You can view my latest blog article on the current North Okanagan Real Estate Market Statistics by clicking here.
I maintain a rolling summary of critical statistics on real estate sales, inventory and average prices over the years. It helps my clients to keep their finger on the pulse of the real estate market in the North Okanagan. Click here to view these statistics. You can continue below for descriptions of each of these statistics.
Residential home sales are a leading indicator of where the market is going.
Inventory levels vary according to the rate of sales.
Median prices are referred to as a lagging indicator in that once sales volumes change (increase or decrease) then inventory levels change up or down. The amount of inventory available and the rate at which it is absorbed by Buyers in the market affects prices in the typical supply and demand fashion of any type of market.
The absorption rate gives us a single number that combines 2 of the most important indicators in any real estate market... inventory and sales. The absorption rate calculation is only applied to the category of single family residential homes as that is considered by experts to be the most relevant category. The buying and selling of single family homes is also the largest category of transactions in real estate and therefore provides us with a more accurate measure of the general mood of the people that participate in this sector of the market, the general population.
An absorption rate of 10% to 12% represents a market that is balanced between Buyers and Sellers. Anything above that is considered a market that favours people who are selling their homes and anything below is considered a market that favours people who are looking to buy a home. A Sellers' market tends to put upward pressure on prices while a Buyers' market tends to put downward pressure on prices. Click here for a detailed tracking of the Absorption Rate over the last 7 years.
Find out where Buyers in our market are coming from, the type of properties they are buying, the family dynamics of the Buyers, how they are fiancing their purchases and where they are buying. Click here to find out. To compare to previous years, you can click here for 2016, here for 2015, here for 2014, here for 2013, here for 2012 and here for 2011.
If you would like to keep right on top of the real estate market in the North Okanagan (I call it "Paradise"), please send me a note at firstname.lastname@example.org and I will send you a notification and a link via email each time I update these statistics
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