June 2013 Market Statistics


Positive Second Quarter for Okanagan Shuswap Housing Market

 

 
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported June 2013 sales activity of all MLS® property types improved over the same month last year and posted positive second quarter results.

“During the past three months, the Okanagan Shuswap has experienced a steady yearoveryear increase in sales – a welcome improvement over the first quarter of this year when sales were fairly flat compared to 2012,” says Karen Singbeil, an active REALTOR® in the Shuswap Zone and OMREB President. “We hope to see this trend continue as summer unfolds and the warm weather sparks renewed seller interest and buyer activity.”

Some price ranges are moving more quickly than others, Singbeil says. “Serious sellers recognize that their properties must be priced within the current market conditions in order to obtain a successful sale. It is evident that well priced properties attract attention and should sell.”

Due to the divergence in OMREB’s three market areas, sales activity tends to vary among property types zonebyzone, Singbeil notes. “While the North Okanagan experienced a notable improvement and the Central Okanagan saw a marked uptick in sales during June, the Shuswap posted more modest gains.”

Total residential sales for the month saw a 12.5% improvement with 72 units compared to 64 last year. While new listings taken in the Zone jumped 11.2% over last June (to 269 from 242), overall inventory dipped 1.7% to 1,816 from 1,847 during the same month in 2012.

“Overall market conditions in our Board area are still stabilizing,” Singbeil notes. “Inventory levels are coming down and new listings continue to decline in most segments. However, there is still a good selection of properties and good opportunities to get into a home at an attractive price. Now is a good time to buy, especially while interest rates remain at historic lows.”

If you are planning on listing your home, consult with a REALTOR® about how your property type is currently faring locally, and more significantly, how it compares to similar listings in your particular neighbourhood, Singbeil adds. “Home values vary based on type and location, so it is important to ensure your pricing is appropriate for the market area, and has room for buyers to negotiate.”

Central Okanagan

Condo/Apt
Sales 72
New Listings 137
Current Inventory 871
Sell/Inv. Ratio 8.27%
Days to Sell 103
Average Price $265,151
Median Price $219,500

Condo/Townhouse
Sales 52
New Listings 92
Inventory 436
Sell/Inv. Ratio 11.93%
Days to Sell 92
Average Price $376,203
Median Price $340,000

Lots
Sales 35
New Listings 62
Current Inventory 611
Sell/Inv. Ratio 5.73%
Days to Sell 416
Average Price $240,971
Median Price $180,000

Residential
Sales 254
New Listings 411
Inventory 1,578
Sell/Inv. Ratio 16.10%
Days to Sell 91
Average Price $478,433
Median Price $438,000

Ratio of Sales vs Inventory 12.37%

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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