Okanagan-Shuswap Prices on the Rise?

Our title seems a little grey. The reason for this uncertainty is that can be very hard to determine what’s happening to prices unless we have a lot of data. The median sale price is higher in August of 2013 than it was in August 2012 in all three sectors; the Central Okanagan, the North Okanagan and the Shuswap. Although, that should be cause for optimism we have to be cautious. One month will not make a market. It only stands to reason that with the rising absorption and the decreasing inventory of late that the prices would eventually start to go back up. With inventory decreasing us Realtors have noticed more multiple offer situations. When multiple offers happen these properties usually sell near list price or sometimes above. This creates upward pressure on prices and that’s what we’re starting to see. It will be interesting if our predictions of the last few months come true and this trend continues.

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Joel Ellams

Joel Ellams

CENTURY 21 Executives Realty Ltd.
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