Vernon and North Okanagan on the Rebound

When staring down upon the daunting data associted with the real estate market there are many things to consider. Average price, median price absorbtion on and on. The key is knowing what each one means and how it effects the others. 

Take absorbtion for example this is the number of homes that were sold compared to the number that were available. (1000 active homes, 100 sell that month= 10% monthly absorbtion)

Absorbtion between 12-15% is considered a even market where homes sell near list price with well priced homes seeing multiple offers on occasion, selling days on market can go to months and years. 

Absorbtion below 12% is a buyers market where homes typically sell for below the list price and multiple offer situations are rare.

Absorbtion above 15% is considered a sellers market where many homes sell in under 30 days for full list price or close to it.

In March of 2014 the absorbtion in the North Okanagan reached 16.3% nearly double march of 2013 this is the highest absorbtion rate we have seen since the spring/summer or 2008

What does all this mean you wonder?

Well when you factor in the high absorbtion with the economy, lower canadian dollar and low mortgage rates there ARE more buyers and should be more buyers on the market with this the inventory will begin to drop and we will see a demand created once again. This means prices should begin to rise this year in the North Okanagan.

ACTIONS

SELLERS - Have you been waiting to sell your house but recieveing little to no activity? Here's your chance to get the best exposure to buyersthat we have had in 6 years. Will you get the record high prices of 2007? No! But you finally have the active market you have wanted if you are serious about needing to sell your house.

BUYERS - Waiting to see when the storm in over? How low will prices go you ask yourself. We may be looking at the bottom end of a recovering market as we speak. There will always be demand for desireable land like we have here in the Okanagan remember that people all over the world come here for a reason, it is a beautiful place to live. So don't get caught up in the thought that houses aren't as cheap as they are in the nevada desert. Real estate markets have always been local and will reemain to be. If you're sitting on the fence right now it might be time to spring to action. There has never been such an opportunity to borrow cheap money as right now, so don't wait fo it to be too late.

Year Month Monthly Sales New Monthly Listings Current Inventory (Active) Absorbtion Days on market Average Price Median Price Months Inventory  
12 December 28 33 520 5.38% 136 $341,439 $308,750 19  
13 January 22 76 534 4.12% 130 $317,160 $295,000 24  
13 February 40 104 559 7.16% 147 $345,835 $337,500 14  
13 March 52 173 603 8.62% 132 $377,920 $338,500 12  
13 April 72 199 680 10.59% 125 $357,983 $329,629 9  
13 May  86 173 726 11.85% 119 $349,821 $326,000 8  
13 June 95 125 702 13.53% 110 $370,352 $352,000 7  
13 July 73 151 728 10.03% 122 $368,124 $345,000 10  
13 August 88 131 706 12.46% 130 $395,469 $381,250 8  
13 September 73 134 692 10.55% 116 $355,274 $336,900 9  
13 October 85 101 606 14.03% 125 $325,840 $320,000 7  
13 November 45 63 550 8.18% 111 $395,859 $365,000 12  
13 December 52 38 456 11.40% 122 $352,282 $326,500 9  
14 January 44 107 488 9.02% 132 $361,553 $354,000 11  
14 February 32 100 530 6.04% 152 $353,553 $327,250 17  
14 March 90 158 552 16.30% 117 $339,881 $329,000 6  

There are no comments

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

Blog Archives

Tags