Here's an overview of the market in March, 2010 in the North Okanagan. If you'd like more information on a specific market (ie. apartments, townhouses, waterfront) please email or call and I'll post those for you!
Across the board (Central, North & Shuswap Zones) sales are up about 50% and listings are up about 30% over March, 2009.
I think listings will continue to rise this spring, as they do every year but I predict we'll see an even greater increase due to people who wanted to sell last year but decided to wait with the hope that the market would be better in 2010.
Those who cannot wait any longer will put their home on the market driving up the inventory. While our sales are better, the increase in inventory over the next month or so will continue to put pressure on sellers who want to sell. I don't think we'll see a drop in prices but the length of time it will take to sell will increase unless the seller is priced competitively.
North Okanagan - Single Family Residential Statistics
247 houses were listed in March, 2010
188 houses were listed in March, 2009
That's an increase of 31% and I think we'll see an even greater increase in April.
72 houses were sold in March, 2010
51 houses were sold in March, last year
That's an increase of 41% and I predict we will see that trend continue but not be the steady climb we've been used to in the past. Given the inventory we still have, although sales are up, it will continue to be a buyer's market.
As of the end of March, there were a total of 727 houses for sale in the North Okanagan. Last year, there were a total of 696 houses on the market as of the end of March.
Please feel free to email or call me if you'd like to know more about how your home would fit into this market and how working with me could put the most amount of money in your pocket.