North Okanagan Market Stats
For Single Family Residential, 3 months prior and same month last year.
Residential Feb/13 Mar/13 Apr/13 Apr/12
Inventory 559 603 680 733
Absorption 7.16% 8.62% 10.59% 11.32%
# of Sales 40 52 72 83
Median Price $337,500 $338,500 $329,629 $318,000
April bouncing back as expected in the Okanagan Shuswap Real Estate market
There were some interesting changes in April albeit not unexpected changes. All three sectors show a return to the recovery path of 2012. The Central Okanagan including Kelowna shows an absorption rate of 13.6 %. The absorption rate has not been that high in Kelowna since April of 2008. Generally when the absorption rate rises above 12 or 13% we deem it to be a balanced market. Also in the Central Okanagan there were 216 single family residential sales. That is the highest monthly number of sales since July of 2009. Even the Shuswap area is showing signs of recovery with an absorption rate of 9.03%. That is the highest it has been since November of 2009. The North Okanagan is lagging behind the other 2 sectors but is still showing the same recovery trend that was started in 2012. As we mentioned in the last 3 months the shift from the HST to the GST would likely cause a temporary downturn in the stats for the first quarter. It is interesting to note that there were over twice as many new homes sold in April of 2013 as there were in any of the first three months of the year. We expect May to continue this path of slow gradual recovery right through into 2014 and 2015. Paul Fabri who is a chief Real Estate analyst for CMHC came into our office last month and reiterated the same story. Net immigration is rising in BC again which will further bolster our Okanagan Real Estate market. The bottomline once again is that it is a great time to buy and watch your investment rise with the market.