February stats are showing that our market has finally tipped into the realm of A BALANCED NORMAL MARKET. Let’s all take a collective sigh together!
While January started off with a lot of silence and worry about the market, February sales and listings began to approach a more Balanced and Normal Market. While inventory is still a little low, new listing activity is reaching seasonal norms, with the bulk of our listing coming in the next 6 months. On all fronts, (single family, condo and townhome) have reached a Balanced market, meaning that 1 in 6/7 homes that are listed, sold in February. While price points vary from sub area to sub area, in general for the Okanagan, single family came down an average of .6% from January, and 14% from a year ago.
In a nutshell, our price points are similar to spring / summer 2021 pricing, mid way through the pandemic.
Good news is that in these last few weeks, Buyers are coming out of hiding, and seem to be coming back to market if your home is priced well.
More good news this week is that the Bank of Canada is holding and not increasing their key lending rate. This gives the market opportunity to reset and establish itself. February showed us a balanced market, where more normal negotiation happened ~ not radically skewed towards either buyers or sellers.
Sellers are adjusting their expectations of what they are comfortable selling for. Buyers are adjusting their expectations, and finding prices they are willing to pay.
This graph shows that prices today are similar to what they were in the Spring/ Summer of 2021- mid pandemic
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