“Year-over-year and month-over-month, the Okanagan-Shuswap housing market continues to strengthen and has maintained a strong upward sales trend for the past six months as we make steady strides toward recovery,” says Darcy Griffiths, OMREB President and active REALTOR® in the North Okanagan. “More buyer activity in the higher price range reflects the renewed confidence of BC consumers as our provincial economy improves and the return of Alberta buyers as they cash in on booming job opportunities and accelerated market values in their province.”
The Shuswap leads the way this month with a 34% improvement in overall sales over August 2013, compared to 23% in the Central Okanagan, and 15% in the North Okanagan. The Shuswap Zone also saw a 28% rise in single family residential sales, compared to 19% in the North Okanagan and 14% in the Central Okanagan.
Conditions in the Central Okanagan are now in sellers’ market territory with more demand than supply in some areas – especially in homes priced below $400,000 where inventory is short – and a buyers’ market in the higher price category. 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.
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~Okanagan Mainline Real Estate Board