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Will The Volume of Homes Sold Continue During the Second Half of 2016?

Yes!

The 2nd half numbers for Kelowna’s real estate market, in any year, are pretty easy to predict just by looking at the first half’s numbers.  That was easy.  Now go back to what you were doing and stop hyperventilating if you’ve just locked yourself into a 25 year mortgage.  Here’s why.

 

No one’s arguing that the first six months in our market has been good.  Homes are selling everywhere, in every price point including lakefront mansions and beat up mobiles.  Will this continue?  History tells us that  it should because the second half of a year can always be predicted by what happened during the previous six months.  Here is some raw data…

 

Total number of sales first 6 months                            Total number of sale second 6 months

 

2016                       2,032                                                                                                     ?,???

2015                       1,584                                                                                                     1,458

2014                       1,392                                                                                                     1,404

2013                       1,220                                                                                                     1,189

2012                       1,092                                                                                                     951

2011                       1,040                                                                                                     904

 

Even if we put our calculators away it’s easy to see a trend and conclude….

IF THE FIRST HALF’S NUMBER IS HIGH, THE SECOND HALF NUMBER WILL BE HIGH.  IF FIRST HALF NUMBER IS LOW, SEND HALF NUMBER WILL BE LOW.

BC Wine Country

 

 

We’re outperforming 2015 by a wide margin so we could put things on cruise control and hit 3,500 residential sales this year.  The old benchmark of trying to hit 200 home sales a month to consider it a reasonable month is long gone and the new normal is 250 homes.  If the 2,000 homes benchmark is a statistical anomaly, and it could be, we’ve still averaged over 250 homes sold per month over the past 30 months with no signs of things letting up.  Once outsiders discover the beauty of a community like ours there’s no looking back and the battle to find affordable housing will never be won.

To find out your homes value click here

Or call, I look forward to hearing from you

Realtor Andrew Smith
Andrew Smith
Royal LePage Kelowna
250-979-8066

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