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Home » What does the weather and real estate have in common?

What does the weather and real estate have in common?

April 19, 2023

Spring has sprung and with it the real estate market is coming back to life. Across the country, many of the realtors that we have spoken to are noticing an increase in market activity with multiple offers in some segments and less days to sell. One consistent message from everyone we spoke to is there is limited inventory. The real estate trend markets, Vancouver and Toronto, had 34% and 44% respectively, fewer properties for sale in March.

We are feeling the inventory crunch here in the Okanagan with only 1017 single family homes for sale in the Central Okanagan. We have noticed an increase in listings coming to market just this past week; however, this is selective to certain price points. The mid luxury market, $1.5million to $3million, is where we are seeing the biggest inventory gains. The market under this price point still has little choice and very high demand; especially under $1million where we are starting to see multiple offers return.

While it may not make much sense that the market is heating up given the talk of recession from some, it is likely caused by sellers having no need to sell. Typically, market prices go down when inventory increases, often caused by a slower job market and financial constraints forcing some to sell. In today’s environment, sellers are typically holding onto their biggest asset and waiting the price decrease out. Although our prices have decreased since last March, the seller’s holding pattern is creating even greater demand and starting to impact prices in a positive way. Unless we see a dramatic serge in inventory at all price points, this higher paced quick moving market will be here to stay.

If you have any questions about the market or if you are wanting to know the value of your property, please give us a call – we are always happy to help.

Thank you,
Shannon & Tamara

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