Okanagan-Shuswap Housing Market
Sees Balanced Conditions in April
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported April sales activity of all MLS® property types were up 26% compared to the same month in 2013 and also showed a 26% improvement over March.
“The Okanagan-Shuswap housing market moved out of a buyer’s market into a balanced market during April following a steady growth in sales and declining inventory,” says Darcy Griffiths, OMREB President and active REALTOR® in the North Okanagan.
“Board-wide, sales statistics for the first four months of 2014 indicate recovery is well underway with rising consumer demand and balanced conditions emerging as we move into the warmer spring months,” Griffiths notes. “With prices remaining stable and record low interest rates still available, buyers who have been sitting on the fence may be poised to enter the market, while sellers will be listing homes with more confidence.”
Griffiths cautions that buyers could be looking harder to find homes and may need to view properties in a higher price range to find similar value as the selection of entry level choices has been picked over and significantly reduced with the drop in active listings. And, despite more balanced market conditions, the competition for buyers can still be a challenge for sellers if their properties are not priced well.
“Market conscious and competitive home sellers are sharpening their pencils and seeing results. Being realistic about the market value of your home, setting an attractive list price right out of the gate and be willing to negotiate for the best offer are the keys to a successful sale.”
Sales activity tends to vary among property types zone-by-zone and month-by-month with ups and downs at different times and locations within OMREB’s three diverse market areas. It is important to look at prices within property types and sale price trends within different price points in order to fully understand the overall picture of the current residential market in our Board area.
Central Zone (Peachland to Lake Country): During April, overall sales in the Central Zone were up 27.1% to 516 units from 406 in 2013. Total residential sales for the month improved 28.8% to 478 units compared to 371 last year at this time. The sale of single family homes was up 21.3% over April 2013 (to 262 from 216).
The 1,015 new listings taken in the Central Okanagan during the month saw a 4.5% dip compared to 1,063 in 2013, and total inventory was reduced by 10.1% to 4,066 units from 4,524 last April
How REALTORS® can help when buying or selling a home:
• BUYING OR SELLING – Home values vary based on type and location: It is important to consult with a REALTOR® about how your property type is currently faring locally, and how it compares to similar listings in your particular neighbourhood.
• SELLING – Pricing is crucial when listing your home: Serious sellers recognize that their properties must be priced within the current market conditions. Homes that are priced well are the ones that are selling, as has been evident this year.
• NEGOTIATING – For a successful purchase and sale: The professional negotiation skills of a REALTOR® bring buyers and sellers together for a successful sale.
New Listings 155
Current Inventory 683
Sell/Inv. Ratio 13.47%
Days to Sell 123
Average Price $243,157
Median Price $224,950
New Listings 154
Sell/Inv. Ratio 16.32%
Days to Sell 114
Average Price $379,984
Median Price $348,884
New Listings 53
Current Inventory 537
Sell/Inv. Ratio 4.47%
Days to Sell 1258
Average Price $210,542
Median Price $189,750
New Listings 457
Sell/Inv. Ratio 20.12%
Days to Sell 74
Average Price $468,257
Median Price $439,500
Ratio of Sales vs Inventory 17.69%
Totals include variables in any given, due to preceding month's collapsed sales and deleted listings. e & oe