September 2014 Market Statistics

Okanagan-Shuswap Housing Market Continues Strong Growth Trend

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported September sales activity of all MLS® property types improved by 32% compared to the same month in 2013, recording the strongest September unit sales in nine years (since 2005).

“The uptake in summer sales activity in our Board area continued through into September,” says Darcy Griffiths, OMREB President and active REALTOR® in the North Okanagan. “Reflecting the renewed consumer confidence and demand that began to unfold in the spring, the Okanagan-Shuswap housing market has maintained a strong upward year-over-year and month-over-month sales trajectory since April.”

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 Central Okanagan leads the way this month with a 36% improvement in overall sales over September 2013, compared to 25% in the North Okanagan and Shuswap. The Shuswap Zone also saw a 41% rise in single family residential sales, compared to 32% in the Central Okanagan and 26% in the North Okanagan.

“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,” Griffiths notes. “On the other hand, the North Okanagan remains a stable market for both buyers and sellers, while the best value for buyers is in the Shuswap where there is more supply than demand and prices remain relatively low.“

While inventory has continued to drop during the past six months and active listings are 13% lower than in September 2013, the Shuswap saw a 42% decline in new listings for the month, the Central Okanagan dipped 5% and the North Okanagan saw a 7% increase. As a result, the selection of entry level home choices has been significantly reduced, so buyers are viewing properties in a higher price range to find better selection.

“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,” Griffiths notes. “On the other hand, the North Okanagan remains a stable market for both buyers and sellers, while the best value for buyers is in the Shuswap where there is more supply than demand and prices remain relatively low.“

While inventory has continued to drop during the past six months and active listings are 13% lower than in September 2013, the Shuswap saw a 42% decline in new listings for the month, the Central Okanagan dipped 5% and the North Okanagan saw a 7% increase. As a result, the selection of entry level home choices has been significantly reduced, so buyers are viewing properties in a higher price range to find better selection.

“The competition for buyers can still be a challenge for sellers if their properties are not priced well,” Griffiths warns. “Being realistic about the market value of your home, setting an attractive list price right out of the gate, and being 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 in our Board area, it is important to look at prices within property types and sale price trends within different price points. Now more than ever, it is important to consult with a professional REALTOR®.

Central Zone (Peachland to Lake Country): During September, overall sales in the Central Zone were up 36.3% -- to 552 units from 405 in 2013. Total residential sales for the month improved 38% to 501 units compared to 363 last year at this time. The sale of 246 single family homes was up 31.6% over the 187 in September 2013.
The 782 new listings taken in the Central Okanagan during the month saw a 3.7% increase compared to 754 in 2013, and total inventory was reduced by 16.5% to 3,533 units from 4,229 last September.

“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,” Griffiths notes.

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.

Central Okanagan

Condo/Apt
Sales 108
New Listings 136
Current Inventory 523
Sell/Inv. Ratio 20.61%
Days to Sell 115
Average Price $236,040
Median Price $221,000

Condo/Townhouse
Sales 97
New Listings 92
Inventory 366
Sell/Inv. Ratio 26.50%
Days to Sell 85
Average Price $357,515
Median Price $354,000

Lots
Sales 33
New Listings 58
Current Inventory 502
Sell/Inv. Ratio 6.57%
Days to Sell 141
Average Price $266,312
Median Price $195,999

Residential
Sales 246
New Listings 321
Inventory 1,123
Sell/Inv. Ratio 21.91%
Days to Sell 76
Average Price $492,571
Median Price $448,500

Ratio of Sales vs Inventory 22.72%

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 atwww.AOKHOMES.ca or call 250-863-9230 or email at Amanda.Westrheim@Century21.ca

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Amanda Westrheim

Amanda Westrheim

REALTORĀ®
CENTURY 21 Assurance Realty Ltd.
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