May Home Sales Report
SPRING MARKET SLOW TO WARM
Single Family Home Sales SLOWED
The daffodils and crocus are up and the grass is greening in the
North Okanagan as we head into the Easter long weekend. While
this weather is heating up, it looks like our Spring Real Estate
Market is slow to warm.
The number of single family homes sold in March this year (64) was
down by about 27% compared to last year (87). The ripple effect of
all those layoffs in the oil patch appears to be having a slowing
Single Family Home Sales - March
effect on our local market.
The number of single family homes for sale is creeping up and now stands at 525 as of April 2. With fewer homes on the
market and a steady supply of buyers it appears to be a more balanced market. The sales to listing ratio for March 2015
was 12% which means we have moved into a BALANCED Market. The market appears to be healthy in the single family
home sector, although there is still fierce competition for good family homes below $325,000. Multiple offers for homes
under $290,000 is common.
The average sold price of a single family home in the North Okanagan this past March was $343,718 while the median
single family home sale price was $322,900.
Best wishes to everyone this
Easter Long Weekend. Hope
you have a wonderful time
connecting with your family,
friends and faith.
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OH BY THE WAY, I AM NEVER TOO BUSY FOR ANY OF YOUR REFFERALS!