The Okanagan-Shuswap Housing Market Ends Second Quarter With Double Digit Gains
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported June 2012 sales activity of all MLS® property types showed marked improvement compared to the same month last year and the first half of 2011, as the housing market shifts into more balanced conditions and records double digit gains during the second quarter of this year.
“During the past three months straight, the Okanagan-Shuswap has experienced a marked increase in sales activity -- leveling off a bit in June (15%) compared to May (19%), as thoughts turned to the end of school and family vacations. Renewed buyer interest and consumer confidence are still on the rise and expected to see ongoing improvement as summer unfolds,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President.
“While the market has softened in the Lower Mainland, the Interior continues to see the greatest growth in unit sales and the Okanagan is now leading the province,” Shaw notes. “Sales activity in all three zones and in most segments has strengthened. June saw significant improvements in apartment and townhouse activity throughout the Board area, and single family residential sales remained strong. Total residential sales year-to-date have improved over 2011 – up 12.4% in the North Okanagan, 8.6% in the Central Okanagan, and 6.8% in the Shuswap.”
Shaw reports, “Overall sales were the strongest in the Central Okanagan in June with a 17% improvement over 2011, and with gains of 49% for apartments and 43% for townhouses. In the Shuswap, total units sold picked up 14%, while the apartment segment jumped from zero sales last year to 8 this month, and rose dramatically (230%) year-to-date with 33 units compared to 10 in 2011. The North Okanagan saw a 9% increase in overall sales this month with apartments showing the biggest improvement – up 38% compared to units sold last year at this time.”