The Okanagan Shuswap Real Estate Prices May Be Starting to Rise

Our title seems to be a little nebulous and grey. The reason for this uncertainty is that it is very hard to determine what is happening to prices unless we have a lot of data. As you can see by our table of Residential Real Estate statistics the median sale price is higher in August of 2013 than it was in August 2012 in all three sectors; the North Okanagan, the Shuswap and the Central Okanagan. Although that should be cause for optimism we have to be cautious. One month does not make a market. It only stands to reason that with the rising absorption and decreasing inventory that we have had lately that the prices would eventually start to go back up. As the inventory decreases Realtors find there are more and more people putting in offers on the same house. When there are multiple offers on houses these houses usually sell for list price or sometimes above list price. This creates upward pressure on prices and that's what we are starting to see. It will be interesting if our predictions of the last few months come true and this trend continues. 



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