Housing Market Right On Track

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CENTURY 21 Executives Realty Ltd.
Russell Armstrong Russell Armstrong
REALTOR®
CENTURY 21 Executives Realty Ltd.
2907 32 Street
Vernon, BC V1T 5M2
Office: 250-549-2103
Cell: 778-930-0115 ext Fido
Toll Free: 1-877-227-4073
russell.armstrong@century21.ca
www.Century21.ca/russell.armstrong

DID YOU KNOW?

A seller of a home must disclose "forever" whether their house was a grow-op.

It's hard to believe. If the problem has been fixed why does the seller have to disclose it?  Many lawyers have stated that if the problem has been fixed it does not have to be disclosed. That's correct from a legal perspective.  However, every house listed under the Okanagan Mainline Real Estate Board has to have a disclosure statement filled in with the listing. This is a 3 page form that asks the seller various questions about their house. It is a requirement of the governing board of the Real Estate market. In that disclosure statement it specifically asks the seller the following question, "Are you aware if the premises have been used as a marijuana grow operation or used to manufacture illegal drugs?" Therefore, if the seller knows that the house has been used as a grow-op they have to disclose it forever, even if it has been completely remediated. Things that make you go hhhmmmmm.

 

HOUSING MARKET RIGHT ON TRACK

Every December we predict what will happen in the next 12 months to home sales and prices in the Okanagan, Shuswap area. We do this using various different indicators like inventory, absorption rates, the average days on market to sell and of course the overall sales activity. Last December we predicted that the absorption and sales would rise and prices would actually start to rise slightly. That is exactly what happened. Total sales in the 3 zones are up 12.65 % since last year at this time and absorption has risen to an average of 11.14 % in November of this year. Prices are starting to creep up in the lower price ranges and higher price ranges are finally stabilizing. One of the best indicators for what is going to happen in the next year is how long the sales activity carries into December before the holiday shut off. As of the writing of this article our office is still a beehive of activity and sales are still coming in the door. What we have been saying all year is becoming more and more evident as the months go by. This is a great time to buy!

 

RESIDENTIAL STATISTICS

North Okanagan Residential Stats

   

YTD Residential Sales

 

September,   2013

October,   2013

November,   2013

November,   2012

2012

2013

% change

Sales

73

85

45

50

735

731

0.00%

Inventory

692

606

550

575

     

Absorption

10.55%

14.03%

8.18%

8.70%

     

Median Price

$336,900  

$320,000  

$365,000  

$327,000  

     
               

Central Okanagan Residential Stats

   

YTD Residential Sales

 

September,   2013

October,   2013

November,   2013

November,   2012

2012

2013

% change

Sales

187

166

159

140

1,758

2048

16.49%

Inventory

1347

1238

1108

1381

     

Absorption

13.88%

13.41%

14.35%

10.14%

     

Median Price

$420,000  

$440,000  

$410,000  

$419,500  

     
               

Shuswap Residential Stats

           
 

September,   2013

October,   2013

November,   2013

November,   2012

YTD Residential Sales

Sales

47

30

39

31

2012

2013

% change

Inventory

468

413

358

368

312

381

22.11%

Absorption

10.04%

7.26%

10.89%

8.42%

     

Median Price

$310,000  

$315,000  

$273,450  

$290,000  

     

 

 

 

 
 
 
 
Russell Armstrong

Russell Armstrong

REALTORĀ®
CENTURY 21 Executives Realty Ltd.
Contact Me

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