May 2012 Market Statistics

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported May 2012 sales activity of all MLS® property types showed marked improvement compared to the same month last year and during the first five months of 2011, as the spring housing market steadies and continues to see positive gains.

“During May, the Okanagan‐Shuswap experienced a resurgence in sales activity due to elevated buyer interest – an early sign that consumer demand and confidence are improving. We haven’t seen sales numbers like this for a year or so,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President.

“The British Columbia Real Estate Association’s housing forecasts indicate that the BC Interior will lead growth in percentage terms during 2012. So far this year, the markets in the Okanagan Mainline, South Okanagan and BC Northern board areas are the strongest in the province,” Shaw notes. “While the Lower Mainland saw a decline in home sales, the Interior markets posted double‐digit increases in May compared to 2011 as improving economic conditions are filtering into these areas and have begun to raise consumer demand. Board‐wide, OMREB has already surpassed the forecasts for growth in the first and second quarters, realizing an 8.5% increase in unit sales compared to the forecasted 4.1% and 7.4%.

Sales activity in all three zones and in most segments was strong during May.” Shaw reports, “Sales were the strongest in the North Okanagan with a 25% improvement over May 2011, and townhouses showed the most significant gain with a 45.5% increase in units sold this month, similar to the rise in single family home sales reported in April. In the Central Okanagan, it is encouraging to see overall sales continue to strengthen with a 19.5% improvement over 2011, and that townhouse and apartment sales for the month are pretty much in line with single family residential levels. Total units sold in the Shuswap picked up 9.5% in May, with apartments and single family homes showing the most activity and greatest improvement (up 900% and 35%). ”

“The local housing market is steadily improving as the BC economy strengthens and we have begun to experience gains in overall demand during the past couple of months. With the news of ongoing low mortgage interest rates expected to continue to underpin home sales and affordability, the outlook for the rest of spring and early summer is certainly positive. Prices are holding steady in most segments while the inventory remains active along with seasonal increases in listings,” Shaw says.

“There are a lot of dynamics in our area, so we continue to see up and down fluctuations in each zone – depending on the community, housing type and price point. 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 neighbourhood is essential as home values vary based on property type and location. Consult with your REALTOR® to make sure your pricing is strategic and reflective of the current values in your area.

Pricing 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 84
New Listings 261
Current Inventory 994
Sell/Inv. Ratio 8.45%
Days to Sell 123
Average Price $256,794
Median Price $249,000

Sales 69
New Listings 129
Inventory 544
Sell/Inv. Ratio 12.68%
Days to Sell 98
Average Price $344,561
Median Price $335,000

Sales 23
New Listings 68
Current Inventory 829
Sell/Inv. Ratio 2.77%
Days to Sell 209
Average Price $294,456
Median Price $162,999

Sales 203
New Listings 518
Current Inventory 1,731
Sell/Inv. Ratio 11.73%
Days to Sell 85
Average Price $487,167
Median Price $450,000

Ratio of Sales vs Inventory 9.62%

North Okanagan

Sales 7
New Listings 31
Current Inventory 164
Sell/Inv. Ratio 4.27%
Days to Sell 98
Average Price $142,057
Median Price $127,500

Sales 32
New Listings 64
Current Inventory 253
Sell/Inv. Ratio 12.65%
Days to Sell 98
Average Price $279,278
Median Price $286,000

Sales 6
New Listings 77
Current Inventory 531
Sell/Inv. Ratio 1.13%
Days to Sell 586
Average Price $270,083
Median Price $175,250

Sales 80
New Listings 190
Current Inventory 787
Sell/Inv. Ratio 10.17%
Days to Sell 119
Average Price $372,713
Median Price $355,375

Ratio of Sales vs Inventory 8.95%

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

Amanda Westrheim

Amanda Westrheim

CENTURY 21 Assurance Realty Ltd.
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