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!