Spring has arrived in the Okanagan. With above 20 degree weather, the grasses are greening and the homes are selling faster than ever before. It’s not new news that in the Spring time we see a rush in homes being listed and sold, but this year is taking it to another level. Because this is a strong sellers market, many of the homes are going into multiples and ending up going for above listing price with no conditions. It is a frustrating time for buyers looking for that perfect home but with a qualified, professional, knowledgeable agent, finding and purchasing your dream home is possible!
The Okanagan has so much to offer and people from all across Canada are discovering this little piece of paradise we call home. The outdoor lifestyle, great weather, and endless opportunity are appealing to everyone. That appeal however is driving up prices for anyone local trying to get into this market.
As we near the end of April lets take a quick peek at some stats:
- We have already seen 597 sales in the Central Okanagan whereas last years April saw 214. That is a 178% increase and the month isn’t even over yet
- $561,463 was the average price in April 2020, and with the sales conducted so far this April we are at an average sale price of $723,368
- A home is sitting on the market an average of 36 days compared to last years 66 days (45% decrease!)
Even though its now closed for the Winter Season, Big White Ski Resort is seeing the same increase. Number of sales and average sale prices are up tremendously from previous years. With their summer season approaching, everyone is keen to get outside and enjoy the activities offered; like world-class biking, hiking, festivals and more. More and more people are purchasing vacation homes close to home to escape to during these restricted times. You can check out Big White’s summer season here.
The velocity of the recent COVID-19 third wave, driven by the variants, is likely going to cause further restrictions and the Okanagan market has proven to be resilient and is expected to remain fast paced.
This is the time for sellers who are debating listing to really consider all of the incredible options out there. The Okanagan has never before seen a demand like this making it the perfect time to sell. On the other hand, if you are a buyer looking to purchase into this market, don’t get discouraged. Low borrowing rates create opportunity to step into the market.
As always, I am happy to answer any questions you have about the Okanagan and Big White real estate markets. Contact me today!
