Housing prices in the Okanagan strong as demand is high, inventory low

The Okanagan Mainline Real Estate Board (OMREB) reported September sales activity of all MLS® property types improved by 32 per cent compared to the same month in 2013, recording the strongest September unit sales since 2005.

Central Zone (Peachland to Lake Country): During September, overall sales in the Central Zone were up 36.3 per cent—to 552 units from 405 in 2013. Total residential sales for the month improved 38 per cent to 501 units compared to 363 last year at this time. The sale of 246 single family homes was up 31.6 per cent over the 187 in September 2013.

The 782 new listings taken in the Central Okanagan during the month saw a 3.7 per cent increase compared to 754 in 2013, and total inventory was reduced by 16.5 per cent to 3,533 units from 4,229 last September.

North Zone (Predator Ridge to Enderby): Overall sales for September in the North Zone improved 24.5 per cent to 188 units compared to 151 units sold last year at this time. Total residential sales for the month were up 27.3 per cent over last year with 168 units sold compared to 132. Single family home sales (92 units) were up 26.0 per cent compared to September 2013 (73).

While the 306 new listings taken for the month were up 7.0 per cent from the 2013 level of 286, inventory for September saw a 7.5 per cent decline to 2,151 from 2,325 last year at this time.

Shuswap Zone (Salmon Arm to Revelstoke): During September, overall unit sales in the Shuswap-Revelstoke Zone improved by 24.8 per cent to 131 units compared to 105 in 2013. Total residential unit sales for the month were up 24.4 per cent over last year at 112 units compared to 90, while the sale of single family homes rose 41.3 per cent over September 2013 (to 65 from 46).

The 149 new listings taken in the zone were down considerably (42.0 per cent) compared to 257 last September. Overall inventory dipped 9.7 per cent to 1,581 from 1,751 during the same month in 2013.

For comprehensive statistical information, please visit www.omreb.com.

Hayley Brown

Hayley Brown

REALTOR®
CENTURY 21 Executives Realty Ltd.
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