Monthly Newsletter

North Okanagan Market Stats Summary
 
For Single Family Residential, 3 months prior and same month last year.
 
Residential          Oct/12      Nov/12      Dec/12      Dec/11
Inventory                631           575           768          532
Absorption          11.89%       8.70%       5.38%      6.58%
# of Sales                 75             50            28            35
Median Price $337,500  $327,000 $308,750 $329,000

December Was A Tough Month
 
Sometimes a month just does not follow the trend. December was one of those months. Sales were down in all three locations;North and Central Okanagan and the Shuswap compared to last month. They were also down compared to December of last year. What does this mean? At this stage, likely absolutely nothing. "A month of statistics a market trend does not make." The statistics for the year of 2012 are still up right across the board. Sales were up 12.76 % and the absorption was up and the inventory was down. These all tell us that the market is still proceeding towards a slow steady recovery. There are 3 possible explanations for December's downturn in the statistics. First it could be the anticipation of the Obama announcement about the USA Cliffs. Second, we know that the anticipation of the GST being returned to British Columbia's taxes will slow sales as it approaches and create a bit of a flurry after it is gone.This process could have started early. Lastly, as was stated previously it is simply a blip on the radar screen. One thing is for sure that the first few months of 2013 will sort it out. From this Realtor's perspective this year will be slightly better than last year. As always my commitment is to bring cutting edge Real Estate news to your desk top.

There are no comments

Thank you! Your comment has been submitted and is awaiting approval.

Blog Archives

Tags