Looks like the Kelowna real estate market is off to a great start this year! Sales are up 30% over this period last year and the forecast is for prices to start their first possible up-tick in years! If you are a buyer, It's TIME to make your MOVE! If you are a prospective seller its time to get the house ready and on the market ASAP! Beat the spring rush.
Give me a call right away for a market evaluation or to have me set you up with some listings to view. There is no time to waste!!
Here is a press release from the Okanagan Mainline Real Estate Board:
JANUARY 2014 STATS:
Smooth Start to New Year Finish for Okanagan-Shuswap Housing Market
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported a smooth start to 2014 with January sales activity of all MLS® property types up 30% compared to the first month of 2013.
Moving into 2014, the housing market in the Okanagan-Shuswap continues to strengthen and maintain a steady upward trend despite sales levels beginning at a cyclical low this time last year. All three zones in our Board area have seen moderate to strong gains in sales for various property types during relatively slow economic growth and lagging consumer confidence throughout BC.
Total active listings continue to trend downward and inventories have declined more than 10% year-over-year for five consecutive months. While slowly moving towards more balanced market conditions, OMREB remains in buyer’s territory which can prove challenging for sellers and buyers alike.
Proper pricing is still critical in our market and is the key to successful home sales. Savvy home sellers who are competitive and market conscious are sharpening their pencils when setting a list price, resulting in more transaction volumes in some Zones. This is most evident in the North Okanagan where the jump in home sales was the most significant during the past month. In other areas, some potential sellers are holding off listing their properties or have pulled out of the market if they are not willing to set a competitive price, and this has contributed to the decline in inventory.
It is important to look at prices within property types and sale price trends within different price points in order to fully understand the overall picture of the current residential market in our Board area. OMREB’s three market areas are diverse so sales activity tends to vary among property types zone-by-zone and month-by-month with ups and downs at different times and locations.
The weak economy may constrain consumer demand in the beginning of the year but should increase as the BC economy gains momentum during the second half of 2014. Long-term interest rates have trended much lower than was expected to start the year and should be very accommodating to buying activity heading into the spring market. Home sales through OMREB are forecast to rise 1.8% this year.