June 2021 Market Update

There is an every so tiny crack in the foundation of the Real Estate market in the Okanagan Shuswap. Sales are actually down in the North Okanagan and the Central Okanagan. The Shuswap is about the same as last month. If you look back over the years there is almost always an increase in sales from April to May. The crack continues into absorption. There is almost always an increase in absorption from April to May and it is down this year. The only zone that is still up is the Shuswap.

One of the phrases that I have said for over 2 decades is that “A month does not make a market”. In other words this may be a slight downward blip. If this is a real trend it will continue for at least the next few months. I do believe this is what we will see. There will be a slight flattening of the market in the next few months but it will hardly be noticeable.

There are 2 possibilities to explain this change. First, the market is starting a minor or major correction. We have peaked and will start to see things settle down. Second, the market is “too good”. We saw this happen in 2007. The demand is so high and the supply is so low that sales are decreasing because people have nothing to buy. In my ever so humble opinion it is a combination of the 2. First, the market was so ridiculously hot that it could not sustain itself. It was inevitable that it was going to slow down at least to light speed. Second, many of my Realtors are saying that they have buyers that are saying “I give up”. They have been disappointed so many times making offers on houses and losing out to other buyers that they have decided not to make their move till the market slows a bit and there is a bit more to choose from.

We might love the hot, summer sun, but our yards? That’s another story. Here’s how to keep your yard healthy and looking beautiful this summer:

• Leave the grass longer. Mow regularly, but don’t cut too short. Longer grass holds in moisture and shade better.
• Water early in the day or late at night. Watering in times of high heat or sunlight will cause the moisture to evaporate.
• Aerate often. If you have a small lawn, poke small holes with a garden fork to give the grass plenty of oxygen. For larger lawns, you could rent an aerator machine from your local hardware store
• Plant Shade-Tolerant Plants in Shady Areas. Shop around this summer for shade plants you like, then plant them after the worst of the August heat has subsided.
• Plant Drought-Tolerant Perennials in Sunny Areas. Use plants that can stand up to hot, dry conditions and you can achieve a low-maintenance landscape that still looks appealing
• Control Mosquitoes. Take away breeding habitats for mosquitoes. That means eliminating areas where water would puddle.
• Control Ticks. Lyme disease is spread specifically by deer ticks, which are spread by those beautiful deer visiting our yards. To lessen infestation, plant deer-resistant plants.
• Prepare for Fall Plantings. Plan your fall flowers and get annuals early, then keep them alive until fall arrives.

Happy summer!