Okanagan‐Shuswap Housing Market Trends for October Continue on Par with 10‐Year Average
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported October 2013 sales activity of all MLS® property types have continue to improve since early this year, and are up 20% compared to last year at this time.
Residential home sales last month were above the Board’s 10‐year average for October – 550 units versus 510 – as consumer demand now more closely reflects long‐term averages across the province.
Despite relatively weak economic, employment and retail sales growth in BC during 2013, an upward trend has been reported by most BC markets since the beginning of the year when sales levels were at a cyclical low.
“This market can be challenging for sellers and buyers alike. Rising home sales combined with adownward trend in active listings have improved overall housing market conditions in the Okanagan and Shuswap, yet we remain firmly in buyers’ market territory,” says Karen Singbeil, OMREB President and active REALTOR® in the Shuswap area. “Make no mistake, this is a very competitive marketplace we are in. Successful home sellers set competitive asking prices out of the gate and buyers face their own challenges including interest rates creeping up and less flexible lenders.”
Sales activity tends to vary among property types zone‐by‐zone, due to the divergence in OMREB’s three market areas. “Unit sales have strengthened but you have to look at prices within property types and sale price trends within different price points to fully understand the overall picture of the current residential market,” Singbeil notes.
Board‐wide (Peachland to Revelstoke): Overall sales of all property types reported in OMREB’s Board area during October improved by 19.7% compared to 2012 ‐‐ to 614 units from 513. Total residential sales for the month rose 21.5% to 553 units compared to 455 in October 2012.
New listings taken board‐wide for the month dropped 3.2% with 1,105 listings posted compared to 1,142 last October, while inventory was down 9.6% over this time last year – to 7,689 from 8,507.
Central Zone (Peachland to Lake Country): During October, overall sales in the Central Zone were up 26.8% to 383 units from 302 in 2012. Total residential sales for the month improved 34.6% to 354 units compared to 263 last year.
The 708 new listings taken in the Central Okanagan during the month saw a 3.8% decline compared to 736 in 2012, while total inventory was reduced by 12.8% to 3,970 units from 4,555 last October.
Home values vary based on type and location, so it is important to consult with a REALTOR® about how your property type is currently faring locally, and more significantly, how it compares to similar listings in your particular neighbourhood.
“Pricing is crucial when listing your home,” Singbeil notes. “Serious sellers recognize that their properties must be priced within the current market conditions in order to obtain a successful sale, as has been evident this year. The professional negotiation skills of a REALTOR® bring buyers and sellers together for a successful sale.”
New Listings 128
Current Inventory 701
Sell/Inv. Ratio 10.41%
Days to Sell 96
Average Price $208,912
Median Price $190,000
New Listings 99
Sell/Inv. Ratio 14.76%
Days to Sell 90
Average Price $346,884
Median Price $329,000
New Listings 52
Current Inventory 553
Sell/Inv. Ratio 4.16%
Days to Sell 148
Average Price $195,763
Median Price $190,000
New Listings 277
Sell/Inv. Ratio 13.41%
Days to Sell 83
Average Price $481,993
Median Price $440,000
Ratio of Sales vs Inventory 11.76%
Totals include variables in any given, due to preceding month's collapsed sales and deleted listings. e & oe