October brought both cooler temperatures and a gradually cooling real estate market. Overall, in the Okanagan/Shuswap region sales were down 16% from the same time last year. The change hasn’t been dramatic, but we are seeing fewer sales and longer days on market. Inventory is still much lower than usual and new listings are slow to come on the market. It’s a dilemma – many home owner would like make a change but are nervous to put their homes on the market in case they cannot find a home to buy!
In September the average price crept up 1.5% over August. From September back to June the average price rose 3% – and from September 2017 to September 2016 there was a 4% increase. There are so many stats and so many ways to interpret them but the long and short of it is, that despite the slower market, home prices are remaining constant and still creeping upwards as demand still exceeds the supply.
What does the future hold? Expert opinions suggest we are moving towards a balanced real estate market that will favour both buyers and sellers equally. We do see new construction around town that will add to the inventory but too often it’s just not what buyers are looking for. A vicious circle – limited inventory – rising prices – competing buyers – rising prices – buyers who have sold and now where to go – lack of rentals. And in January we will see how the new ‘stress test’ being applied to the mortgage qualification process will impact the market! Challenging times!
North Okanagan Real Estate Statistics (Silver Star, Vernon, Coldstream, Armstrong, Lumby & Enderby)
Stats for September 2017 Compared to September 2016
- Overall sales up 2.4% to 214 units
- Single Family home sales up 6% to 103 units
- New listings, up 5% to 290 units
- Active listings down 13% to 1,403 units
- Single Family homes listed up 1.5% to 140 units
- Average days to sell down 30% to only 85 days (from 120)!
Source: Okanagan Mainline Real Estate Board Statistics:
North Okanagan: North Okanagan Monthly Statistics, September 2017
Shuswap: Shuswap / Revelstoke Monthly Statistics, September 2017