Okanagan Real Estate Remains Sellers Market

This month the overall message is positive, with a little bit of caution peeking through the door.

The market is cruising along just as we predicted. Perhaps a little better than we predicted. The absorption (percentage of total residential inventory that sells on a monthly basis) in both the North Okanagan and the Central Okanagan is staying strong at slightly above 50% in October. The Shuswap is staying strong at slightly above 40%.

Usually, there is downward pressure on absorption as the market slows for the winter this time of year. Looking back on previous years, the absorption tends to start dropping in September and continues until spring. That has not happened yet. Again, to be redundant, the absorption has to get below 20% before the upward pressure on prices levels off. Statistically, absorption has to get below 12% before you see prices trending downward. Prices still show strong upward pressure.

Year-to-date prices for residential properties are up 20+% in all three zones (Central Okanagan, North Okanagan and Shuswap) compared to last year's same time frame. Keep in mind this is residential properties only