April 2012 Market Statistics

 OkanaganShuswap Housing Market Remains Steady with Modest Gains


Kelowna, BC –
The Okanagan Mainline Real Estate Board (OMREB) reported April 2012 sales activity of all MLS® property types were up compared to the same month last year and have improved over the first four months of 2011, as the housing market remains steady and continues to see modest gains.

“Okanagan‐Shuswap home sales saw gradual improvement during April,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President. “We continue to see up and down fluctuations in each Zone as there are a lot of dynamics in our area – depending on the community, housing type and price point. Now more than ever, it is important for anyone thinking of buying or selling to ask their REALTOR® how their property type is currently faring in the overall market and, more significantly, in their particular neighbourhood.“

Shaw notes, “In April, sales were the strongest in the North Okanagan with a 30% improvement over 2011 and single family homes saw the most significant gain with a 48% increase in units sold. Overall sales for the month also picked up 18% in the Shuswap, and lot sales jumped significantly over April 2011 – from 2 to 8. In the Central Okanagan, it is encouraging to see a 26% rise in the number of lots sold year‐to‐date compared to the first four months in 2011. The bump‐up indicates that builders and developers are purchasing land in our Board area, and more lots are being listed and added to the inventory.”

“The market is definitely up over last year,” says Shaw. “We are seeing modest improvements in sales and small gains in overall demand, and are confident the outlook for the rest of spring and early summer is good – especially with interest rates expected to remain low and keep affordability at an even keel for at least the next quarter or so. The Alberta economy is looking better so we could see some spill‐over into BC with perhaps more activity in the new home and recreation markets sparked by recently introduced government incentives.”

With significant active inventory plus the expected seasonal increases in listings, and the demand for housing growing at a slow but steady rate reflective of the economy and employment, Shaw notes that prices are holding steady in most segments in the Board area.

“Working with a real estate professional to understand current local market conditions and to provide comparisons specific to your neighbourhood is essential as home values vary based on property type and location. Pricing continues to be of utmost importance when selling a home. Consult with your REALTOR® to make sure your pricing is strategic and reflective of the current values in your area. Remember that serious buyers are motivated by well‐priced properties with great curb appeal and room to negotiate.”

It is important to have realistic expectations when buying or selling a house, Shaw adds. “Buyers and sellers must agree to come together if they are serious about closing the deal.”

Central Okanagan

Condo/Apt
Sales 63
New Listings 185
Current Inventory 899
Sell/Inv. Ratio 7.01%
Days to Sell 78
Average Price $220,235
Median Price $209,900

Condo/Townhouse
Sales 19
New Listings 45
Inventory 242
Sell/Inv. Ratio 7.85%
Days to Sell 93
Average Price $272,482
Median Price $278,000

Lots
Sales 19
New Listings  45
Current Inventory
Sell/Inv. Ratio 1.59%
Days to Sell 177
Average Price $278,192
Median Price $214,999

Residential
Sales 179
New Listings 445
Current Inventory 1,579
Sell/Inv. Ratio 11.34%
Days to Sell 90
Average Price $482,093
Median Price $435,000

Ratio of Sales vs Inventory 8.25%


North Okanagan


Condo/Apt
Sales 7
New Listings 24
Current Inventory 146
Sell/Inv. Ratio 4.79%
Days to Sell 145
Average Price $217,643
Median Price $205,000

Condo/Townhouse
Sales 20
New Listings 50
Current Inventory 230
Sell/Inv. Ratio 8.70%
Days to Sell 187
Average Price $279,805
Median Price $290,250

Lots
Sales 10
New Listings 57
Current Inventory 470
Sell/Inv. Ratio 2.13%
Days to Sell 363
Average Price $197,055
Median Price $175,000

Residential
Sales 83
New Listings 201
Current Inventory 733
Sell/Inv. Ratio 11.32%
Days to Sell 102
Average Price $352,337
Median Price $318,000

Ratio of Sales vs Inventory 8.57%

Totals include variables in any given, due to preceding month's collapsed sales and deleted listings. e & oe

Amanda Westrheim

Amanda Westrheim

REALTOR®
CENTURY 21 Assurance Realty Ltd.
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