The market stats are out for April and they show a healthy rebound in housing sales from last months dip. The March low of 63 residential sales has been over shadowed by very strong sales in April of 102. This indicates confidence and optimism in the local housing market despite uncertainty coming out of Alberta. ( Interesting unforeseen development from the slow down in jobs in Alberta, has been the renewed desire from some Vernon oil patch workers to move their family back home.)
The price of the average home also increased from the previous month to $383,654 from $340,297 as the higher end segment of the market experiences good activity.
As inventory of homes below $450,000 continues to shrink in certain neighborhoods, buyers are finding it increasingly challenging to find the right home. Having financing pre-approved can give buyer’s an edge over the competition and enable them to move quickly on a quality home.