Hey there, it's Gord Fowler from RE/MAX Vernon Salt Fowler. In this edition, I want to delve into a crucial aspect of the real estate market – Absorption Rates – and shed light on what they mean for you.

Absorption Rates essentially provide insight into how swiftly inventory is turning over in different real estate categories each month. As realtors, it's a key metric that helps us gauge the type of market we're operating in. There are three main market categories we consider: seller's market, buyer's market, and balanced market.

A seller's market, generally indicated by an absorption rate of 25% or above, signifies high demand. A balanced market falls between 15% and 25%, while an absorption rate under 15% leans towards a buyer's market, where there's an abundance of inventory.

Let's fast forward to September 2023 and examine the absorption rates. Currently, the total combined absorption rate for the market stands at 13.2%, a shift from 20.27% in 2022. This drop indicates that we've transitioned into a buyer's market, with residential absorption numbers just over 10%.

These figures mark a considerable change from the robust 40% to 70% absorption levels in 2020 and 2021, where demand outstripped supply significantly. Today, we're experiencing a different landscape, with just one buyer for every property, reflecting a more balanced scenario.

For an in-depth analysis of these trends and more, stay tuned for our upcoming video on our YouTube channel next week. We'll break down all the statistics, providing you with a comprehensive understanding of the current real estate market.

Thanks for tuning in, and until next time – happy house hunting!

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About the Author: The article above, JReal Estate Market Snapshot for Vernon BC - September 2023, was provided by Lisa Salt, an authority on Vernon BC and area real estate and a leader in the field of real estate blogging and vlogging.  Lisa and her group have helped literally helped thousands of families buy and sell homes since 1993. 

Looking to buy a home in the Vernon/North Okanagan area?  Check out "Everything You Need to Know About Buying a Home" article. It’s free of charge and will save you a ton of time!

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We help people buy and sell real estate in the following Okanagan/Shuswap areas: Vernon, Armstrong, Enderby, Lake Country, Lumby, Westside and Salmon Arm/Shuswap.

Call or Text 250-549-7258 or email webinfo@saltfowler.com