Attached are the August Real Estate Statistics.
In order to fully understand the overall picture of the current residential market in our area, it is important to look at prices within property types and locations.
The selection of entry level home choices has been significantly reduced, especially in homes priced below $400,000, so buyers are viewing properties in a higher price range to find better selection.
While there has been a significant increase in purchases of higher priced homes this does not equate to a noticeable increase in the price of single family homes. Pricing has remained stable with relatively modest gains seen in some locations, especially at the entry level where inventory is scarce. Increased Sales are also due in part to the return of Alberta buyers and the aid of new direct flights to Fort McMurray.
Overall the Okanagan housing market continues to strengthen and has maintained a strong upward sales trend for the past six months as we make steady strides toward recovery.