Okanagan‐Shuswap Housing Market Cautious Going into 2013

 

Released from OMREB

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported January 2013 sales activity of all MLS® property types is down over the same month last year but showed an improvement over December.

“Last year, the housing market remained fairly stable for the Okanagan‐Shuswap with a good build‐up in sales in many segments for most of the year and only losing strength during the closing two months,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President. “This slowdown carried over into January which is typically not a strong month, and can be partially attributed to the dreary winter weather that keeps people indoors.”

Most B.C. markets saw a low level of activity or a decline in sales for the month, replicating the last quarter of 2012 when markets were impacted by the tightening of credit and wavering consumer confidence.

“Board‐wide, overall sales for the month were down 5% compared to last year at this time. Sales of all property types dropped by 32% in the North Okanagan and 3% in the Shuswap, but the Central Okanagan showed a 4% improvement over January 2012,” Shaw reports.

“Due to the divergence in our market areas, sales tend to vary among single family, townhouse and apartment properties month by month and zone by zone. During January, the Central Okanagan showed the greatest strength with a 16% bump in townhouse sales and 5% rise in the sale of single family residential homes. While the Shuswap saw a 5% dip in single family sales, the North Okanagan took a hit this month with a 40% decline in this segment.”

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