WELL, IT WAS DEFINETLY A COVID-19 KIND OF WEEK! In total, just 2 homes were sold in the past seven days, which is six homes fewer (8) vs. the week prior. In all of my months of doing this weekly report, I have never seen this few of homes being sold. The TOTAL value of these 2 purchases was just over $550,000 thousand dollars, or 3.2 million less ($3.8 million) than the week before. The highest priced sale was a Single-Family home on the South side of the city which sold for more than $550,000. There was no difference between listing price and sales price was for the week. The two sellers received their asking price…..that’s the first time I’ve also seen this happen! It’s apparent that SELLERS have sharpened their “Offering Price Pencils” and homes are priced aggressively with much of the uncertainty surrounding Covid-19. My key indicators still show the housing market being “BALANCED” at this moment…..BUT, I sense that we are headed towards a “BUYERS” market in the coming weeks.
Here’s the breakdown of sales by property “type” for this past week (April 27
th to May 3
rd)
- 1 Mobile Home
- 1 Single Family
Remember…If you’re thinking of Buying or Selling the South Okanagan, please give me a call at 250-328-5138 to see how YOU fit into today’s real estate market!
