September saw a dip in sales followed by a rebound in October. There were more homes sold in the North Okanagan in October than have ever sold in the month of October in the history of our local real estate market! The sales numbers in our region continue to set records. This is a different story than what we are hearing about the real estate markets in other regions, but then again, you’ve heard me say that real estate statistics are very specific to each local region. More Buyers are competing to buy the few available homes and that is driving prices up. Sales of single family homes in October this year are up 90% over October last year and at 129 units is the highest monthly sales for October ever! Now, with 3 months of inventory on the market, October average inventory has not been this low since 2007 leading to continued upward pressure on the average price of homes in our local market. If you know someone who wants to sell their home, tell them about all these Buyers and have them call me?!
Sales - The sales of single family residential homes for the 12 months ending October 2016 was at 1,314, up 42% from the 925 for the 12 months ending October 2015 and more than double the 587 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 93 units to 455 for the last 12 months ending in October 2016 compared to 548 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. If you want to sell your home, now is a good time.
Prices - Average median prices pushed higher again and at $377,804 for the last 12 months ending in October 2016 continue to rise above the highest level in the history of real estate in the North Okanagan Valley! Average median prices rose 7% for the 12 months ending in October 2016 over last year. Average median prices are up 13.4% from 2012/13 when we saw the lowest average median price of the last 10 years. This is slightly higher (1%) 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 climb. The average absorption rate of 23.93% over the 12 month period ending October 2016 is up from the 13.64% for the same period last year. However, looking at the absorption for the month of October 2016 only, we can see that it continues to outperform October 2015 by almost triple and is the highest October absorption rate in the recent history of our market. Also, at the end of October 2016, there were 3 months of available homes on the market, down from 5 last month. That is the lowest available inventory for October since 2004, further supporting that now is a good time, if you want to sell your home!
In the news, we hear about the provincial and federal 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. Our abnormally active fall market supports that thinking. 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.