There were records broken right across the board in 2021 in the Okanagan Shuswap Real Estate market. The area experienced record-breaking price increases, record-breaking sales and record low inventory. The unique advantage of being at the end of the year is that we can compare the totals and averages for the year with previous years to get a clear concise perception of what was actually going on. In the stats machine if you look at the red print to the right of the data you see the averages and totals. For instance, in central Okanagan, the average absorption for 2021 was 65.2%. The average absorption in 2019 was 30.4%, and in 2018 was 15.78%. Absorption is a statistic that portrays the forces of supply and demand. Those figures give you an idea of the magnitude of how good this Market really is. If you look at the average inventory in the central Okanagan being 429 units in 2021, 826 units in 2020, and 1067 units in 2019, those figures give us the magnitude of how low the inventory has gotten. Those figures are universal with slight variations throughout the Okanagan Shuswap. What these figures tell us is what they’ve been telling us all year long. The market is incredibly strong and it is going to stay incredibly strong for at least the near future. There is nothing in the statistics that tells us anything other than the market is going to continue to have strong demand and low inventory.
Read the full newsletter here: Jan. 2022 – C21 Executives Newsletter