Local stats causing smiles
Confidence is probably the best choice of words to describe what has happened in the past few months.
While the number of listed units on the market has remained static or trended slightly lower than last year, the units sold has increased radically. In August alone, we saw an increase of nearly 30% and year to date we have seen a 12.44% increase. These are very encouraging numbers, particularly as other organisations release damning stats regarding BC’s employment and cost of housing situations.
As we see more recovery in the market, the confidence is shared by both Buyers and Sellers alike as list to sell ratios are stable and over 95%, an indication that Buyers and Sellers are agreeing on current values in the market place.
While we cannot read too much into the dollar volumes, it does bear mentioning that the dollar volume of sales was up by 42% in August compared to last August and again is continuing to trend higher on a year on year basis.
As single family homes lead the charge in terms of shear number of sales, one very encouraging sign is the volume of waterfront homes sold in August. A whopping 450% increase in number of sales over last August which has largely helped to put us up 377% in a year on year comparison.
These stats tie in very close to the Buyers surveys that we talked about last week that indicated a shift in buyers to out of town interest.
The safest comment about values is that they are holding steady. Sure, if you look at the stats you will see some wild swings both up and down, but the swings are restricted to categories with low total numbers of sales. Where we are seeing a good volume of sales, the pricing is remaining very close to static compared to August last year or average over the year to date.
We certainly have a mild cause for celebration in the Okanagan, especially when one takes into account the fact that August is commonly a sleepy month. With some good favour, we will see trends staying positive through September and October.
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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet presents its columns "as is" and does not warrant the contents.
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