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North Okanagan Real Estate Market Update: August 2016

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The hot weather finally arrived in August and the focus of everyone I know, shifted to the beach, barbecues and road trips.  But beneath all that, the activity in the local real estate market was busy. The same amount of homes were listed for the month as the previous August at 139 but it didn’t even begin to make a dent in the lack of inventory at 451 down 28% from last year.  Buyers bought 122 homes, a 37% increase over August last year, continuing the trend of strong sales for the year to date at 967 compared to 666, a 45% increase.  Sellers are enjoying a 3.24% average price increase to $434,434 and are selling in just 67 days on average, significantly shorter than 102 days last August.

Where are the buyers coming from?

  • 59.9% are local (up from 55.7% in June)  This reflects a rise in confidence in the local economy
  • 17.8% from Lower Mainland/Vancouver Island (down from 18.2%)  There’s a sense that people are waiting to see how the luxury tax and it’s impact shakes out.
  • 9.3% from Alberta (down from 11.2%)  Albertans who do want to move to the Okanagan are finding it challenging to sell their own homes in a slower local market.
  • 6.6% from Other Areas in BC (down from 8%)
  • 2.2% from Eastern Canada/Maritimes (down from 3.1%)
  • 2.2% from Outside Canada (up from 1.2%)  This increase could be an anomaly or a sign of things to come as foreign buyers have a long look at the Okanagan with no luxury tax.
  • 1.7% from Saskatchewan/Manitoba (down from 2.5%)

What does the fall market hold?

If I had the benefit of a crystal ball, I would say more of the same. With such a large pool of buyers still looking for homes, new fall listings will be snapped up as they hit the market.  It remains a great time to sell with a strong sellers market and a few months left before the snow flies.  If you are curious about what your home is worth and what you can do to achieve a higher price, call me for a genuine, no obligation home evaluation.

Visit this blog on a regular basis to stay up-to-date with the latest North Okanagan real estate trends.

For more detailed information about specific neighbourhoods, property types or your own home please call Doug at 250-550-4203.