The Okanagan Shuswap Market Continues to Improve
The market is continuing on its rise and is picking up steam. This month the absorption rate for the North Okanagan was 13.53%. That means that 13.53% of the entire North Okanagan Residential inventory sold in June of 2013. We have not had an absorption rate that high in the North Okanagan since February of 2008. That is significant. The Central Okanagan absorption remains above 16% for the second month in a row. Again indicating that this area is following the projected recovery that we made at the end of last year. The Shuswap absorption is up again as well and inventory is down in all 3 areas when compared to June of last year. The inventory is important because historically, we do not see prices rise until the inventory drops to a level where multiple offers become common on houses. Although we are headed there, we will probably not see the inventory drop enough and prices start rising again till the spring of 2014. Once again this all spells that this is a great time to buy.