October 2012 Market Statistics

 OkanaganShuswap Housing Market Stabilizing

 Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported October 2012 sales activity of all MLS® property types improved over the same month last year and compared to the first 10 months of 2011 as the market continues to show greater signs of stability.

 “To date, the Okanagan‐Shuswap market has experienced steady sales for more than half of this year with five consecutive months of ongoing improvement (April through August), a brief slowdown in September, and the upward trend resuming in October,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President.

 “Overall sales were up 10% board‐wide compared to last October and improved 13% over this September when sales slowed throughout the province as consumer demand and affordability, particularly for first‐time buyers, was impacted by the tightening of mortgage rules in mid‐summer,” he reports.

 “The North Okanagan market continues to strengthen and lead the way in sales growth. In October, overall sales in the North Okanagan improved by 26% over 2011, while the Shuswap was up 7%, and the Central Okanagan up 4%. Total residential sales for the first 10 months of 2012 showed gains over the same period last year, with the North Okanagan in the lead at 13%, followed by 7% in the Central Okanagan, and 4% in the Shuswap.”

“The outlook in our Board area remains relatively positive and is trending towards more balanced market conditions. Inventory is selling and new listings are down from a year ago, but buyers can still take advantage of low interest rates and a great selection of properties to choose from. Home buyers are price sensitive and taking their time to make decisions, while looking for the opportunity to secure attractive prices,” Shaw notes.

“With the diversity in the OMREB Board area, there are monthly 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 area is essential as home values vary based on type and location. Make sure your pricing is strategic 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 56
New Listings 145
Current Inventory 786
Sell/Inv. Ratio 7.12%
Days to Sell 135
Average Price $321,262
Median Price $221,000

Sales 42
New Listings 86
Inventory 465
Sell/Inv. Ratio 9.03%
Days to Sell 105
Average Price $363,276
Median Price $334,900

Sales 24
New Listings 43
Current Inventory 704
Sell/Inv. Ratio 3.41%
Days to Sell 235
Average Price $147,308
Median Price $110,000

Sales 123
New Listings 313
Inventory 1,514
Sell/Inv. Ratio 8.12%
Days to Sell 92
Average Price $452,886
Median Price $419,900

Ratio of Sales vs Inventory 8.53%

North Okanagan

Sales 5
New Listings 21
Current Inventory 162
Sell/Inv. Ratio 3.09%
Days to Sell 214
Average Price $275,377
Median Price $280,000

Sales 19

New Listings 47
Current Inventory 219
Sell/Inv. Ratio 8.68%
Days to Sell 143
Average Price $239,089
Median Price $250,000

Sales 7

New Listings 16
Current Inventory 501
Sell/Inv. Ratio 1.40%
Days to Sell 362
Average Price $119,271
Median Price $115,000

Sales 75

New Listings 96
Current Inventory 631
Sell/Inv. Ratio 11.89%
Days to Sell 128
Average Price $342,338
Median Price $337,500

Ratio of Sales vs Inventory 8.12%

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

CENTURY 21 Assurance Realty Ltd.
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