The real estate business just keeps on churning out deals. An unusual year, to say the least! The good weather we are having is certainly helping but who would have expected the current level of activity through the summer and continuing into October?
Low inventory seems to be one big factor, low interest rates is another, but beyond that, it becomes a guessing game. Local buyers are certainly active but we are seeing unusual numbers of Canadians from places outside of the valley buying property - in town and at Big White. The questions are, how long will this continue and what will 2021 bring?
We have had years where the market remained active right through the winter. Is this going to happen again? Because nothing happening recently was forecast and the influence factors are so varied right now there is no way to predict the future with any confidence.
With that in mind, lets look at what the numbers for September tell us. “Hold on to your seats!”
• Total units for all residential sales in September rose by 83% compared to September last year. Astounding! This rise was fairly consistent through all categories from SFD, Condos, townhouses and lots. • Average house prices rose significantly year over year but the percentage increase doesn’t reflect the change in price of an individual home. Why? The number of sales of homes over $1M has jumped by over 104% which throws the average off. The median price is more realistic right now and it rose by 11% for September. Still significant.
• News listings in September are up by 18% compared to last September.
• The Days on Market is essentially unchanged at 66 days.
If you have questions, call me. I can provide you specific facts on homes and properties that might affect you and your decisions.