March 2012 Market Statistics

Okanagan-Shuswap Housing Market Brightens as

Spring Unfolds

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported March 2012 sales activity of all MLS® property types declined compared to the same month last year but improved over the first quarter of 2011 and from last month (February), as the housing market continues to strengthen going into spring.

“Home sales were steady in the Okanagan‐Shuswap during March with some fluctuations depending on the community and the housing type,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President. “Continuing to trend on long‐term averages, the modest rise in unit sales reflects the gradual growth in the economy and points toward a brighter seasonal market ahead.“

“We expect sales to brighten as the weather starts to improve and people think about moving during the next three months. Residential sales in April, May and June are typically good as many households tend to choose to sell their homes then,” Shaw notes.

“Going forward, we hope to see renewed interest in the residential, recreation, investment and retirement property opportunities in the Okanagan‐Shuswap, as consumer confidence continues to be positively influenced by improving economic and employment conditions in BC and Alberta,” he adds.

Shaw is hopeful that recently introduced government incentives like enhanced HST housing rebates, first‐time home buyer’s bonus, and grants for new second homes and vacation homes will spark more activity in the new home and recreation markets.

“With historically low interest rates keeping affordability at an even keel, and prices holding steady in most segments in the Board area, now is an optimum time to buy or to sell,” Shaw says. “Inventory is declining but new listings and active inventory remain relatively high, and continue to provide a good selection and choice of properties.”

During these ongoing buyer’s market conditions, sellers can benefit from working with a professional REALTOR® to price strategically at current values. Serious buyers are motivated by well‐priced properties with room to negotiate. Homes with good curb appeal and listed by sellers with the sharpest pencils are being sold quickly in this highly competitive market.

Central Okanagan

Condo/Apt
Sales 78
New Listings 170
Current Inventory 920
Sell/Inv. Ratio 8.48%
Days to Sell 139
Average Price $226,365
Median Price $214,950

Condo/Townhouse
Sales 38
New Listings 112
Current Inventory 515
Sell/Inv. Ratio 7.38%
Days to Sell 123
Average Price $319,861
Median Price $324,700

Lots
Sales 16
New Listings 142
Current Inventory 806
Sell/Inv. Ratio 1.99%
Days to Sell 253
Average Price $267,386
Median Price $243,840

Residential
Sales 167
New Listings 371
Current Inventory 1,492
Sell/Inv. Ratio 11.19%
Days to Sell 92
Average Price $456,568
Median Price $415,000


North Okanagan


Condo/Apt
Sales 6
New Listings 21
Current Inventory 147
Sell/Inv. Ratio 4.08%
Days to Sell 147
Average Price $137,817
Median Price $137,000

Condo/Townhouse
Sales 20
New Listings 50
Current Inventory 230
Sell/Inv. Ratio 8.70%
Days to Sell 187
Average Price $279,805
Median Price $290,250

Lots
Sales 8
New Listings 46
Current Inventory 442
Sell/Inv. Ratio 1.81%
Days to Sell 351
Average Price $186,588
Median Price $201,500

Residential
Sales 66
New Listings 158
Current Inventory 682
Sell/Inv. Ratio 9.68%
Days to Sell 95
Average Price $342,477
Median Price $339,250

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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