What are home prices doing?
The average price of a Single Family Residential home in the Central Okanagan fell slightly in April 2022 to $1,242,760, from the previous month.
It looks like there is a balancing of the market happening but not a crash or a "bubble". We know this because the average days on market remained steady at 22 days, meaning that homes that are priced well and in good shape are selling quickly for or above asking price. We just aren't seeing the same number of multiple offers and subject free offers as we were a few months ago. This is good news for everyone.
And, inventory has doubled over the last couple of months, from 306 units to 670, which is even better news for buyers.
We are now just below 3 months of available inventory, so our sellers are having to adjust their expectations and as Realtors® we are slightly changing our strategies as not all homes are selling within the first 30 days on the market. In fact, only 59% of homes listed in April sold right away, which is just at the top end of the balanced market range of 40-60% list to sell ratio. That does not mean these homes will not sell, just that it is taking a little longer on average than it was a few months ago.
There is a definite shift in the market. Will this trend continue in May?
Send me an email and let me know what you think