Typically I open my newsletter updates with a bit of humor... It seems inappropriate for me to have humor (though they say it is the best medicine) at a time when we are watching so much destruction of homes and property that are ripping through our province and locally here is affecting so many. Our thoughts are with all of those that are displaced, lost homes or animals and property. So often the blessings we have are taken for granted or we don't realize how blessed we are till we lose things that are closest to us. IF there is anything that we can do on behalf of the Thrive Okanagan Real Estate Team to help any of our clients, friends or families or someone you may know please reach out.
Our Real Estate market in July reflected potentially the fact that so many are preoccupied with so many other things as we saw a small decline in overall sales in July as compared to June but also as compared to July of 2020. Still having such a deficit in available properties in the Okanagan still means that we saw many sales over asking price and so many still unable to find a home that actively are looking. This can also impact sales volumes as there is so little on the market available.
Sales in the North Okanagan for single family homes was 118 (2021) and 187 (2020). Overall sales including all types of dwellings were 196 (2021) and 284 (2020). This is due to a couple factors. Firstly July was the first month in 2020 that the market started picking up after the pent up demand from the lack of spring market due to Covid in 2020. Secondly we had an abundance of inventory at that time as not many sales happened between March and June of 2020. So many buyers could find a new home. This is not the case in 2021. Inventory levels are at record lows. In July 2020 there was over 4 months of Inventory and this year less than 2 months.
If you are thinking of selling or buying right now or in the near future it could be a great time depending on your specific goals. It can be a great time to buy as well if you are thinking of selling to upgrade. Pockets of our market are very quick to sell in and other pockets have inventory that are good for upgrading. Either way it is important to help get a snapshot of your goals and we are here to do just that. Please don't hesitate to reach out toThrive Okanagan Real Estate Team directly at 250-503-3487 or firstname.lastname@example.org anytime. Please take care and stay safe. Be extra patient with others as we never know what someone else is going through.