The real estate stats are here for April 2019 - and we had a great bounce back month, with a definite uptick in home sales. While we are still off of last year's pace, that gap did narrow and prices are holding fairly steady.
Warmer weather always brings more activity, so the fact that the sales increased over March is no surprise at all. But, what is interesting, is that the increase in April's sales outpaced the increase in new listings, keeping the market in balance.
We are also seeing some other markets in Western Canada showing improvement (Edmonton and Calgary in particular), which could also help keep our local market fairly active throughout the year...time will tell!
The slew of taxation and policy changes throughout BC real estate industry has lead to a slow down over the last year across the Province, and large swaths of the Country. However, interest rates remain low and are expected to stay where they are for the next year or so, and as a result we are anticipating the local market to remain reasonably active. The Okanagan also continues to be a top-choice destination for families, investors, and retirees alike!
There are 26% more homes on the market to choose from across all residential property categories, and sales in were down about 12% from April 2018!
With this in mind, the average price of a property has remained almost identical to where it was a year ago. The lower priced homes continue to sell very well, assuming they are properly priced and marketed.
In the graphics below, we can take a quick glance at how the individual property categories performed in the month of April, as well as see where the average prices and average days to sell are currently sitting for the different property types.
If you are contemplating a move, or are curious as to what all of these numbers mean to you - drop me a line and we can discuss!
Also, if you know anybody that would find this info helpful, please feel free forward it on!
Have a great month - and we'll talk to you in June! :)