There are only 1,077 freehold residential homes for sale in the Central Okanagan in all price ranges right now which isn’t a lot especially as we approach the Spring market. What’s a little worrisome is that there are only 300 priced under $500,000 and only 130 priced under $400,000. Our marketplace averages about 240 residential sales per month so we have about 4 ½ months of inventory which makes the market appear balanced. Nothing to see here except when you parse the numbers down a bit. We’ve averaged 125 home sales per month under $500,000 over the past year and with only 300 for sale today this segment of the market is in a sellers’ market. No one keeps statistics of a particular market segment and everyone’s definition of a sellers’ market is different but I can’t remember conditions being this tight for buyers. It’s nothing like what we read happening on the coast but unless we see more homes come onto the market conditions are ripe for rising prices.
There are 392 apartments for sale in all price ranges which is more or less a so-so number considering our market generated just under 1,200 condo sales last year. The real number is 1,152 but let’s round up a bit just because it makes the math easier to calculate. With an average of 100 condo sales per month we have about 4 months of supply which is the tightest this market has been in a long time. To sum up, we need more condominium listings.
The good news is that we usually see an onslaught of homes coming onto the market as the weather gets nicer and this year shouldn’t be any different. Right? It’s likely cultural more than anything we come out of winter hibernation and clean out the garage, we sometimes just get the itch to make a move and this process is easier during the Spring and Summer. I’ll keep arguing that it’s more affordable during the Fall/Winter months but it’s an argument I keep losing.
Thanks for reading and feel free to drop by the office and say hi if you’re near Orchard Plaza.