by Ragnar Haagen - Kelowna - Story: 100067
Oct 8, 2013 / 5:00 am
The number of property sales in the Okanagan jumped sharply last month, with almost 50 per cent more sales activity than during the same time in 2012.
“Rising home sales combined with a downward trend in active listings have improved overall housing market conditions in the Okanagan and Shuswap. However, we remain firmly in buyers’ market territory,” says Karen Singbeil, president of the Okanagan Mainline Real Estate Board.
“Current conditions suggest stable to modest downward pressure on home prices. Successful home sellers typically have a sharp pencil when setting their asking price as a result of competition amongst sellers.”
Many areas saw a spike in sales, including the Central Zone, which extends from Peachland to Lake Country. Overall sales were up 47.8 per cent, while sales jumped 20.8 per cent in the North Zone, extending from Predator Ridge to Enderby.
The largest jump occurred in the Shuswap zone from Salmon Arm to Revelstoke. Sales for September increased 87.7 per cent and residential sales saw a 133.3 per cent improvement from the same time in 2012.
Overall sales on all property types across the board improved by 45.4 per cent in September, with 663 units sold compared 456 in 2012. Total residential sales for the month rose 48.4 per cent to 586 units compared to 395 in September 2012.
New listings rose 78.5 per cent over last September (to 257 from 144), while overall inventory dipped 2.3 per cent.