As forecasted, the Spring market is showing signs of strength in the South Okanagan and some sales that would have been unthinkable over the past few years have sailed through to completion! We do appear to be experiencing a recovery!
In Penticton, sales volume is up 53% from a year ago to $51m and prices have edged up 1% to $304,497.
In Summerland, sales volume is up a whopping 132% to $14.6m year-to-date. With prices up 13% to $325,024.
These two markets have stabilized and it’s a great time to fix and flip, move up, downsize, whatever your heart desires!
Bucking the trend this spring, Naramata sales volume is off 52%, as are average sales prices to $437,833. now that being said, this has to be taken with a grain of salt because last year had a number of very large transactions skew the average sales figures. The market here is still extremely healthy. The luxury market of Naramata will always have volatile statistics… but it remains ever desirable!
Kaleden & Ok falls has seen sales volume spike 55% over last year to $10.25m. With prices down slightly at 3% to $379,505.
Oliver sales volume is up 78% to $7.7m. with prices up 10% to $226,395. Oliver is set for a resurgence as the construction of the Okanagan’s first penitentiary gets underway this spring. I would expect this massive job creator (300 full time & permanent jobs) to assist with a South Okanagan’s rebound strongly over the next 1-3 years.
Osoyoos has seen sales volume rise 113% to $11.2m with prices up 15% to $303,147.
This is a STRONG market, and if you aren’t listed yet, call me today! Also, if you are buying there’s a good selection of homes out there, lets go have a look!