Residential Detached Homes

Sales By The Month: 92, down 11.54%

Sales Year To Date: 265, down 12.25%

Days To Sell: 67, up 3.65%

Inventory: 346, down 6.74%

Average Price By The Month: $510,372, up 15.55%

Average Price Year To Date:  $510,074, up 14.76%

Winter finally released it’s grip and spring sellers entered the market in April, although at a slower pace than last year. While sales are down 12.25 % year to date, this can be attributed to continuing limited supply and future uncertainty. Recent changes to mortgage qualifications, an increase in mortgage rates, and uncertainty as to whether the North Okanagan will be included in the speculation tax, will have a cooling effect. This may not be felt until the latter half of this year as we trend towards a more balanced market.

If you are considering listing your home, there are things you can do today to prepare it for market.  Contact me for tips on how to boost your homes appeal and achieve a faster sale at a higher price. 

Condos

Sales By The Month: 28, up 7.69%

Sales Year To Date: 81, up 19.12%

Days To Sell: 79, down 45.45%

Inventory: 63, down 36.36%

Average Price By The Month: $197,911, up 9.48%

Average Price Year To Date:  $213,404, up 7.77%

With the average price of a detached home soaring past $510,000, it’s no surprise that we are seeing increased focus on apartments and strata in general.  Housing affordability is going to drive the demand towards this sector for a long time to come, making strata a promising investment.

Lots

Sales By The Month: 8, down 46.67%

Sales Year To Date: 29, down 30.95%

Days To Sell: 220, down 3.39%

Inventory: 168, down 26.64%

Average Price By The Month: $199,438, down 5.16%

Average Price Year To Date:  $164,719, down 23.67%

There are very few lots currently available.

 

Residential Detached Homes

Sales By The Month: 60, up 3.45%

Sales Year To Date: 102, up 12.09%

Days To Sell: 92, up 26.64%

Inventory: 238, down 18.21%

Average Price By The Month: $489,217, up 12.92%

Average Price Year To Date:  $531,522, up 23.67%

Despite winter refusing to release it’s stranglehold, sales for the month were actually quite decent.  February continued to build momentum after a strong beginning to the year, with sixty sales.

If you are considering listing your home in the Spring, there are things you can do today to prepare it for market.  Contact me for tips on how to boost your homes appeal, achieve a faster sale at a higher price. 

Condos

Sales By The Month: 15, up 0%

Sales Year To Date: 28, up 27.27%

Days To Sell: 63, down 57.03%

Inventory: 62, down 31.87%

Average Price By The Month: $216,887, down 2.11%

Average Price Year To Date:  $221,707, up 4.12%

The stats reflecting buyer demand of strata are so consistent month to month.  With community planning focusing on the densification of neighborhoods and the necessity of creating affordable housing, strata is the wave of the future.  The trend of housing is moving away from the large square footage homes of the past, (an unsustainable model if we wish to retain our natural spaces) to smaller homes that attract millennials.  As an investor, I recommend focusing on where the market is going; upscale half duplexes, one level living town homes and condos located in an urban setting.

Lots

Sales By The Month: 3, down 50%

Sales Year To Date:  11, down 15.38%

Days To Sell: 254, up 138.44%

Inventory: 151, down 33.77%

Average Price By The Month: $269,283, up 33.60%

Average Price Year To Date:  $165,305, down 34.32%

With so few lots sold in the past month, it’s not a large enough sample to establish a trend.

Residential Detached Homes

Sales By The Month: 42, up 27.27%

Sales Year To Date: 42, up 27.27%

Days To Sell: 84, up 43.87%

Inventory: 234, down 15.22%

Average Price By The Month: $591,959, up 39.70%

Average Price Year To Date:  $591,959, up 39.70%

Sales for the month indicate a quick start to the new year with sales up significantly from the same month last year.  January, typically a slower month for sales,, has come out of the gates strongly, watch for the spring market to hit very early this year. The average sale price soared to new heights and is predicted to continue to climb with very low inventory and high demand for 2018.

If you are considering listing your home in the Spring, there are things you can do today to prepare it for market.  Contact me for tips on how to boost your homes appeal, achieve a faster sale at a higher price. 

Condos

Sales By The Month: 13, up 85.71%

Sales Year To Date:  13, up 85.71%

Days To Sell: 95, down 51.72%

Inventory: 58, down 30.95%

Average Price By The Month: $227,269, up 16.89%

Average Price Year To Date:  $227,269, up 16.89%

With the new mortgage stress test lowering buyers qualifying amount and kicking many out of the detached home market, look for a surge in condo sales.

Lots

Sales By The Month: 8, up 14.29%

Sales Year To Date:  8, up 14.29%

Days To Sell: 195, down 22.08%

Inventory: 142, down 37.72%

Average Price By The Month: $126,313, down 57.13%

Average Price Year To Date:  $126,313, down 57.13%

Limited lot sales are an indication of the lack of inventory but even so managed to post a gain over the same month last year.  More stock will hit the market in 2018 to satisfy ongoing demand and provide an option to low inventory in the resale sector.