Bank of Canada increased interest rates another 0.75% today, what will the impact be? Also a look at the Central Okanagan real estate statistics for the month of August.
What to watch this week is the Bank of Canada's rate adjustment just announced today another increase of 0.75%. Compared to July, in August, we saw sales rebound by about 100 additional sales after significantly low sales in July as buyers and sellers come to terms with the new environment of higher rates. With rates still on the rise, however, it is tough to know where the tipping point is.
406 total sales in August (Which was up from 305 sales in July and but down from last year's sales of 561 sales last August)
2,458 total active listings which surprisingly is exactly the same as the end of July's active listings. The end of August listings are down compared to the 5-year average of 2,585 listings but up from 1,379 last year. Currently, we are sitting at 95% of the average amount of listings for this time of year based on average which is signifying nearing a balanced market.
August median days to sell increased slightly to 34 days and the average days to sell increased from 6 days to 44 days on market.
This past week we saw 131 Price Reductions.
Based on the sales and the number of active listings, the current months of inventory is sitting at 6.05 months for the overall market which is well within the balanced market range.
Single Family Residential Homes
Single-Family Sales 178
New Listings 469
Current Inventory 1,304 (1,337 in July and 685 last August)
Total Sold Dollar Value $193,119,900
Median Days to Sell 36
Average Days to Sell 43
Average Sale Price $1,084,910
Months of inventory 7.33
Townhome Activity
Townhome Sales 54
New Listings 115
Current Inventory 292
Total Sold Dollar Value $40,318,100
Average Days to Sell 57
Median Days to Sell 36
Average Price $746,631
Months of Inventory 5.41
Apartment/Condo
Condo/Apt Sales 126
New Listings 247
Current Inventory 500
Average Days to Sell 40
Median Days to Sell 31
Average Price $682,653
Months of Inventory 3.97
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Have a great week and feel free to reach out with any questions!
Mark
Mark Coons
Personal Real Estate Corporation
Coldwell Banker Horizon Realty
2021 Top 3% Internationally Coldwell Banker
Mobile: 250-801-0361
Email: markcoonsrealty@gmail.com