Welcome to 2016! How good can it get? Inventory levels steady at approximately 10,000; sales closing in on 6,000 and average price increasing to over $425,000. This is all fantastic news for the resale market but will it translate to the New Home market? The following statistical information (MLS year-end listings, sales and average prices from 2007 through 2015) illustrates positive resale...
Market Updates
The question has been asked many times - do you need a realtor to represent you for a new home purchase? The answer is a resounding no. Let’s take a look at a typical example: purchasing a new condominium in a new project that is now under construction with an occupancy date approximately one year away. In most of these cases, the developer or builder of the project has hired a marketing company or have...
The typical scenario for a resale (another person’s or used) home involves researching active listings via internet, signage, realtors, realtor websites, open houses etc. followed by viewings and offers through a buyer/listing realtor. Purchasing a new home is significantly different, particularly a pre-sale new home. When you buy a new home (completed by the builder but not lived in by anyone else), it...
Much has been reported about the resale residential housing market in the Central Okanagan; inventory is down, sales are increasing and prices are rising. To put this into perspective, today’s inventory levels are lower than they were at the still height of the market in 2007 with sales closing in on similar levels and prices higher than they were back then. This is all great for the resale market but...
Welcome to 2015! The resale market turn-around is complete which will lead to more opportunities in new homes. There are significant signals throughout the Okanagan indicating this continued upward trend, namely; reduced inventory leading to a more competitive selling environment, a dramatic increase in sales activity and price increases in all housing sectors. The following statistical information (MLS...
This is traditionally the time of year for market optimism and without sounding rather cliché, there is some real statistical back-up to make you think that we've really turned the corner. 2013 turned out to be a banner year on both the resale as well as new home sectors. The fundamental key MLS indicators of inventory levels, sales and prices all show significant signs of market recovery. Although...