You can click here to see a graph of the latest North Okanagan Real Estate Statistics at a glance.
Looking at the statistics we see that we are still maintaining an increase of almost 18% in annual sales ending in March 2013 over the same time frame last year. During this time, inventory has only dropped 9%. Prices continue to fall... 4% since last year. Overall, prices are down a modest 10.2% from the highest prices ever recorded in 2008. This small loss in home prices in our market is good news as many other markets in Canada and the US experienced much greater losses in property values. I attribute this to the desirability and attractiveness of our region as 41% of our Buyers came here last year from other markets.
We are in the 5th year of a falling market so this can be taken to mean that we are near the end of a down cycle, at a market bottom and progressing towards a gradual recovery.
The recent lull in real estate activity since December 2012 has been attributed largely to the psychological impact caused by people waiting for the removal of the HST on March 31, 2013. Now that the HST is gone, the first week in April has aleady seen a resurgence in sales that will likely have a positive impact on the statistics at the end of this month.
The market over the next 12 to 18 months will continue to be characterized by a gradual increase in sales, followed by lower inventory. Prices will continue to fall very slightly, then firm up (bottom out) and then slowly start to rise. This outcome and the timing of it will depend greatly on how the world and national economies fare out over the coming months.
Please call or email me any time if you have any questions. A brief description to help you interpret the statistics that we publish is also included.