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Cold, Warm, Hot
Last week we looked at the percentage of new listings sold by each neighbourhood, but what does the entire market look like since the pandemic started?
When the pandemic started there was a lot of uncertainty throughout the world, who am I kidding there still is an amazing amount of uncertainty, I am not even sure any question we originally had has been answered, we are just learning to live with the new normal. With that uncertainty, my economics background kicked in and I immediately started to monitor the inventory levels on a weekly basis. Everyone was predicting a housing crash, all though this still very well could be a possibility down the road for the short term it has not come to fruition.
Economics101 indicates that when you see prices decrease, often one of two things has to happen with all other things considered equal. The first one is that supply has to increase with respect to the amount of demand and the second one demand has to decrease with respect to the amount of supply. To monitor the inventory levels on a weekly basis, I have chosen to monitor the weekly list to sell ratios which gives us an idea for all the new listings coming on the market how many homes are selling in that same week.
We haven't seen any indication for home prices to decline so far in this pandemic for the real estate market in the Okanagan, we are seeing for the most part prices stay the same and for certain properties, the prices are actually increasing for certain homes.
Looking at where we started and where we are today. Here is the list to sell average percentage for each month.
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