Market Stats - February 2013
Single Family Residential Homes in the North Okanagan
The monthly stats are out but what do they mean for you? Take a look at the numbers and my notes below but in a nutshell, if you are a Seller, I am seeing homes that are priced at market value sell quickly and for closer to the asking price. Buyers are waiting and watching for new listings as many have exhausted the market of active listings. When a Seller offers their home at market value, Buyers are recognizing this. I experienced a multiple offer scenario for one of my buyers in February and heard of the same from my colleagues. For Buyers, you need to be prequalified financially and prepared to act quickly if you see such a home.
I predcit the market this spring will be more brisk with homes coming on and selling quickly due to sharper pricing as people wishing to sell understand now where the market is at and has been for the past 5 years. I also predict more inventory compared to last spring due to Sellers hoping this year will be a better time to sell. There won't be enough Buyers however, to offset the number of homes that will be listing to move us away from a market in their favour.
- Monthly Sales for February are down 4.76% over February 2012
- Year-to-date Sales are down 22.78% over last year
- Absorption Rate is the rate at which residential homes are sold in a given month compared to total active listings. The Absorption rate for February 2013 is the highest it’s been since 2010 but is not due to increased sales but rather lower inventory which is down 10.85% over last year.
- I caution that an increased Absorption Rate does not mean a move toward a balanced market and predict the 2013 Spring Market in the North Okanagan will continue to be a Buyer’s Market with active listings surpassing last March's.
Prepared by Paige Gregson using statistics provided by the Okanagan Mainline Real Estate Board