Okanagan-Shuswap Housing Market Springs Forward in May
The Okanagan Mainline Real Estate Board (OMREB) reported May 2013 sales activity of all MLS® property types continued to improve with modest increases over the same month last year.
“We expected an uptrend in May which is typical of the housing resale market as buyers and sellers take advantage of the warmer weather and spring market activity.”
“Units being listed continue to decline. Sellers have recognized that their properties must be priced within the current market conditions in order to obtain a successful sale. A Seller who really does not need to sell is less likely to put their home on the market,” says Karen Singbeil, an active REALTOR® in the Shuswap Zone and OMREB President. “It is evident that some price ranges are moving more quickly than others and that well priced properties attract attention and will sell.”
Board-wide (Peachland to Revelstoke): Overall sales of all property types reported in OMREB’s Board area during May improved by 8.27% compared to 2012 -- to 733 units from 677. Total residential sales for the month rose 8% to 667 units compared to 617 in May 2012.
“Now is a good time to buy. There is still a good selection of properties and great opportunities to get into a home at an attractive price – especially while interest rates remain at historic lows,” Singbeil notes.