New month, new year, same story. In January we saw yet another rate increase of 0.25%, which is predicted to be the last. With rate decreases predicted by the end of the year, it may be an indication that we may be at the bottom of the market right now. Sales in January were at a 10-year low of 166 total sales. Having options to buy is still an issue, which is impacting the number of sales. Currently there are 1842 active listings, which is down 14% from the 10-year average. With the low inventory, prices have remained relatively stable.
Total Sales
Sales 166
New Listings 646
Current Inventory 1,842
Median Days to Sell 60
Average Days to Sell 71
Months of Inventory 11.10
Average Sale Price $793,739
Median Sale Price $700,000
Total Volume Sold $131,760,612
Single Family
Sales 70
New Listings 258
Current Inventory 856
Median Days to Sell 81
Average Days to Sell 87
Months of Inventory 12.23
Average Sale Price $1,117,811
Median Sale Price $884,000
Total Volume Sold $78,246,753
Townhomes
Sales 36
New Listings 104
Current Inventory 231
Median Days to Sell 38
Average Days to Sell 56
Months of Inventory 6.42
Average Sale Price $719,898
Median Sale Price $706,000
Total Volume Sold $25,916,338
Strata
Sales 52
New Listings 182
Current Inventory 428
Median Days to Sell 57
Average Days to Sell 65
Months of Inventory 8.23
Average Sale Price $470,173
Median Sale Price $451,500
Total Volume Sold $24,449,021
Overall, it was a slow month on the real estate sales side of things as you can see in the numbers and the charts that all the sales for each category over the last 10 years are down to near the 10-year lows. We have hopefully seen the last interest rate increase. As we move into the Spring months, we will likely see more activity, with new fresh inventory, as a lot of the homes on the market right now are old inventory (homes relisted) still from November/December. In January, with brand new inventory coming on the market we have been seeing a surge of multiple offers again for the ones that are priced correctly.
Have a great week, reach out with any questions.
Mark and Maddie
Coming Next Week- Andrew Ramlo- State of the Real Estate Market in the Okanagan
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Mark Coons
PERSONAL REAL ESTATE CORPORATION
Maddie Coons
REALTOR®