Market Turning

Statistics Show Some Interesting Trends… Home sales in the Central Okanagan, North Okanagan and Shuswap Real Estate market continue to outperform 2011. Sales are up 17% in the Central Okanagan, 27% in the North Okanagan and 3% in the Shuswap area. The rate at which properties are selling in relation to the number listed for sale is consistently climbing in all three geographical areas. This means sales are increasing while inventory is coming down. Prices are starting to show some very slight upward movement. When we as REALTORS® are advising our clients that now is a great time to buy, we tend to lose credibility because we have a vested interest in that advice.

However, as each 6 to 9 year cycle goes through its process, buyers consistently tend to refrain from buying until the market is obviously in a rise, as it was at the height of the cycle in 2007. This is why many people are unsuccessful in Real Estate investment and speculation – they wait too long and spend more than if they’d bought sooner. Imagine if you had bought in the Okanagan or Shuswap in 2002 or 2003, prior to the 2007 high. The market is at that same point in the cycle right now. It started to change in the last 2 quarters of 2011 and it appears it will continue to improve over the next few years. These indicators tell us that now is the time to buy that Real Estate investment or make that move.

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Joel Ellams

Joel Ellams

CENTURY 21 Executives Realty Ltd.
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