Good news! The Okanagan Real Estate stats are out and they are very positive! Our absorption rate is calculated by dividing the total number of available homes by the average number of sales per month. The figure shows how many months it will take to exhaust the supply of homes on the market. A high absorption rate may indicate that the supply of available homes will shrink rapidly, increasing the odds that a homeowner will sell a piece of property in a shorter period of time.
Last month the absorption rate increased to 16.4%...the highest rate we have seen since February 2008....'pre-recession'!! Good news for Sellers and Buyers alike.
What do these numbers mean? Only time will tell of course, but all indicators point to a continued positive recovery in the real estate market as we approach Summer 2013! Stay tuned…..