January 2012 Market Statistics

OkanaganShuswap Market Steady Going into 2012

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported January 2012 sales activity of all MLS® property types rose marginally over the same month last year as the housing market continues to show moderate but steady improvement.

“January home sales were strong in the Okanagan‐Shuswap as most segments in our market remain stable going into 2012, with indications that we are on our way to the 5,000 units forecast for this year – a 4.0% improvement over 2011, ” says Rob Shaw, an active REALTOR® in the North Zone and OMREB Vice President.

“Province‐wide, unit sales are trending at a 15‐year average and house prices are staying relatively flat. The differentiation between the Lower Mainland market activity and the rest of BC is beginning to narrow.”

Mortgage rates are expected to stay at or near record lows for most of 2012, and continue to positively impact purchasing power and improve affordability for buyers. Home prices are forecast to experience little movement as the supply of homes more closely matches consumer demand moving forward.

“These optimum conditions make now a good time for buyers to take advantage of great residential, recreation, investment and retirement opportunities in the Okanagan‐Shuswap while there is good selection of properties available ,” Shaw notes.

“Despite ongoing global economic woes and the sluggish American economy limiting consumer confidence and slowing demand, we are optimistic that modest growth in BC and the Prairie provinces will fuel a sure but steady increase in sales activity in our market during the coming year,” he adds. “We are beginning to see growing and renewed interest from potential buyers in Alberta and Saskatchewan as they start to recognize the affordability of homes in our Board area, so there could be more movement as Spring rolls around.”

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.

Central Okanagan

Condo/Apt
Sales 40
New Listings 174
Current Inventory 850
Sell/Inv. Ratio 4.71%
Days to Sell 105
Average Price $267,945
Median Price $233,000

Condo/Townhouse
Sales 25
New Listings 105
Current Inventory 429
Sell/Inv. Ratio 5.83%
Days to Sell 141
Average Price $380,372
Median Price $351,000

Lots
Sales 12
New Listings 82
Current Inventory 586
Sell/Inv. Ratio 2.05%
Days to Sell 252
Average Price $171,683
Median Price $171,200

Residential
Sales 102
New Listings 383
Current Inventory 1,261
Sell/Inv. Ratio 8.09%
Days to Sell 102
Average Price $415,358
Median Price $403,600


North Okanagan


Condo/Apt
Sales 7
New Listings 23
Current Inventory 134
Sell/Inv. Ratio 5.22%
Days to Sell 202
Average Price $186,986
Median Price $153,000

Condo/Townhouse
Sales 11
New Listings 35
Current Inventory 214
Sell/Inv. Ratio 5.14%
Days to Sell 242
Average Price $211,009
Median Price $197,000

Lots
Sales 4
New Listings 21
Current Inventory 252
Sell/Inv. Ratio 1.59%
Days to Sell 178
Average Price $291,750
Median Price $152,500

Residential
Sales 37
New Listings 120
Current Inventory 563
Sell/Inv. Ratio 6.57%
Days to Sell 166
Average Price $361,412
Median Price $340,000

Totals include variables in any given, due to preceding month's collapsed sales and deleted listings. e & oe

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Amanda Westrheim

Amanda Westrheim

REALTOR®
CENTURY 21 Assurance Realty Ltd.
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