It's nice to see our weather warming up...and with that, so is the real estate market.
We weren't really sure which way things were going to go at the beginning of the year, as we spent the first few months of the year in a buyer's market. Well, the market appears to be heating up a little bit over all, and with the fact that the increases in sales are outpacing the increases in new listings, we are now finding ourselves in a nice, healthy, balanced market - great news!
The real estate markets in Vancouver and Alberta have shown some improvement over the last couple months as well...and that is really good news for us in the Okanagan too!
We are still ourselves living in the shadows of the 2016, 2017, and 2018 markets, as far as sales numbers go, but that should come as no surprise as those were record setting years, and those sales volumes were not sustainable long term.
Our market is in a pretty good place, in my opinion! :)
I find that any time there are regulation or policy changes, home buyers have a natural tendency to just stop in their tracks, to see how the market responds....and those hesitations in the buyer's patterns end up causing the market to slow down. Then, after a bit of time passes, everybody gets back to their plans, which causes the market to bounce back..and to an extent, that's what I think we are seeing here.
Things appear to be normalizing after the implementation of the mortgage stress test, foreign buyer's tax, speculation tax etc etc...and here we are again moving right along!
There are 21% more homes on the market to choose from across all residential property categories, and sales in were down about 2.5% from May 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 well marketed.
In the graphics below, we can take a quick glance at how the individual property categories performed in the month of May, as well as see where the average prices and average days to sell are currently sitting for the different property types.
I hope your Summer is off to a fantastic start...looks pretty hot this weekend, enjoy yourself!!
If you ever have questions about what all of these numbers mean to you, please let me know! As always, I am here to help.
Enjoy the rest of the month and we'll talk to you in July! :)