It’s now 2014 and we’re seeing some changes! The market is definitely starting to pick up! We’ve had a lot of interest in houses as well as mobiles and condo’s….which is huge for the mobile and condo market as they’ve seen slow growth in sales in comparison to houses.
For the past couple weeks we’ve started seeing a lot more movement within in the market…and in January no less! The market for mobile homes and condo’s is starting to have a lot of interest with more home sales and less listings appearing on the market. A lot more interested buyers viewing properties and taking less time to act.
Within the South Okanagan market as a whole home sales were up 17% in November…up 12.5% from last year. We are still leaning towards a balanced market but aren’t quite there yet as there is still a lot of inventory available to consumers. As well as the increase in unit sales are somewhat dependant on employment related confidence…which means prices aren’t expected to go up as there is little upward pressure.
Currently, consumer demand is still the same but is being encouraged with the still all time low interest rates being offered by the banks. The average sales price within the South Okanagan is
Single Family: $298,319 with an average 134 day listing period.
Mobiles: $76,523 with an average 119 listing period
Condo’s: $160,513 with an average 120 listing period
Lots: $137,500 with an average 155 listing period
Farms: $450,818 with an 245 average
If you are currently listed, then stay positive because good things on the way. If you aren’t currently listed and thinking about doing so…now is the time to get on it! At the latest, we would suggest placing your property on the market in the Spring at the end of February so it’s on the market for March.
Should you have any questions don’t hesitate to ask.
P.S. Please see below for a video from Cameron Muir with
more details on the market:
Katie, Sara & Karen Amos
The Famous Amos Women In Real Estate