For Immediate Release: October 5, 2015
Cooler September Housing Sales on Heels of Hot Summer Market in Okanagan-Shuswap
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported sales activity of all MLS® property types in September 2015 remained strong despite cooling off slightly on the heels of a hot summer market.
“Most sectors in the Okanagan-Shuswap saw a very active summer,” says Christopher Miller, OMREB President and active REALTOR® in the Central Okanagan. “While housing demand in our Board area has slowed down over the last week or two, sales activity remains relatively strong and seems to be extending into fall.”
With BC being the economic growth leader among provinces and mortgage rates remaining at historical lows, high consumer confidence continues to bolster the demand for homes in the Okanagan-Shuswap and has kept pace with other markets in the province.
“The inventory of homes for sale remains at low levels with essentially no significant upward momentum over the past few months,” Miller notes.
Within OMREB’s three diverse markets – Central Okanagan, North Okanagan, and Shuswap-Revelstoke areas – sales activity and prices, and supply and demand tends to vary among property types at different times and locations, with ups and downs experienced zone-by-zone and month-by-month.
“The Central Okanagan and Shuswap markets continue to strengthen and see an improvement yearto-date over last year. The North Okanagan outpaced these zones with a vigorous run up of sales activity in 2014 and also saw relatively strong sales activity during 2015 but has lagged behind last year’s pace,” Miller points out.
In order to fully understand the current residential market, and to look at trends within property types and varying price points in different neighbourhoods, it is important to consult with a REALTOR®.
Central Zone (Peachland to Lake Country): During September, overall sales of all property types in the Central Zone were down 10.5% with 495 units compared to 553 in 2014. Year-to-date sales activity improved by 6.7% compared to the same period last year (January through September) to 4,582 units from 4,294 in 2014.
Total residential sales for the month dipped by 8.2% at 461 units compared to 502 in 2014, but improved by 9.0% year-to-date (to 4,280 from 3,926). The sale of single family homes dropped 14.2% over last September (to 212 from 247) but rose 8.0% year-to-date (to 2,173 from 2,013).
Average days to sell a single family home in the Central Okanagan in September was down to 62 days compared to 69 in 2014, while days to sell year-to-date averaged 64 days compared to 73 during the same nine-month period last year.
The 871 new listings taken in the Central Okanagan during the month improved by 11.4% compared to 782 in 2014, while total inventory rose 2.0% to 3,604 units from 3,533 last September.
The average of 145 days to sell a single family home in the Shuswap during September was up compared to 138 in 2014, while homes have sold in 120 days on average year-to-date compared to 138 during the same time period last year.
The 146 new listings taken in the Zone dipped marginally (2.0%) compared to 149 in September 2014. Overall inventory was down 4.2% to 1,514 from 1,581 last year at this time.
Whether you are selling or buying a home, a professional REALTOR® who is familiar with the area and your particular neighbourhood can assist with searching, listing, negotiating and closing. The key to a successful sale is being realistic about the market value of your home and willing to negotiate for the best offer.
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.
New Listings 145
Current Inventory 593
Sell/Inv. Ratio 20.24%
Days to Sell 82
Average Price $247,909
Median Price $225,000
New Listings 104
Sell/Inv. Ratio 22.92%
Days to Sell 58
Average Price $426,772
Median Price $379,900
New Listings 51
Current Inventory 503
Sell/Inv. Ratio 3.58%
Days to Sell 224
Average Price $256,161
Median Price $211,250
New Listings 373
Sell/Inv. Ratio 19.01%
Days to Sell 62
Average Price $503,667
Median Price $485,000
Ratio of Sales vs Inventory 17.61%
Totals include variables in any given, due to preceding month's collapsed sales and deleted listings. e & oe