Okanagan - Shuswap Housing Market on the Upswing
The Okanagan Mainline Real Estate Board (OMREB) reported August 2012 sales activity of all MLS® property types improved significantly over the same month last year and during the first eight months of 2011, as the housing market continues the steady upward climb that began in April.
“The Okanagan-Shuswap market has been on the upswing this year, particularly during the second and third quarters. Growth that started in the spring has continued through the summer with real estate sales recovering. Surprisingly, sales in August rose despite the hot weather that typically keeps potential buyers and sellers in summer vacation mode. The ongoing improvement we’ve seen during the past five months (April through August) is a trend that we look forward to carrying on into the fall. While we are happy with the positive numbers and things are looking up compared to 2011, the market is still tight as buyers are very price sensitive, looking for bargains and taking their time to make decisions,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President.
“The Central Okanagan and Shuswap lead the growth in sales for the month with overall units sold up 30% and 29% from August 2011, while sales in the North Okanagan rose 21% over last year. During August, single family residential sales in the North Okanagan showed the most growth with a 63% gain over last year at this time, followed by a 45% improvement in townhouse sales in the Central Okanagan. Year‐to‐date, total residential sales improved over last year throughout the Board area with the North Okanagan leading the way – up 13%, followed by 12% in the Central Okanagan, and 9% in the Shuswap.”
(Peachland to Revelstoke): Overall sales in OMREB’s Board area improved by 27% during the month of August compared to 2011 but slipped 2% from the units sold in July. Year‐to‐date unit sales increased 12% over the first eight months of 2011 from this time last year.
Central Zone (Peachland to Lake Country): Overall sales in the Central Zone climbed 30% and sales volumes jumped 42% for August . Total residential sales for the month were up 29% compared to 2011. Single family home sales rose 27% compared to last August , while townhouse sales showed the most year‐over‐year provement this month at 45% . Year‐to‐date sales for 2012 (January through August) timproved by 13%. While the 852 new listings added rose 2% from last August, inventory for the month dipped 2%.
North Zone (Predator Ridge to Enderby): Overall sales for August in the North Zone were up 21% compared to 2011. Total residential sales for August improved 31% over last year. Single family homes saw a 62% leap over 2011 and townhouse sales jumped 38%. Year‐to‐date unit sales for 2012 improved 10% compared to activity during the same period last year (. Inventory during August was down 1% from last year , while the 322 new listings taken for the month dropped by 15% from 378 in 2011.
Shuswap Zone (Salmon Arm to Revelstoke): Overall unit sales in the Shuswap Zone rose 29% in August with sales volumes up 48% compared to 2011. While total residential sales rose 27%, sales volumes improved 43% compared to last year . Single family unit sales for the month were up 26%. Year‐to‐date figures for 2012 improved 9% in unit sales and 5% in sales volumes over the first eight months last year . New listings taken during the month were down 3 % over last August, but inventory rose 3% over 2011 .
“Markets in the Okanagan, Kamloops and Northern BC are all solid with robust sales – pointing to a broad based economic recovery in the province that bodes well for the future demand for homes. While there is still a buyers’ market in our Board area and property choice remains good, new listings are leveling off and inventory is coming down with the increase in sales so now is a good time to list. As conditions stabilize further and consumer confidence improves along with job growth in the province, we could see more people putting their homes up for sale and increasing the selection of homes going into fall and winter,” Shaw reports.
“Price continues to be of utmost importance when selling a home.