Single Family Home Sales
JULY SINGLE FAMILY HOME SALES SIMMER
These are definitely the best days of summer as August begins with a stint of warm, sunny weather in the North Okanagan. The local Real Estate market continues to simmer as July sales lost pace compared to the last two years.
The talk on the street is that the market is “heating up” and, “wow, are there ever a lot of sold signs out there”. The numbers don’t show that. In fact, there were 71 single family home sales for July 2013 which is down by about 5% from 74 compared to July 2012 (see chart, at right).
When you look at the year to date figures for single family home sales (see chart on right), the picture is similar. To me it looks like sales in 2013 are down by 9% compared to 2012!
Before we race out to tell everyone that the sky is falling let’s look at the sales to listing ratio for July to get a clearer picture of what is actually happening. The sales to listing ratio for July, 2013 was 9% which is down from 12% in June. This lower than expected number of sales slips us into a borderline Buyers market.
The good news is that there are only 717 single family homes on the market as of August 8 and this number has started to drop. This number of homes is on the border of a Balanced market. Ideally, there should be between 650 and 750 single family homes for sale to keep in the balanced zone.
The time it takes to sell a home in the North Okanagan was 110 days in June and has increased to 118 days in July. The average sale price in July was $362,776 while the median sale price was $341,500.