August 2012 Market Statistics

Okanagan‐Shuswap Housing Market
on the Upswing

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported August 2012 sales activity of all MLS® property types improved significantly over the same month last year and during the first eight months of 2011, as the housing market continues the steady upward climb that began in April.

“The Okanagan‐Shuswap market has been on the upswing this year, particularly during the second and third quarters. Growth that started in the spring has continued through the summer with real estate sales recovering. Surprisingly, sales in August rose despite the hot weather that typically keeps potential buyers and sellers in summer vacation mode. The ongoing improvement we’ve seen during the past five months (April through August) is a trend that we look forward to carrying on into the fall. While we are happy with the positive numbers and things are looking up compared to 2011, the market is still tight as buyers are very price sensitive, looking for bargains and taking their time to make decisions,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President.

“The Central Okanagan and Shuswap lead the growth in sales for the month with overall units sold up 30% and 29% from August 2011, while sales in the North Okanagan rose 21% over last year. During August, single family residential sales in the North Okanagan showed the most growth with a 63% gain over last year at this time, followed by a 45% improvement in townhouse sales in the Central Okanagan. Year‐to‐date, total residential sales improved over last year throughout the Board area with the North Okanagan leading the way – up 13%, followed by 12% in the Central Okanagan, and 9% in the Shuswap.”

“Markets in the Okanagan, Kamloops and Northern BC are all solid with robust sales – pointing to a broad‐based economic recovery in the province that bodes well for the future demand for homes. While there is still a buyers’ market in our Board area and property choice remains good, new listings are leveling off and inventory is coming down with the increase in sales so now is a good time to list. As conditions stabilize further and consumer confidence improves along with job growth in the province, we could see more people putting their homes up for sale and increasing the selection of homes going into fall and winter,” Shaw reports.

“Price continues to be of utmost importance when selling a home. Consult with your REALTOR® to make sure your pricing is strategic as serious buyers are motivated by well‐priced properties with great curb appeal and room to negotiate. Buyers and sellers need to come together with realistic expectations if they are serious about closing the deal.

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. With the dynamics in the OMREB Board area, there are monthly up and down fluctuations in each zone, depending on the community, housing type and price point. Working with a real estate professional to understand current local market conditions and to provide comparisons specific to your area is essential as home values vary based on type and location.”

Central Okanagan

Condo/Apt
Sales 77
New Listings 143
Current Inventory 895
Sell/Inv. Ratio 8.60%
Days to Sell 120
Average Price $260,391
Median Price $238,500

Condo/Townhouse
Sales 58
New Listings 97
Inventory 517
Sell/Inv. Ratio 11.22%
Days to Sell 115
Average Price $353,896
Median Price $368,950

Lots
Sales 22
New Listings 64
Current Inventory 788
Sell/Inv. Ratio 2.79%
Days to Sell 255
Average Price $244,973
Median Price $175,950

Residential
Sales 183
New Listings 385
Inventory 1,672
Sell/Inv. Ratio 10.94%
Days to Sell 88
Average Price $488,109
Median Price $430,000

Ratio of Sales vs Inventory 9.17%


North Okanagan


Condo/Apt
Sales 8
New Listings 18
Current Inventory 161
Sell/Inv. Ratio 4.97%
Days to Sell 230
Average Price $259,500
Median Price $283,700

Condo/Townhouse
Sales 22
New Listings 42
Current Inventory 253
Sell/Inv. Ratio 8.70%
Days to Sell 100
Average Price $261,738
Median Price $235,500

Lots
Sales 8
New Listings 21
Current Inventory 542
Sell/Inv. Ratio 1.48%
Days to Sell 455
Average Price $253,500
Median Price $246,500

Residential
Sales 78
New Listings 128
Current Inventory 768
Sell/Inv. Ratio 10.16%
Days to Sell 122
Average Price $336,939
Median Price $307,000

Ratio of Sales vs Inventory 7.81%

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

REALTOR®
CENTURY 21 Assurance Realty Ltd.
Contact Me

Blog Archives