For Single Family Residential, 3 months prior and same month last year.
Residential Aug/12 Sep/12 Oct/12 Oct/11
Inventory 768 715 631 739
Absorption 10.16% 8.18% 11.89% 6.90%
# of Sales 78 63 75 51
Median Price $307,000 $312,000 $337,500 $310,000
Okanagan Shuswap Home Sales Continue to Strengthen
The housing market in the interior of British Columbia continues to improve. While Vancouver is in a correction with falling sales and prices, the interior of British Columbia is still on its slow path to recovery.
Residential sales in the Okanagan Shuswap area are up an average of 15.4% year to date at the end of October from the same period last year. We saw a bit of a slow down in September from the Federal Government tightening the mortgage rules but it seems consumers have gotten comfortable again as sales came back in October.
Prices have leveled off and will likely see some rise in the first 2 quarters of 2013. Every recovery in the last 4 cycles has started this way. Slow, gradual and taking 2 to 3 years before it picks up speed.
There have been two undeniable truths in each one of these cycles. When sales and prices are rising consumers give multiple reasons why it will keep going that way. And when sales and prices are falling consumers give multiple reasons why it will keep going that way. It never does. For the last 100 years we have seen historical cycles that range from 6 to 9 years consistently. 9 years ago we were just coming out of a recession. That is where we are today. It was a steady slow rise in 2003 that gradually picked up to the boom of 2005 to 2007. The market will be steady as she goes right into 2013 with moderate increases.
For those of you that remember 2003 that sounds fairly familiar doesn't it?