Summer heat is here
Single Family Home Sales
JUNE SINGLE FAMILY HOME SALES HEAT UP
The wonderful Okanagan summer heat has finally arrived! The beaches are filling up with locals and out of towners. The local Real Estate market seems to be heating up as well with more sales, multiple offers and prices holding.
There were 93 single family sales in June 2013. This was about 8% MORE than sales in June 2012 (86). It is also interesting to note that single family sales for June have been steadily climbing since the low point in 2010.
The current number of single family homes on the market as of July 6 is 704 which is about the same as last month and certainly less than a year ago. The trend of lower listing counts continues which is great news for sellers. Buyers continue to be in a good position as well with lots of selection still available.
The sales to listing ratio for June was 13% which is like last month, a BALANCED market. The time it takes to sell a home in the North Okanagan was 115 days in May and has dropped to 110 days in June. The average sale price in June was $404,725 while the median sale price was $353,500.
The conclusion for this month is that we are finally seeing some improvement in the local Real Estate market. With interest rates starting to inch up it is a great time for anyone who is thinking of buying to at least lock in a mortgage rate. On another note, investment properties are starting to be picked up by Real Estate agents. When you see that, it is clear that this is a perfect time to pick up a 2 or 3 bedroom strata home and rent it out. Rents are holding or increasing slightly and our vacancy rate is still on the low side. With as little as $20,000 down you can start to bring in steady positive cash flow.
For more information on purchasing an investment property for positive cash flow call Greg.