You know when you buy a new car and then all you see is THAT car everywhere you drive?
Well, I have a property on the riverfront in Mara that just sold for $1,305,000 and as such began to notice all of the other waterfront sales for $1,000,000+ that have sold so far this month.
I was not sure if I was noticing it because I had a property in this category or if there were an unusually high number of sales. Here is the result of my searches for lakefront/riverfront single family residential home sales of over $1,000,000 between September 1st and September 24th in the North Okanagan and Shuswap:
2010 - 7 Sales - 4 in Vernon, 1 in Enderby, 1 in Mara and 1 in Sicamous. Average sale price $1,485,000
2009 - 2 Sales - 1 in Vernon, 1 in Sicamous. Average Sale Price $1,556,250
2008 - 0 Sales!
2007 - 5 Sales - 2 in Vernon, 1 in Cherryville, 2 in the Shuswap. Average Sale Price $1,710,420
So I wasn't going crazy - it's true! There are 100% more sales than there were in 2008. It's a buyer's market and for this kind of real estate to move in these numbers - 40% better than in a booming 2007 market, tells me that NOW is the best time to buy a house. Whether it's a $300,000 home or $3,000,000 home buyers would do well to get into the market now rather than continue to wait until the perceived bottom is here.
Once it is obvious that we've hit the bottom of the market, it will only be in hindsight and the market will have already begun its upswing. If a buyer waits until then, choices will begin to dwindle and the likelihood of competing against multiple offers will happen, pushing the price of the home up.
Don't listen to me though...just look at the stats! Oh...and remember you heard it here first!