Okanagan‐Shuswap Housing Market Steady but Cooling in November
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported November 2013 sales activity of all MLS® property types are up 17% compared to the same month in 2012, continuing the steady upward trend begun earlier this year when sales levels were at a cyclical low.
While residential home sales for November improved year‐over‐year in most BC markets, consumer demand has edged back compared to October. A cool down is typically seen moving into winter and the holiday season, but the sluggish economy and anemic job growth have already begun to take some of the steam out of the housing market across the province, and could dampen consumer confidence over the next few months.
“During the past seven months, the housing market in the Okanagan and Shuswap has improved as increased consumer demand combined with fewer homes for sale has led to more balanced conditions,” says Karen Singbeil, OMREB President and active REALTOR® in the Shuswap area.
“However, we remain firmly in buyers’ market territory, which can be very challenging for sellers and buyers alike. To be competitive, successful home sellers typically have sharp pencils when setting their asking price. While short‐term interest rates are expected to remain unchanged, buyers could face less flexible lenders and the risk of rising long‐term fixed mortgage rates going forward.”
OMREB’s three market areas are diverse. As a result, sales activity tends to vary among property types zone‐by‐zone and month‐by‐month with ups and downs at different times and locations. In order to fully understand the overall picture of the current residential market in our Board area it important to look at prices within property types and sale price trends within different price points.
Central Zone (Peachland to Lake Country): During November, overall sales in the Central Zone were up 20.5% to 323 units from 268 in 2012. Total residential sales for the month improved 27.0 % to 306 units compared to 241 last year.
The 565 new listings taken in the Central Okanagan during the month saw a 2.8% decline compared to 581 in 2012, while total inventory was reduced by 11.7% to 3,729 units from 4,222 last November.
How REALTORS® can help when buying or selling a home:
BUYING OR SELLING – Home values vary based on type and location: It is important to consult with a REALTOR® about how your property type is currently faring locally, and how it compares to similar listings in your particular neighbourhood.
SELLING – Pricing is crucial when listing your home: Serious sellers recognize that their properties must be priced within the current market conditions. Homes that are priced well are the ones that are selling, as has been evident this year.
NEGOTIATING – For a successful purchase and sale: The professional negotiation skills of a REALTOR® bring buyers and sellers together for a successful sale.
The Okanagan Mainline Real Estate Board is comprised of 1,008 member REALTORS® and 92 real estate offices in the Southern Interior of BC. The Board area covers the Central Okanagan, North Okanagan and Shuswap – from Peachland to Revelstoke.
New Listings 108
Current Inventory 666
Sell/Inv. Ratio 8.41%
Days to Sell 117
Average Price $209,735
Median Price $193,500
New Listings 68
Sell/Inv. Ratio 12.19%
Days to Sell 128
Average Price $344,212
Median Price $317,500
New Listings 35
Current Inventory 549
Sell/Inv. Ratio 1.30%
Days to Sell 292
Average Price $217,186
Median Price $225,000
New Listings 232
Sell/Inv. Ratio 14.35%
Days to Sell 98
Average Price $458,171
Median Price $410,000
Ratio of Sales vs Inventory 10.61%
Totals include variables in any given, due to preceding month's collapsed sales and deleted listings. e & oe