Christmas is upon us and it seems that toilet paper and produce are not the only things in demand this winter in the Central Okanagan. Although this time of year, pre covid, was seasonally where sales would cool down, we have observed sales exhibit an upward trend month over month since July 2021 (COK Report – Chart 1), specifically with regard to Single Family.
Although Single Family sales are not keeping pace with the sales activity observed in November of 2020, we are still in good shape and have strong sales that are on par and slightly surpassing November 2016 Year to date (COK Report – Chart 4).
The average sale price for a Single-Family home continues to climb and was $1,063,419 for the Central Okanagan in November 2021. Looking at some of the other regions we report on, believe it or not, this still represents a “bargain”. Take for example the average home price in the Fraser Valley Real Estate Board was $1,633,917 (53% Higher price or $570,498 more expensive) and Victoria Real Estate Board was $1,302,967 (22% Higher price or $239,548 more expensive).
Single Family inventory in the Central Okanagan is following similar trends with regards to seasonality as a whole but is historically and consistently at all-time lows. What is injected into the supply side and not accounted for by the MLS© data is presale sales. Just to make sure we are all on the same page when we say “presales” we are referring to new condos or multifamily product that is not actively marketed on MLS©. That being said, presales have been strong this year, how strong you ask? To put it in perspective last two quarters (2021 Q2 & Q3) have outpaced anything we have surveyed in the region since 2017 (When we started our company). Anecdotally, we predict inventory to be further exacerbated as 2021 comes to a close as we have seen new unexpected entrants to the market that have been displaced to flooding that has been plaguing our province.
In conclusion, if we had the chance to ask for anything this Christmas it would be a Single-Family Home in the Central Okanagan. We hope you have a great holiday season and thank you for your support! Please check our “Reports and Research” Section for a more detailed analysis of what we chatted out in this post!
Subscribe For Free Monthly Reports
Get all our reports the second they are released by subscribing to our mailing list.Sign Up Today