Photo: THE CANADIAN PRESS/Paige Taylor White I’ve been asked what is happening in the real estate market with increasing frequency in the last few months. I decided to take a closer look, using just the numbers from a one-week period (not including recreational properties). The numbers don’t show a complete picture, one worth a 1,000 words, so maybe just 800.
My analysis will examine the dynamics between new listings, existing inventory and completed sales, highlighting the balance—or imbalance—between supply and demand in different segments of the market. From entry-level to luxury homes, the distribution of active listings compared to sold properties is definitely showing us a few things. (This is only MLS data, private sales are not included) In the past week, according to numbers from the Association of Interior Realtors, a large portion of the British Columbia Interior real estate market had a total of 8,444 existing listings.
During that same period, 317 sales were recorded and 425 new listings were added. Those listings were spread across a range of price segments including: • Up to $250,000—569 listings and 28 sales, a ratio of 20.32 listings per sale.
The lowest price range has a substantial oversupply, likely leading to longer listing times. That is big buyers’ advantage. • $250,000-$500,000—1,784 listings and 85 sales.
That price segment also showed an oversupply, with a ratio of 20.99 listings per sale. Although demand exists, buyers have the adv.