Home sales in the Okanagan Shuswap continue their strong showing in the recovery leg of the cycle. The overall average increase in Year to date home sales is 8%. We are approaching 2007 levels of sales. For the second month in a row the Shuswap leads the YTD increase in home sales at 13.6%, followed by the Central Okanagan at 12.93% and the North Okanagan as a reduction of 8.5%. At first glance one would assume that the North Okanagan is relapsing a bit. However, this zone lead the way over the other 2 zones last year so this is more of a settling into a gradual increase rather than a reduction. It is interesting that prices although rising are not showing the same robust increases as the sales activity. This is attributed to enormous amount of inventory that hit the market in the boom of 2005 to 2008 that did not really start to go down until 2014. We are still much higher in inventory in all three zones now than we were in 2007. This is a good thing for buyers not so good for sellers. Prices are driven by supply and demand. The longer the supply takes to come down the slower the rise in prices will be.
Statistics Commentary for June of 2015
- July 24, 2015