April 2013 Market Statistics

Okanagan Shuswap Housing Market Stronger in April

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported April 2013 sales activity of all MLS® property types improved over the same month last year as the housing market strengthened moving into spring.

“Following fairly flat first quarter results province‐wide, during April the Okanagan‐Shuswap market saw a bounce‐up in sales and consumer demand compared to this time last year,” says Karen Singbeil, an active REALTOR® in the Shuswap Zone and OMREB President.

“Although 2013 had a sluggish start, sales in our Board area have seen steady improvement month-over‐month, and are currently up year‐over‐year. We hope this positive trend continues going forward as buyers and sellers take advantage of the spring market activity.”

Due to the divergence in OMREB’s three market areas, sales activity tends to vary among property types zone by zone, Singbeil notes. “While the Central Okanagan and Shuswap experienced an uptick in April, the North Okanagan remained relatively flat and saw minimal gains.”

Central Zone (Peachland to Lake Country): During April, overall sales in the Central Zone were up 19.1% to 406 units from 341 in 2012. Year‐to‐date, unit sales remained the same as for January through April last year at 1,190 units.

Total residential sales for the month improved 15.6% to 371 units compared to 321 last year. Single family home sales in April jumped 20.7% from 2012 (to 216 units from 179).

The 1,062 new listings taken during the month remained similar to 2012 (1,060), with inventory for the month down 8.5% to 4,524 units from 4,943 last April.

North Zone (Predator Ridge to Enderby): Overall sales for April in the North Zone showed a nominal improvement over last year – up 2.9% to 140 units from 136 in 2012. Year‐to‐date, sales were down 10.9% compared to the first four months of 2012 (to 377 from 423).

Total residential sales for the month rose 5.7% over last year to 130 units versus 123 in April 2012.  Single family home sales were down 13.3% to 72 units compared to 83 last year at this time.

While inventory for April dipped 1.6% to 2,329 from 2,366 in 2012, the 478 new listings taken for the month remained at the 2012 level (477).

“Now is a good time to buy. There is still a good selection of properties and great opportunities to get into a home at an attractive price – especially while interest rates remain at historic lows,” Singbeil notes.

“Serious sellers will be sprucing up their homes, sharpening their pencils and listing their properties to take full advantage of the heightened buyer activity typical of the spring market.”

The right packaging ‐‐ a good location, strategic pricing and great curb appeal – is as important as ever.

“Sellers who sharpen their pencils and pay attention to presentation are selling their homes the quickest. If your home is priced well, it should sell.”

Home values vary based on location, so it is essential to work with a local real estate professional to understand current market conditions and to provide comparisons specific to your area.

“To ensure your pricing is appropriate for your market area, and has room for buyers to negotiate, it is important to consult with a REALTOR® about how your property type is currently faring locally and, more significantly, in your particular neighbourhood,” Singbeil notes.

Central Okanagan

Sales 60
New Listings 186
Current Inventory 807
Sell/Inv. Ratio 7.43%
Days to Sell 147
Average Price $217,504
Median Price $208,612

Sales 53
New Listings 109
Inventory 438
Sell/Inv. Ratio 12.10%
Days to Sell 87
Average Price $349,446
Median Price $331,000

Sales 21
New Listings 80
Current Inventory 623
Sell/Inv. Ratio 3.37%
Days to Sell 281
Average Price $284,769
Median Price $210,000

Sales 216
New Listings 481
Inventory 1,587
Sell/Inv. Ratio 13.61%
Days to Sell 71
Average Price $460,351
Median Price $426,500

Ratio of Sales vs Inventory 10.59%

North Okanagan

Sales 8
New Listings 24
Current Inventory 153
Sell/Inv. Ratio 5.23%
Days to Sell 184
Average Price $202,188
Median Price $176,250

Sales 24

New Listings 45
Current Inventory 241
Sell/Inv. Ratio 9.96%
Days to Sell 117
Average Price $252,065
Median Price $229,250

Sales 7

New Listings 61
Current Inventory 466
Sell/Inv. Ratio 1.50%
Days to Sell 345
Average Price $152,214
Median Price $110,000

Sales 72

New Listings 199
Current Inventory 680
Sell/Inv. Ratio 10.59%
Days to Sell 125
Average Price $357,983
Median Price $329,629

Ratio of Sales vs Inventory 8.90%

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

For more information and up-to-date market stats, contact Amanda Westrheim at www.AOKHOMES.ca or call 250-863-9230 or email at Amanda.Westrheim@Century21.ca

Amanda Westrheim

Amanda Westrheim

CENTURY 21 Assurance Realty Ltd.
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