December 2012 Market Statistics

 Okanagan‐Shuswap Housing Market Stable at Year‐End

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported December 2012 sales activity of all MLS® property types is down marginally over the same month last year but has increased year‐to‐date compared to 2011 ‐‐ ending the year on a stable note.

“A typical seasonal slow‐down was seen in December but for the most part, the housing market in the Okanagan‐Shuswap remained fairly stable during 2012 and looks to continue this positive trend into the New Year. Overall sales for the month dipped 6% Board‐wide compared to last year at this time, while year‐to‐date (January through December) sales were up 7% over 2011,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President.

“Sales continue to vary among single family, townhouse and apartment properties month by month and zone by zone due to the divergence in our market,” he notes. “While sales of all property types dropped by 22% in the North Okanagan and 18% in the Shuswap, the Central Okanagan showed a 3% improvement over December 2011. However, Board‐wide total residential sales from January through December showed gains over last year with the North Zone leading the way at 9% year‐to‐date, followed by a 7% rise for the Central Zone, and 3% in the Shuswap,” he notes.

“The year ended fairly positively as forecasted expectations for growth in year‐over‐year residential sales for our Board area were met. While many markets in the province were sluggish, OMREB saw strong gains most of the year and did not see declines until the last couple of months,” Shaw reports.

“Market activity throughout BC stalled during the last few months of 2012 as the economy grew at a slower than expected rate. Sales were further impacted by the tightening of credit that has eroded affordability for first‐time buyers, and by wavering consumer confidence resulting from reports of sharp declines in the Lower Mainland.”

Shaw notes, “Pricing is as important as ever with potential buyers taking a wait‐and‐see approach and some choosing to delay making purchases because they are hoping to see further price drops. However, home prices in our market are pretty stable and have remained flat overall, so we don’t anticipate any significant downward or upward pressure during the coming months. We could see more new listings when those sellers currently sitting on the fence see that inventory is moving as the market continues to improve going forward.”

As home values vary based on location, working with a real estate professional to understand current local conditions and to provide comparisons specific to your area is essential.

“Depending on the community, housing type and price point, there are monthly up and down fluctuations in our market,” says Shaw. “It is important to ask a REALTOR® how your property type is currently faring in the local market and, more significantly, in your particular neighbourhood, to ensure your pricing is strategic, and has room for buyers to negotiate.”

Central Okanagan

Condo/Apt
Sales 37
New Listings 75
Current Inventory 646
Sell/Inv. Ratio 5.73%
Days to Sell 116
Average Price $197,464
Median Price $184,000

Condo/Townhouse
Sales 42
New Listings 86
Inventory 465
Sell/Inv. Ratio 9.03%
Days to Sell 105
Average Price $363,276
Median Price $334,900

Lots
Sales 12
New Listings 26
Current Inventory 566
Sell/Inv. Ratio 2.12%
Days to Sell 380
Average Price $313,204
Median Price $235,000

Residential
Sales 80
New Listings 149
Inventory 1,173
Sell/Inv. Ratio 6.82%
Days to Sell 123
Average Price $464,283
Median Price $425,150

Ratio of Sales vs Inventory 6.04%


North Okanagan


Condo/Apt
Sales 5
New Listings 21
Current Inventory 162
Sell/Inv. Ratio 3.09%
Days to Sell 214
Average Price $275,377
Median Price $280,000

Condo/Townhouse
Sales 19

New Listings 47
Current Inventory 219
Sell/Inv. Ratio 8.68%
Days to Sell 143
Average Price $239,089
Median Price $250,000

Lots
Sales 7

New Listings 16
Current Inventory 501
Sell/Inv. Ratio 1.40%
Days to Sell 362
Average Price $119,271
Median Price $115,000

Residential
Sales 75

New Listings 96
Current Inventory 631
Sell/Inv. Ratio 11.89%
Days to Sell 128
Average Price $342,338
Median Price $337,500

Ratio of Sales vs Inventory 8.12%

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.
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