After a dramatic turn down in January, the Okanagan Shuswap has bounced back to even things out.
The stats for January were terrible in the Central Okanagan and the Shuswap. Sales and absorption were way down. The North Okanagan, on the other hand, remained steady. It was obvious in January that the market would bounce back in February and March to show a balanced market, and that is exactly what happened.
Sales and absorption for the Central Okanagan and the Shuswap are up dramatically for February compared to January. Basically, they have normalized and will continue to do so for the rest of the year.
However, make no mistake: The market in all three zones is definitely softening. Buyers have more inventory to look at, and sellers are going to have to get more aggressive with their pricing to get a sale.
We are now at a balanced market with prices creeping down slowly.
Bill Hubbard is a real estate broker and the owner and broker of a four-office real estate firm in the Okanagan-Shuswap. He has been in real estate for 28 years and has been an owner and broker in Vernon for 20 years. At almost 60 years old he is just as passionate about real estate as the day he started.
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