The Okanagan Shuswap Real Estate market just keeps picking up....

April is a record breaking month in the Okanagan Shuswap. The province says it is the strongest April in history and the Okanagan Shuswap is right in there. The Central Okanagan boasts a whopping 43% for absorption of residential housing in April of 2016. That is the highest absorption rate on record for the Central Okanagan. 28% in the North Okanagan is the highest absorption since May of 2007. 17 % in the Shuswap is up there with last month being the highest since 2007 as well. The absorption is the percentage of total residential inventory that sells in any given month. When we compare prices in all 3 zones for the first 4 months of this year to the first four months of last year the increases range from 5% to 15%. Many times whenever the market is about to change I either get accused of being an optimist or a pessimist depending on which way it is going to go. Normally I would be starting to create a caution with a robust market like this. However, when you get into the stats there is one thing that is not changing as fast as the other stats. That is prices. Vernon is only up 9%, Shuswap is barely up at all. As active as the Central Okanagan is, it is only up 15%. Whenever prices start jumping 30% in 6 months or a year it is time to worry. Our incredibly high inventory of 2011 and 2012 that took so long to eat up has given us an extra cushion. I see no end in sight of this robust market or the BC economy. 

There are no comments

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

Blog Archives

Tags