For Immediate Release:
December 3, 2014
Okanagan-Shuswap Housing Market Outperforms 2013
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported November sales activity of all MLS® property types rose by 4% over last year and improved by 24% year-to-date compared to 2013.
“While an early cold snap dampened sales activity last month and demand edged back after accelerating for most of the year, Okanagan-Shuswap home sales have already outperformed 2013 and we will finish the year off on a positive note,” says Darcy Griffiths, OMREB President and active REALTOR® in the North Okanagan. “We experienced an extraordinarily busy summer and fast paced fall, and are now moving into the holiday season when activity typically slows down as winter sets in.”
Sales activity within OMREB’s three diverse market areas tends to vary among property types zone-by-zone and month-by-month with ups and downs at different times and locations.
“The North Okanagan leads the way in sales this month with a 10% improvement over November 2013, compared to 3% in the Central Okanagan and 1% in the Shuswap. The North Zone also saw a 27% rise in single family residential sales compared to last year, while levels remained the same in the Shuswap (no change from 2013), and the Central Okanagan experienced an 8% decline in this segment.”
Active listings have been on the decline for the past eight months and are currently 13% lower than in November 2013. Overall, new listings (up less than 3% in November) have not been fast enough to keep up with the demand and declining inventory in some categories, significantly reducing the selection of entry level homes -- particularly in the Central Zone where new listings for the month are slow (up 3%) and inventory is low (down 15%).
“We are seeing more balance in our Board area but conditions in the Central Okanagan are still somewhat split between balanced and sellers’ markets with more demand than supply for homes priced below the $500,000 mark due to declining inventory,” Griffiths reports. “The North Okanagan market remains stable for both buyers and sellers, while the best value for buyers is in the Shuswap.”
The price of single family homes is fairly steady in most areas with modest gains seen in some locations where supply has tightened. Average prices have been pushed up with a shortage of lower priced entry level homes in some areas and buyers making purchases in the next level up.
“Being realistic about the market value of your home and willing to negotiate for the best offer is the key to a successful sale,” Griffiths notes. “The competition for buyers can still be a challenge for sellers if properties are not priced attractively from the start.”
In order to fully understand the overall picture of the current residential market, it is important to consult with a professional REALTOR® 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 3.1% -- to 331 units from 321 in 2013. Total residential sales for the month declined 4.9% to 290 units compared to 305 last year at this time. The sale of 146 single family homes was down 8.2% over the 159 in November 2013. However, apartment sales improved by 18.2% over last year at this time.
Year-to-date, total unit sales improved by 21.3% over last year (to 5,061 units from 4,174). Single family home sales are up 15.3% compared to 2013 (to 2,361 units from 2,047), while the sale of townhouses improved by 30.9% (to 766 from 585) and apartments by 33.6% (to 973 from 728).
The 581 new listings taken in the Central Okanagan during the month saw a 2.7% increase compared to 566 in 2013, and total inventory was reduced by 15.8% to 3,141 units from 3,729 last November.
“On behalf of the Member REALTORS® of the Okanagan Mainline Real Estate Board, we extend our warmest wishes for a safe and happy holiday season with your family and friends.”
Whether you are selling or buying a home, a professional REALTOR® who is familiar with the area and your particular neighbourhood will assist with searching, listing, negotiating and closing.
How REALTORS® can help when buying or selling a home in the Okanagan-Shuswap:
• BUYING OR SELLING – Home values vary based on type and location: Talk to 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.
New Listings 91
Current Inventory 481
Sell/Inv. Ratio 13.51%
Days to Sell 91
Average Price $207,462
Median Price $184,500
New Listings 65
Sell/Inv. Ratio 12.32%
Days to Sell 93
Average Price $345,138
Median Price $323,500
New Listings 54
Current Inventory 440
Sell/Inv. Ratio 5.45%
Days to Sell 200
Average Price $205,152
Median Price $207,499
New Listings 237
Sell/Inv. Ratio 15.34%
Days to Sell 77
Average Price $539,463
Median Price $459,500
Ratio of Sales vs Inventory 13.34%
Totals include variables in any given, due to preceding month's collapsed sales and deleted listings. e & oe