In the last 10 years, we have never had this low inventory. Low-interest rates and high relocation rate which has made up of around 40% of the buyers in the Central Okanagan through 2020 is creating a one of the strongest seller's market.
Currently, there are 540 single-family active listings in the Central Okanagan and in 2021 so far there have been 182 single-family sales.
The apartment supply is currently at 380 listings with 95 sales so far in 2021.
Townhomes right now are at 56 sold listings with 210 currently active.
As a seller in such a seller's market, the seller can dictate the terms of the contract to make it benefit them which is not only on price. With the low inventory, there is a concern about where do you move to? There is no inventory and it is making it tough on buyers. That has been the story of the last few months.
There are ways to protect sellers to ensure they are not left homeless. Every situation is different and we have ways to protect each client to fit what they need whether it is making each offer subject to a seller finding a home within sixty or ninety days. In some situations just making the possession date 6 months out or believe it or not we have been done a couple by reaching an agreement that the seller gets to rent back the home for a certain period of time even after the 60-90 day possession from the agreement. My job is to protect my clients and there are different we can protect you in this market ensuring no one is left homeless.
If it has been on your mind to sell in 2021, in my opinion, February or early March will be your best opportunity to sell based on supply and demand, right before the spring rush of listings would allow your home to stand out to more eyes than likely ever before. Obviously, we don’t know what the future has in store, 2020 taught us that, but you could also be positioned in a strong seller's market to make solid offers on your next home as the majority of new listings come out between March 15th and May 15th by already having your home sold with just a subject to selling your home clause.
Everyone is in a different position, if it has been on your mind, give me a call or send me an email and we can go over what makes sense for you, which may also be to not sell right now if in your situation it doesn’t make sense.
Have a great week!
Mark Coons
250.801.0361