Sunday, April 14, 2013

What's up in the Okanagan?

Not a lot...except for MOI.

High MOIs based on the latest March numbers.

Central Okanagan has a sales inventory ratio of 10.02%. ie 10.02% of the houses listed got sold...or a MOI of 10

Shushwap/Revelstoke has a sales/inventory ratio of 4%. MOI is 25

North Okanagan 7%. MOI is  14.

Now for the Ok sales grind to a halt in late fall and winter. We are however coming into peak buying season, so if the MOIs do not drop down soon, I would expect even more pressure on their market.

The sales are well down from last March as you can read from the rather sombre President's comments. The only thing that saved them from critically high MOIs was the fact that inventory declined 5% from last March.


27 comments:

  1. I believe it was 3 years ago I entered a casual conversation with a gentleman from the S. Okanagan who told me the market had slowed but no way prices would drop and/or prices had dropped elsewhere but not in his hood. I believe Vancouver is in that place now. So 2 1/2-3 years to hold my breath.

    ReplyDelete
  2. numbers

    504 new
    292 price change
    188 sold

    7245 detached
    8878 attached

    ReplyDelete
  3. numbers


    483 new
    206 price change
    177 sold
    7311 detached
    8887 attached

    ReplyDelete
  4. numbers

    468 new
    257 price change
    283 sold
    7320 detached
    8933 attached

    ReplyDelete
  5. GLOBAL PRICE RESET FLUSHES ALL SPECULATIVE DEBT. I'm not kidding, it's a done deal.

    http://www.cecm.sfu.ca/~rpearcea/dontvoteforgold.pdf

    Follow me on twitter:

    https://twitter.com/zorkzorkzork

    ReplyDelete
  6. numbers

    444 new
    241 price change
    235 sold
    7330 detached
    8961 attached

    ReplyDelete
  7. 2 SFH sales in West Van today

    $2,650,000List Price:Sold Price: $2,255,000

    and

    $2,088,000List Price:Sold Price: $1,850,000

    The crazy numbers seem to be waning., though judging by the buyer's agents, both Mainland buyers.

    ReplyDelete
    Replies
    1. by Mainland you mean China..yes?

      Delete
  8. Fish,

    It seems that you have access: So how do you think prices are holding-up(or not)? Any variance between types or location? Just your general sense of things.

    Thanks for the info

    ReplyDelete
    Replies
    1. I am far from an expert, just another observer.

      However since you asked, every time I think this goose is cooked along comes another spurt of buying so that there is no big drop. There seems to be a cohort of people who are waiting for a drop to get in.

      Of course things are very local. Things in Maple Ridge, Anmore, Richmond are very weak, whereas places like North Van, West Van, Van West and Whiterock are a bit better bid.

      I cannot see any collapse in the market at present, just a gentle glide down if list/sales stay around 40% or so.

      Would love to see a good drop in median and average for April which would help our case

      Delete
    2. Nothing wrong with a gental glide down, it will give bears time to further build their cash positions.

      Delete
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  14. Numbers

    430 new
    206 price change
    175 sold

    7409 detached
    9049 attached

    ReplyDelete
  15. numbers
    416 new
    230 price change
    243 sold
    7412 detac hed
    9048 attached

    ReplyDelete
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