South Okanagan historical sales volume
The best way to figure out where we are headed sometimes is to look in the review mirror. Where have we been? This is a look at the total volume of transactions back to 1980. As you can see, the peak year for the number of transactions have been 2007, 2015 and beaten again in 2016. Since the 2007 peak we had a massive decline in both the number of transactions & naturally, the overall sales $ volume. It had been a similar period of correction to the 1980 decline, with the number of transactions cut by 50%. Although following a different path to decline, what took 3 years to bottom from 1980, took us 6 years this time around.
As can be seen from the trend line, we are now above the trending number of sales per year. This indicates a robust market and one that is ‘operating on all cylinders’. This effective and efficient market has not always been the case and we are bound to fluctuations.
Previous times of below trend activity such as the 1998-2001 slowdown & even further back to 1986 (which was more of a recovery period) shows insightful periods of contraction!
We have hit a period of pent up demand where both the number of transaction & sales $ volume increase substantially. As of October 2016 we continue to experience a mismatch; buyers without the appropriate product to sell them.
It’s currently a healthy and stable market right now, a great time to be selling & for that matter, buying if you know what you’re after. Given demand, the overall supply of homes for people to view is narrow! (right click graph below & open in new window for full image)