Please see the latest marketing report from our Okanagan Mainline Real Estate Board President:
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported October 2013 sales activity of all MLS® property types have continue to improve since early this year, and are up 20% compared to last year at this time. Residential home sales last month were above the Board’s 10‐year average for October – 550 units versus 510 – as consumer demand now more closely reflects long‐term averages across the province. Despite relatively weak economic, employment and retail sales growth in BC during 2013, an upward trend has been reported by most BC markets since the beginning of the year when sales levels were at a cyclical low.
“This market can be challenging for sellers and buyers alike. Rising home sales combined with a
downward trend in active listings have improved overall housing market conditions in the Okanagan and Shuswap, yet we remain firmly in buyers’ market territory,” says Karen Singbeil, OMREB President and active REALTOR® in the Shuswap area. “Make no mistake, this is a very competitive marketplace we are in. Successful home sellers set competitive asking prices out of the gate and buyers face their own challenges including interest rates creeping up and less flexible lenders.” Sales activity tends to vary among property types zone‐by‐zone, due to the divergence in OMREB’s three market areas. “Unit sales have strengthened but you have to look at prices within property types and sale price trends within different price points to fully understand the overall picture of the current residential market,” Singbeil notes.
North Zone (Predator Ridge to Enderby): Overall sales for October in the North Zone improved 9.6% over last year at this time – to 149 units from 136 in 2012. Of the total, residential property types for the month (134) were up 8.9% over last year (123).
Inventory for October saw a 7.2% drop to 2,140 from 2,306 in 2012, and the 248 new listings taken for the month dipped 2.8% from the 2012 level of 255. Home values vary based on type and location, so it is important to 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. “Pricing is crucial when listing your home,” Singbeil notes. “Serious sellers recognize that their properties must be priced within the current market conditions in order to obtain a successful sale, as has been evident this year. The professional negotiation skills of a REALTOR® bring buyers and sellers together for a successful sale.”