Positive Second Quarter for Okanagan-Shuswap Housing Market
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported June 2013 sales activity of all MLS® property types improved over the same month last year and posted positive second quarter results.
“During the past three months, the Okanagan-Shuswap has experienced a steady year-over-year increase in sales – a welcome improvement over the first quarter of this year when sales were fairly flat compared to 2012,” says Karen Singbeil, an active REALTOR® in the Shuswap Zone and OMREB President. “We hope to see this trend continue as summer unfolds and the warm weather sparks renewed seller interest and buyer activity.”
Some price ranges are moving more quickly than others, Singbeil says. “Serious sellers recognize that their properties must be priced within the current market conditions in order to obtain a successful sale. It is evident that well-priced properties attract attention and should sell.”
Overall market conditions in our Board area are still stabilizing,” Singbeil notes. “Inventory levels are coming down and new listings continue to decline in most segments. However, there is still a good selection of properties and good opportunities to get into a home at an attractive price. Now is a good time to buy, especially while interest rates remain at historic lows.”
If you are planning on listing your home, consult with a REALTOR® about how your property type is currently faring locally, and more significantly, how it compares to similar listings in your particular neighbourhood, Singbeil adds. “Home values vary based on type and location, so it is important to ensure your pricing is appropriate for the market area, and has room for buyers to negotiate.”