Single Family Homes October Update
October weather mirrored single family home sales this year with warm conditions for most of the month. Although the weather has cooled recently, home sales continue to stay on the lukewarm side.
This October there were 73 single family home sales which is up 37% from October, 2011 (53). This current level of single family monthly home sales has been consistant for most of the year, with January (34), February (42), March (65) and September (64) being the exceptions.
The number of single family homes on the market continues the expected decline and now sits at 625 (Nov. 2).
The sales to listing ratio in October rebounded to 11% from the dismal 9% level of September.
Even though there are fewer homes market the has also slipped to 9% from 11% in August. My expectations are that by the end of October there will still be over 600 single family homes on the market. In order to get to a more balanced market for Sellers we need to see at least 72 sales in October. I would be pleasantly surprised if we hit 65 single family sales in October. Sellers still need to tighten their belts and Buyers still have the edge.
The median sold price for single family homes in September 2012 was $312,000 and the average sold price was $357,168.
While October sales activity for single family homes in the North Okanagan was higher compared to 2011, it is still a BUYERS market. There is still good selection for buyers and some moderation in prices.