July 2012 Market Statistics

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported July 2012 sales activity of all MLS® property types improved over the same month last year and the first seven months of 2011, as the housing market maintains stability and steady growth moving into the third quarter.

“Things are continuing to look up in the Okanagan‐Shuswap. Housing sales have strengthened during the past four months, with the typical leveling off of activity in July as summer vacations begin and thoughts turn to camping, and boating,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President.

“The Central Okanagan is carrying the rise in sales for the month with overall units sold up 13% from the same month last year, while sales for the North Okanagan are on par with 2011. Listings and sales are slightly down in the Shuswap compared to last July,” he notes. “Single family residential sales are strongest in the Central Okanagan in July with a 40% jump over 2011. Apartment and townhouse sales continue to improve in the Shuswap and North Okanagan. The North Okanagan reported a 37.5% increase in apartment sales this month, while townhouse sales were up 16.7% from last year. And, in the Shuswap, 8 apartments were sold in July compared to zero in 2011, and townhouse sales rose 25%. Year‐to‐date, total residential sales improved over last year throughout the Board area in 2012 – up 10% in the North Okanagan, 9% in the Central Okanagan, and 6% in the Shuswap.”

“The outlook is generally positive in our Board area as the market continues to stabilize,” Shaw reports. “Inventory is still a bit high but coming down with the ongoing sales fuelled by pent‐up demand and growing consumer confidence.

While new listings have leveled off during the past two months, the selection is still there for buyers. Record low interest rates are expected to continue to underpin home sales. However, the tightening of mortgage rules may affect affordability somewhat, especially for first‐time buyers and consumers with less than 20% equity in their homes.”

With the dynamics in the OMREB Board area, there are up and down fluctuations in each zone monthly – depending on the community, housing type and price point, notes Shaw. “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. 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. “

Consult with your REALTOR® to make sure your pricing is strategic. Price continues to be of utmost importance when selling a home 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.

Central Okanagan

Sales 71
New Listings 164
Current Inventory 968
Sell/Inv. Ratio 7.33%
Days to Sell 126
Average Price $221,619
Median Price $205,086

Sales 60
New Listings 110
Inventory 531
Sell/Inv. Ratio 11.30%
Days to Sell 100
Average Price $366,062
Median Price $330,000

Sales 31
New Listings 58
Current Inventory 806
Sell/Inv. Ratio 3.85%
Days to Sell 326
Average Price $211,984
Median Price $170,000

Sales 210
New Listings 375
Inventory 1,696
Sell/Inv. Ratio 12.38%
Days to Sell 75
Average Price $472,847
Median Price $428,950

Ratio of Sales vs Inventory 9.71%

North Okanagan

Sales 11
New Listings 16
Current Inventory 162
Sell/Inv. Ratio 6.79%
Days to Sell 116
Average Price $259,773
Median Price $212,000

Sales 20
New Listings 37
Current Inventory 253
Sell/Inv. Ratio 7.91%
Days to Sell 161
Average Price $254,033
Median Price $251,950

Sales 12
New Listings 45
Current Inventory 561
Sell/Inv. Ratio 2.14%
Days to Sell 606
Average Price $154,184
Median Price $121,500

Sales 76
New Listings 154
Current Inventory 798
Sell/Inv. Ratio 9.52%
Days to Sell 119
Average Price $355,803
Median Price $339,000

Ratio of Sales vs Inventory 9.62%

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

CENTURY 21 Assurance Realty Ltd.
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