Great news! The stats are in!
North Okanagan Market Stats
For Single Family Residential, 3 months prior and same month last year.
Residential Dec/12 Jan/13 Feb/13 Feb/12
Inventory 768 534 559 627
Absorption 5.38% 4.12% 7.16% 6.70%
# of Sales 28 22 40 42
Median Price $308,750 $295,000 $337,500 $353,200
Positive news in the US Real Estate Market
In the last quarter of 2012 we made a prediction. That prediction was that the largest influence on the Canadian Real Estate market in 2013 will be the positive press coming out of the United States Real Estate market and its economy. It is ironical that the largest influence on the Canadian Real Estate market in 2007 was the negative press coming out of the US. House prices rose 3.9 % in 2012. JP Morgan has said that Real Estate prices in the United States will rise 6-8% in 2013. Some markets in Florida and Nevada have surpassed peak prices in 2007. In January and February of 2013 for the first time since 2004 the US economy grew faster than the Canadian economy. As the press continues to bolster the Real Estate news releases coming from the United States it will spur on more investors which will increase absorption and drive prices up. I am amazed at how many people continue to count the US as down and out when they go into a slump; even one as bad as the one they are just coming out of. The US economy is the largest by far in the world. The Gross Domestic Product of the US is the largest in the world and larger than the number 2 and 3 economies combined which happen to be Japan and China. Why is this relevant to us? Because at the end of the day the single most powerful driving force in our local Okanagan, Shuswap Real Estate markets is consumer confidence. The positive news coming out of the US will bolster our local consumer confidence and therefore our Real Estate Market in 2013. Once again it is a great time to buy.