Calmer Central Okanagan housing market

Beginnng of 2010 the Central Okanagan single family residential housing market sale activity totals increased monthly as the year unfolded.  Buyers acted quickly to purchase before the much anticpated interest rate hike.

However now that we are almost at the close of 2010 the following graph shows Buyer's lost steam mid year.  As the Okanagan warmed up weather-wise monthy SFR sales cooled.  Trend of monthly sale numbers in 2010 vary compared to 2009.

YTD 2010 or 2009 total sales numbers are not anywhere near 2007 totals - so far the strongest year for SFR sale activity numbers.  2009 is down 33% compared to 2007.  YTD 2010 may just squeak behind or just a head of 2009.  As it looks right now and knowing the  current "calm"  pace of Central Okanagan's SFR sale activity with the onset of the holiday season - more likely to lag behind 2009 totals!  This is a guestimate.  Will confirm the numbers at the end of the year in another blog.

Note this past October shows a "blip" in the graph - swung up.  Can't quite explain that other than again - talk-of-late is rates are on the rise motivating Buyers to tie in historical low interest rates.

Reality is - most of 2010 has been a Buyer's market.

As 2009 progressed home prices weakened.  There are exceptions of course depending on location and type of home.  But overall most Sellers have had to acknowledge that changing their asking price to determine today's market value is key to move forward with a sale.  Any successful sold Seller, now a buyer will be tough on their agreed purchase price - negotiating what they perceive is "today's fair market value".  Relative!