Good news…the market is getting better! The market is now relatively balanced in BC and there was 8,493 properties sold on MLS in July; Up 11% from last year. Also, prices have gone up 2.5% with an average sales price of $317,430. Active listings are down which is showing that the market is getting better and it is no longer specifically a buyer’s market. “Strong consumer confidence continues to drive a summer rally of home sales,” said Cameron Muir, BCREA Chief Economist. “While sales were up in all but one BC real estate board area, the Okanagan has posted a meteoric rise in consumer demand, with the most home sales on record for the month of July.”
Price is still a large factor when selling, so make sure your property is priced well and it won’t sit and become stale on the market. Right now it’s taking approximately 118 days for single family homes to sell and 125 for condos and townhouses; please see attached for stats.
There is a great market update from Cameron Muir. If you wish to learn more please visit the link below: