September Real Estate Market in the Okanagan Shuswap

We now have 3 quarters of 2018 behind us. The year in Real Estate is going exactly as predicted. The market has softened from 2017 but it is still a very good market. It is interesting if we had skipped 2015, 2016 and 2017 we would view this year a banner, record breaking year. Because it is compared to the last 2 or 3 years some adopt the mistaken impression that the market is tanking. 2016 was the best year the Okanagan Shuswap Real Estate market has ever seen. It even outranked 2007 the previous banner year. Prices are still rising this year and will probably level out at about an 8 or 9 % increase overall. However, the rate at which prices are rising is slower in this third quarter than it was in the first quarter. That tells us that prices will level off in 2019. Below is a table that outlines the % change between the first 3 quarters of this year and the first 3 quarters of last year. 
 
Percentage Change from Q1-3, 2017 to Q1-3, 2018
 

North Okanagan

Central Okanagan

Shuswap

Price

+10.4%

+7.7%

+5%

Absorption

-  28%

- 36%

- 17%

Inventory

+10.2%

+29.0%

+3.9%

Sales

-24.5%

-21.7%

-8.9%

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