The South Okanagan real estate market of 2013 went through a period of stabilizing and appears to be building a floor for home prices and levels of activity. There were 8% fewer listings throughout the year at 4,668 units and 6% more listings reported sold of those listed at 1,614. These factors of supply and demand are positive signs of a balancing market.
Taking a quick look at the single family home market, prices are down in what I would call moderate fashion considering the tumultuous few years of the global economy.
Single Family Homes:
Penticton: December 2008 – $421,319 December 2013 – $362,572 -14%
Summerland: December 2008 – $481,973 December 2013 – $395,090 -18%
Oliver: December 2008 – $358,935 December 2013 – $297,268 -17%
Kaleden: December 2008 – $592,493 December 2013 – $453,711 -23%
Naramata: December 2008 – $542,927 December 2013 – $626,776 +15%
We’ve seen multiple offer situations over the past few months that have been almost non existent (unless on foreclosed properties) for the past few years. This is a great sign that people are actively pursuing their goals and are no longer waiting on the sidelines.
The consensus view among industry professionals is that 2014 is shaping up to be a much stronger year than we have experienced for quite some time.
Although prices may not increase just quite yet, we do see them stabilizing.
This makes for a great time to make transitions within the south okanagan.
If you ever want to discuss ideas you’ve had or goals you want to act on, please get in touch with me anytime!