Buying or Selling? 10 Year North Okanagan Recap Part 1
Are you looking to buy or sell property in North Okanagan?
The real estate market has changed significantly over the past decade. Some of these changes are exciting, some may be a tad worrisome. We want to make sure that you're ready for what's ahead!
Whether buying or selling, we want to help you with your real estate efforts. We've compiled some useful data on the North Okanagan's real estate market for the past 10 years. This information can aid you in making well-informed choices.
During a buyer's market, the supply of houses typically exceeds the demand, resulting in sellers having to be more flexible on pricing and potentially longer waiting periods to find buyers.
On the other hand, a seller's market has a higher demand for houses than the supply, which puts an upward pressure on prices.
To understand the current state of the real estate market, let's analyze some historical and current data.
The absorption rate is a metric used to assess the state of the housing market by determining the amount of time required for all available houses to be sold.
In July 2013, the number of available listings had reached a high of 728, indicating an advantageous buyer's market with almost 10 months of inventory.
However, in January 2022, the number of available listings was significantly low at only 89 and only 1.6 months of inventory, indicating a highly favourable seller's market.
During the the Covid-19 pandemic, the peak of inventory reached 8.9 months in April 2020. 2 months later in June 2020 it was less than 1.5 months and in April 2021 it had dropped to an all time low of just 1.08 months. This is what led to the rush of competitive bidding, resulting in a significant increase in prices over the course of 22 months.
Stay tuned for part 2 of this video series, thanks for watching.