priced homes Sellers are deciding that they can finally make that

move that they have had to put on hold since 2008.

 

Prices  - Prices are stagnating due to the slower sales though we are seeing continued (but weakening)

slight upward pressure on average median prices. At $348,110, average median prices for the last 12

months ending in July 2015 edged up slightly by less than 1% from 12 months ending in July 2014 and up

6.7% from 2013 when we reached the lowest average median price of the last 8 years. If more Buyers

enter the market and the inventory tightens, we will see more upward pressure on prices, otherwise

expect stagnation to continue and prices may even drop slightly.

 

Absorption Rate  - The rate at which our inventory is being absorbed by sales dropped slightly again

compared to last month. The average absorption rate of 14.61% over the 12 month period ending July

2015, is still the highest in the last 7 years and down again slightly from last month’s 14.66%. At the end

of July 2015, we still have 6 months of inventory available on the market, the same as the last 3 prior

months. This is still considered a Seller’s market and will continue to put upward pressure on prices as

Buyers compete for the available homes.

 

From these numbers, it will be interesting to continue to watch how the summer market moves into fall

when things usually pick up again. It appears that Buyers and Sellers are hesitating with their plans . This

hesitation will likely continue well in to the fall until after the election.

 

At this point we still expect that the market over the next 6 to 18 months will be characterized by slightly

increasing sales and lower inventory moving more strongly towards a market that favours Sellers with

more competition from Buyers and slowly rising prices. Prices will rise when consumer confidence gains

momentum and brings with it more Buyers putting downward pressure on available inventory.


If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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May sales dropped 12.7% over May last year after increasing in April. Our local real estate market continues to see-saw it’s way to recovery. Even year to date sales are down 8% from 388 last year to 357 this year. The gradual restoring of overall consumer confidence that we are seeing throughout BC and the rest of Canada is not as steadily reflected in the real estate market in the North Okanagan. This see-saw effect has shown up every other month since November of 2014. Read on for more details...


Sales The total sales for the 12 months ending May 2015 was at 990, still up 10% from the 12 months ending May 2014. Although the recovering market appears to be loosing some steam, this is still the highest volume of sales in the last 7 years since 2008 but lower than the last 2 month’s 16% and 28%. 


Inventory The average monthly inventory of single family homes dropped 11.9% to 535 for the last 12 months ending in May 2015, again, the lowest average inventory we have seen in the last 7 years. Inventory has not been this low since 2008, at the start of the recession triggered by the US banking crisis. The drop in the 12 month average was less than the 13% of the last two month’s. With more Buyers out there looking for reasonably priced homes Sellers are deciding that they can finally make that move that they have had to put on hold since 2008. 


Prices We continue to see some slight upward pressure on average median prices. At $347,314, average median prices for the last 12 months ending in May 2015 are up 1.2% from 12 months ending in May 2014 and up 7.2% from 2013 when we reached the lowest average median price of the last 8 years. As more Buyers enter the market and the inventory tightens, we will see more upward pressure on prices.


Using an HPI (Home Price Index) is still the best way to determine the value of your home. The HPI considers all the sales of a typical house in a certain area and compares them to the same type of houses sold in the previous years. We find when we do an HPI that house prices are still doing different things in different areas and in different price ranges. I would be happy to do an HPI evaluation on any property you have or want to buy. Simply give me a call or send me an email.


Absorption Rate The rate at which our inventory is being absorbed by sales dropped slightly compared to last month. The average absorption rate of 14.96% over the 12 month period ending May 2015, is still the highest in the last 7 years and down from last month’s 15.22%. At the end of May 2015, we are still at 6 months of inventory available on the market, the same as last month. This is still considered a Seller’s market and will continue to put upward pressure on prices as Buyers compete for the available homes.


From these numbers, it will be interesting to continue to watch how the spring market unfolds into the slightly slower (historically) summer market. It appears that Buyers and Sellers are hesitating with their plans. Buyers are still leading the way but losing momentum. Sellers who have tried to sell their homes over the last few years will still have a much better chance this year as we see more and more Buyers.


At this point we still expect that the market over the next 6 to 18 months will be characterized by increasing sales and lower inventory moving more strongly towards a market that favours Sellers with more competition from Buyers and slowly rising prices. Prices will rise when consumer confidence gathers momentum and brings with it more Buyers putting downward pressure on available inventory. 


If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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Office Location:

5603 27th Street Vernon BC V1T 8Z5 CA

Charlie Veaudry

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