February 2012 Market Statistics

Steady Trend Continues in Okanagan-Shuswap Housing Market

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported February 2012 sales activity of all MLS® property types improved over the same month last year as the housing market continues on a moderate but steady upward trend.

“February home sales remained strong in the OkanaganShuswap, and on par with the 10 to 15 year average for unit sales,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB Vice President. “The trend in modest rising sales over the past few months is in line with the gradual growth in the economy and indicates market improvement. Provincewide, prices are staying relatively flat and holding steady in most segments in our Board area.”


Shaw points out that while the market has picked up, current conditions still favour buyers. “Although inventory is trending downward, new listings and active inventory remain relatively high, and continue to provide a good selection and choice of properties. Interest rates have been maintained at a 25year low and are keeping affordability at an even keel.”

Noting that the Provincial Government recently introduced the enhanced HST new housing rebate, firsttime home buyer’s bonus, and grant for new second and recreation homes programs, Shaw says, “We are hoping that these incentives will encourage new home sales, peak interest in the recreation market, and further stimulate the economy.”

While the Okanagan is closing the gap with the Lower Mainland market, overall consumer demand is still impacted by outside factors as consumer confidence is being held back with global debt crisis and American economic woes.

“However, considering the great residential, recreation, investment and retirement property opportunities in the OkanaganShuswap,” Shaw notes, “we are confident that interest from potential buyers in Alberta and Saskatchewan will be renewed as economies strengthen, and employment stabilizes.”

With serious buyers motivated by well priced properties and room to negotiate, 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.

The Okanagan Mainline Real Estate Board is comprised of 1,080 member REALTORS® and 91 real estate offices in the Southern Interior of BC. The Board area covers the Central Okanagan, North Okanagan and Shuswap - from Peachland to Revelstoke.

Central Okanagan

Condo/Apt
Sales 54
New Listings 169
Current Inventory 886
Sell/Inv. Ratio 6.09%
Days to Sell 124
Average Price $204,262
Median Price $186,450

Condo/Townhouse
Sales 49
New Listings 130
Current Inventory 474
Sell/Inv. Ratio 10.34%
Days to Sell 103
Average Price $344,138
Median Price $335,500

Lots
Sales 14
New Listings 87
Current Inventory 613
Sell/Inv. Ratio 2.28%
Days to Sell 175
Average Price $182,178
Median Price $172,500

Residential
Sales 130
New Listings 380
Current Inventory 1,351
Sell/Inv. Ratio 9.62%
Days to Sell 83
Average Price $437,267
Median Price $404,950


North Okanagan


Condo/Apt
Sales 6
New Listings 22
Current Inventory 143
Sell/Inv. Ratio 4.20%
Days to Sell 162
Average Price $142,317
Median Price $135,500

Condo/Townhouse
Sales 9
New Listings 31
Current Inventory 214
Sell/Inv. Ratio 4.21%
Days to Sell 160
Average Price $288,322
Median Price $260,000

Lots
Sales 4
New Listings 34
Current Inventory 255
Sell/Inv. Ratio 1.57%
Days to Sell 545
Average Price $373,750
Median Price $355,000

Residential
Sales 42
New Listings 149
Current Inventory 627
Sell/Inv. Ratio 6.70%
Days to Sell 162
Average Price $392,551
Median Price $353,200

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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