December 2011 Market Statistics

 Okanagan‐Shuswap Market Ends Year on a Strong Note

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported December 2011 sales activity of all MLS® property types improved over the same month last year as the housing market continued to normalize with prices stabilizing and inventory on the decline at year end.   

“As 2011 came to a close, overall sales activity in the recovering Okanagan‐Shuswap market continued to strengthen with moderate but steady improvement during the last two quarters of the year, and showed remarkable resiliency despite ongoing global economic and financial uncertainty,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB Vice President.  “Sales in most segments are stable and holding their own compared to 2010, as historically low interest rates continue to positively impact purchasing power and improve affordability for buyers.  However, modest economic recovery and job growth have affected disposable income for potential recreation and investment purchasers so these sectors remain sluggish.  

“Although listings are trending downward and keeping inventory in check, there is still an ample supply and good selection of properties available in this market,” Shaw notes.  “The 686 new residential listings taken Board‐wide for the month of December in both 2011 and 2010 are at 2002 levels (637) and on par with the 10‐year average (679) for this month. However, year‐to‐date listings reported for the 12 months of 2011 (17,619) are 9.8% higher than the 10‐year average (16,491) but similar to pre‐recession levels (17,855 in 2007).”

“Despite concerns about employment, personal debt load and net worth which dampened consumer confidence and slowed overall demand in most BC markets during 2011, OMREB ended the year on a positive note and is moving forward with optimism,” Shaw notes. “A modest improvement is anticipated for 2012 with a slow but steady increase in sales activity, downward trend in listings, and stable home prices for balanced market conditions in our Board area.  Ongoing near record low interest rates will keep affordability on an even keel and relieve some of the big purchase apprehension for home buyers across the country this year.”

He adds, “Although tepid economic growth is forecast for our province, the Alberta economy and jobs are expected to improve as the oil patch continues to rebound.  We are hopeful that better household balance sheets will free up funds and bring back potential purchasers who are looking for good recreation, investment and retirement opportunities in the Okanagan‐Shuswap.  We have already begun to see more interest in these areas with more Europeans and Albertans on the scene for ski vacations over Christmas and New Years.”  

Serious buyers are motivated by well‐priced properties and room to negotiate, so Sellers can benefit from working with a professional REALTOR® to price strategically at current values.  In this highly competitive market, homes with good curb appeal and listed by sellers with the sharpest pencils are being sold quickly.  


Central Okanagan


Condo/Apt
Sales 31
New Listings 87
Current Inventory 766
Sell/Inv. Ratio 4.05%
Days to Sell 166
Average Price $196,066
Median Price $186,500

Condo/Townhouse
Sales 21
New Listings 51
Current Inventory 389
Sell/Inv. Ratio 5.40%
Days to Sell 121
Average Price $324,183
Median Price $310,000

Lots
Sales 6
New Listings 43
Current Inventory 541
Sell/Inv. Ratio 1.11%
Days to Sell 197
Average Price $297,300
Median Price $242,899

Residential
Sales 96
New Listings 179
Current Inventory 1,138
Sell/Inv. Ratio 8.44%
Days to Sell 108
Average Price $451,130
Median Price $424,625


North Okanagan


Condo/Apt
Sales 15
New Listings 12
Current Inventory 128
Sell/Inv. Ratio 11.72%
Days to Sell 111
Average Price $119,427
Median Price $121,900

Condo/Townhouse
Sales 6
New Listings 5
Current Inventory 200
Sell/Inv. Ratio 3.00%
Days to Sell 133
Average Price $247,483
Median Price $255,000

Lots
Sales 2
New Listings 15
Current Inventory 246
Sell/Inv. Ratio 0.81%
Days to Sell 134
Average Price $167,500
Median Price $167,500

Residential
Sales 35
New Listings 53
Current Inventory 532
Sell/Inv. Ratio 6.58%
Days to Sell 145
Average Price $352,837
Median Price $329,000

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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