OKANAGAN-SHUSWAP HOUSING MARKET MAINTAINS STEADY GROWTH

The Okanagan Mainline Real Estate Board (OMREB) reported July sales activity of all MLS® property types improved over the same month last year and the first seven months of 2011. Things are continuing to look up in the Okanagan-Shuswap. Housing sales have strengthened during the past four months, with the typical leveling off of activity in July as summer vacations begin. The Central Okanagan is carrying the rise in sales for the month with overall units sold up 13% from the same month last year, while sales for the North Okanagan are on par with 2011. Listings and sales are slightly down in the Shuswap compared to last July. Apartment and townhouse sales continue to improve in the Shuswap and North Okanagan. The North Okanagan reported a 37.5% increase in apartment sales this month, while townhouse sales were up 16.7% from last year. Year-to-date, total residential sales improved over last year throughout the Board area in 2012 – up 10% in the North Okanagan, 9% in the Central Okanagan, and 6% in the Shuswap. The outlook is generally positive in our Board area as the market continues to stabilize. Inventory is still a bit high but coming down with the ongoing sales fuelled by pent-up demand and growing consumer confidence. While new listings have leveled off during the past two months, the selection is still there for buyers.

Tim Jones

Tim Jones

Affiliated Real Estate Agent
CENTURY 21 Executives Realty Ltd.
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