We hope everyone had a bit of Easter Weekend happiness despite the chilly weather! Our time of living with COVID seems to be dragging on forever, yet we suddenly find ourselves in the middle of April and summer just around the corner! It has been a frantic, stressful, first quarter in the North Okanagan Real Estate Market. Inventory in some categories remained very low, leading to unprecedented competition which lead to a multitude of problems for Buyers, Sellers and our Realtors!
As demand outweighed supply in some categories, we saw a sharp increase in sales activity and an unprecedented increase in sale prices. Buyers were offering over their budgets and comfort zones. Mortgage lenders, appraisers, home inspectors, strata management companies, municipal offices and surveyors were booked weeks in advance. Law offices and the Land Title Office were over capacity! Realtors struggle to ensure Buyers have the information they need as offers often did not allow time for usual subject conditions!
Sellers were often pleased to see multiple offers on their properties and over-list sale prices but were then faced with becoming buyers themselves or finding rental accommodation. Realtors agonize over Current Market Analysis to advise clients as the market seemed to be changing every day and we worry constantly about unforeseen economic and global changes that could impact us!
Here’s some interesting highlights from the Association of Interior Realtors – (covering the area from Revelstoke through to Peachland):
*The benchmark price for homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions saw double-digit percentage increases in year-over-year comparisons in the single-family and townhomes categories.
*Residential listing in March were down 46% from March 2020 in the North Okanagan and 52% in the South Okanagan
*The number of residential sales for March were up 146% from March 2020
But change is inevitable! Last evening we heard from one of our Mortgage partners the Office of the Superintendent of Financial Institutions is investigating increasing the qualification rates for mortgage qualifications so we will be monitoring the progress and potential impact on the market!
Give us a call 250-549-7050 to discuss the stats relative to your personal property!