Okanagan Real Estate On The Rise

Home sales in the Okanagan, Shuswap continue to strengthen. After the first 2 quarters of 2012 residential sales are up 11% overall. This rise is led by the North Okanagan which is up 25% in sales activity compared to the first 2 quarters last year. Prices have definitely stopped going down and are showing some minor signs of recovery but we won't see any substantial price increases until 2013. The inventory of houses on the market has to creep down before prices will rise. The inventory is dropping but very slowly. This is the kind of Real Estate market that is healthy for the economy - a nice, slow, gradual recovery. If the market booms it usually busts just as hard. It's interesting that in the last 4 years while the Okanagan, Shuswap Real Estate market has been experiencing decreased sales and prices, Vancouver has been reporting record increases. Now the tables are reversed. Vancouver is experiencing a correction and the Okanagan Shuswap is on a comeback. Don't ever let anyone tell you that Real Estate markets are not local. They are incredibly local. It looks like the market will continue to rise for the next few years. That makes this an ideal time to buy or invest in some of the most beautiful Real Estate on the planet - our very own Okanagan, Shuswap lakes and valleys.

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Joel Ellams

Joel Ellams

CENTURY 21 Executives Realty Ltd.
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