Well, I hate to say it, but Summer 2019 is nearly in the books...and the kids (well let's be honest, parents!) are gearing up for the new school year ahead.
While the Summer months are often a bit slower for Okanagan real estate sales with all of the company visiting from out of town, and holidays etc, we actually had a really busy month in July...and so far August has been really steady too!
In the video above, I give a run down of how the individual property categories performed last month, and make a prediction as to how the next few months will likely go!
The real estate markets in Vancouver and Alberta continue to put up some stronger numbers, and that bodes really well for the Okanagan too!
In July, we posted 545 residential sales, which is almost a 15% increase over last year...so we making some great progress! The listing inventory is up from last year too, by 11%, but the increase in sales is outpacing the increase in new listings, which means we are seeing a decrease in our Months of Inventory...the market is heating up.
With balanced market conditions in all of the property categories now, we can expect prices to hold steady, despite some of the averages bouncing around. Keep in mind, that watching the average house price numbers alone can be a bit misleading, depending on the mix of properties that happened to sell in that particular time frame.
Currently, the average days on market is sitting at about 2 months to sell!
In the graphics below, we can take a quick glance at how the individual property categories performed in the month of July, as well as see where the average prices and average days to sell are currently sitting for the different property types.
Positive signs all around!
One of the most positive signs I saw last month was the fact that for the first time in the year, we began to outpace last year as far as our supply and demand numbers look!
In the graph above, we tracked the Months of Inventory on the market over the last two and a half years...to recap, if we are sitting at less than 4 months of inventory, we are in a seller's market....4-6 months of inventory is a balanced market, and more than 6 months of inventory is a buyer's market....so the market is definitely improving and trending in the right direction!
With the Lower Mainland and Alberta markets also improving, this trend should likely continue. My expectation is that we should remain in a balanced market through the Fall and home prices should hold fairly steady.
Time will tell!
In the meantime, enjoy the last week of Summer, and we will chat again soon. If I can do anything at all to help you, please drop me a line!