The number of Single Family homes on the market has finally come down, although not as fast as I expected. Again the number of homes for sale was high this September and above 800. At the beginning of October as I write this column there are 796 single family homes for sale in the North Okanagan.
For September the sales to listing ratio was at 6% which continues the trend over the last few months. This lack of sales combined with the high number of listings means that we are still in a Buyers market.
Discounting of the list price to the sale price is a trend as Sellers look to sell before the snow flies. For example in September this year the average list price was $395,494 while the average sold price was $382,213 or 3% less.
As a Buyer you should be looking for discounts of at least 4% and as a Seller you want to hold to less than the 3%. To put these numbers into perspective, the average discount this year has been 4% and in 2010 it was 5%.
Condos and Townhouses September Update
The number of strata homes on the market (condos, apartments, and townhouses) is still high at 415. This trend has continued for most of the year with listings averaging over 420.
The number of strata sales in September, 2011 was 23 and the sales to listing ratio was 5%.
The median sold price for stata during September 2011 was $210,000 while the average sold price was $224,163.
The average days on market has climbed up steadily over the summer and now sits at 210 which is very high.
What will the Fall Bring?
I was very disappointed with the lack of sales in September. My expectation is that low sales activity will continue through the rest of the year. The one bright spot is that low interest rates are forecast to continue well into next year. This is great news for those Buyers who are still on the fence.
With the high number of homes on the market, winter coming on and low interest rates, the time is ripe for buyers to make a move.