Ready for a market update??
Just wanted to keep you up to date on the market…which is good news! The market is getting better and sales in the Okanagan rose up 7% in August since last year and home sales have increased by about 2.5% from July – August! Cameron Muir (BCREA’s chief economist) says consumer demand has been the strongest this summer in 5 years across the province. This is huge as it hasn’t been seen just in parts of BC but all across, which means the market is taking a turn for the better and it’ll only get better from here on. Especially with the average sales prices have gone up about 5% province wide.
Active listings are trending lower, which is quite apparent in our area as many are being scooped up by buyers but not as many are coming back onto the market as quickly. Buying is hot right now and we’re even seeing a balanced market now but the market is still leaning toward favoring the sellers in the Okanagan Mainland area. The average sales price in the South Okanagan is $317,844 with an active listings ratio that is down 8.1% from last year.
For more information on the market you can watch Cameron Muir:
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