For Immediate Release:
November 5, 2014
Okanagan-Shuswap Housing Demand Remains Steady
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported October sales activity of all MLS® property types improved by 15% compared to the same month in 2013.
“While October numbers were lower than the September highs, they were still well ahead of the seasonal average as home sales in the Okanagan-Shuswap market continue to outperform last year,” says Darcy Griffiths, OMREB President and active REALTOR® in the North Okanagan.
“Spurred by pent-up demand, robust consumer confidence, and a steadily improving provincial economy, the strong upward year-over-year and month-over-month trajectory in our Board area has continued for seven consecutive months. We are cautiously optimistic that this trend will carry onward and into 2015 as confidence builds, especially with the variety of positives in the region and their multiplying effect on our market.”
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 Shuswap Zone leads the way this month with a 27% improvement over October 2013, compared to 14% in the Central Okanagan and 12% in the North Okanagan. The Shuswap Zone also saw a 50% rise in single family residential sales compared to 22% in the Central Okanagan and 6% in the North Okanagan.
“The best value for buyers is still in the Shuswap where there is more supply than demand and prices remain relatively low, despite confident local buyers coming back into the market,” Griffiths notes. “Conditions in the Central Okanagan are in sellers’ market territory with more demand than supply in some areas – especially in homes priced below $500,000 where inventory is short – and a buyers’ market in the higher price category. On the other hand, the North Okanagan market remains stable for both buyers and sellers.”
The price of single family homes is fairly steady in most areas with modest gains seen in some locations where supply is tightening. On the decline for the past seven months, active listings are currently 12% lower than in October 2013, significantly reducing the selection of entry level homes -- particularly in the Central and North Okanagan where new listings are scarce.
“If you are looking to sell before winter sets in, now is the time to list while prices are strong, the demand is high and inventory low, and more importantly, less competition for buyers than in the spring,” Griffiths says.
Griffiths warns that the competition for buyers can still be a challenge for sellers if properties are not priced attractively from the start. “Being realistic about the market value of your home and willing to negotiate for the best offer are the keys to a successful sale.”
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
New Listings 135
Current Inventory 511
Sell/Inv. Ratio 17.42%
Days to Sell 90
Average Price $228,383
Median Price $210,000
New Listings 117
Sell/Inv. Ratio 18.51%
Days to Sell 87
Average Price $342,646
Median Price $335,000
New Listings 32
Current Inventory 457
Sell/Inv. Ratio 3.72%
Days to Sell 247
Average Price $240,547
Median Price $239,000
New Listings 328
Sell/Inv. Ratio 19.30%
Days to Sell 71
Average Price $496,639
Median Price $455,000
Ratio of Sales vs Inventory 16.82%
Totals include variables in any given, due to preceding month's collapsed sales and deleted listings. e & oe