11/06/2014
October was still strong for our market.
The article below was copied from the "Okanagan Mainline Real Estate Board" website:
November 5, 2014
Okanagan-Shuswap Housing Demand Remains Steady
Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported October sales activity of all MLS® property types improved by 15% compared to the same month in 2013.
“While October numbers were lower than the September highs, they were still well ahead of the seasonal average as home sales in the Okanagan-Shuswap market continue to outperform last year,” says Darcy Griffiths, OMREB President and active REALTOR® in the North Okanagan.
“Spurred by pent-up demand, robust consumer confidence, and a steadily improving provincial economy, the strong upward year-over-year and month-over-month trajectory in our Board area has continued for seven consecutive months. We are cautiously optimistic that this trend will carry onward and into 2015 as confidence builds, especially with the variety of positives in the region and their multiplying effect on our market.”
Sales activity within OMREB’s three diverse market areas tends to vary among property types zone-by-zone and month-by-month with ups and downs at different times and locations. The Shuswap Zone leads the way this month with a 27% improvement over October 2013, compared to 14% in the Central Okanagan and 12% in the North Okanagan. The Shuswap Zone also saw a 50% rise in single family residential sales compared to 22% in the Central Okanagan and 6% in the North Okanagan.
“The best value for buyers is still in the Shuswap where there is more supply than demand and prices remain relatively low, despite confident local buyers coming back into the market,” Griffiths notes. “Conditions in the Central Okanagan are in sellers’ market territory with more demand than supply in some areas – especially in homes priced below $500,000 where inventory is short – and a buyers’ market in the higher price category. On the other hand, the North Okanagan market remains stable for both buyers and sellers.”
The price of single family homes is fairly steady in most areas with modest gains seen in some locations where supply is tightening. On the decline for the past seven months, active listings are currently 12% lower than in October 2013, significantly reducing the selection of entry level homes -- particularly in the Central and North Okanagan where new listings are scarce.
“If you are looking to sell before winter sets in, now is the time to list while prices are strong, the demand is high and inventory low, and more importantly, less competition for buyers than in the spring,” Griffiths says.
Griffiths warns that the competition for buyers can still be a challenge for sellers if properties are not priced attractively from the start. “Being realistic about the market value of your home and willing to negotiate for the best offer are the keys to a successful sale.”
In order to fully understand the overall picture of the current residential market, it is important to consult with a professional REALTOR® to look at prices within property types and sale price trends within different price points.
Board-wide (Peachland to Revelstoke): Overall sales of all property types reported in OMREB’s Board area during October improved by 15.4% compared to 2013 -- to 706 units from 612. Total residential sales for the month rose 15.2% to 636 units board-wide compared to 552 last October.
Year-to-date, overall sales so far this year improved by 25.5% to 7,466 units compared to 5,949 during the same period in 2013 (January through October).
The 1,131 new listings taken board-wide for the month were up 2.5% compared to the 1,103 listings posted in October 2013, while inventory (active listings) declined 12.2% over this time last year – to 6,752 from 7,689.
Central Zone (Peachland to Lake Country): During October, overall sales in the Central Zone were up 14.4% -- to 437 units from 382 in 2013. Total residential sales for the month improved 13.0% to 400 units compared to 354 last year at this time. The sale of 203 single family homes was up 22.3% over the 166 in October 2013.
The 759 new listings taken in the Central Okanagan during the month saw a 7.5% increase compared to 706 in 2013, and total inventory was reduced by 15.8% to 3,342 units from 3,970 last October.
North Zone (Predator Ridge to Enderby): Overall sales for October in the North Zone improved 11.5% to 165 units compared to 148 units sold last year at this time. Total residential sales for the month were up 10.5% over last year with 147 units sold compared to 133. Single family home sales (90 units) rose by 5.9% compared to October 2013 (85).
The 234 new listings taken for the month were down 5.7% from the 2013 level of 248. Inventory for October saw a 7.9% decline to 1,970 from 2,140 last year at this time last year.
Shuswap Zone (Salmon Arm to Revelstoke): During October, overall unit sales in the Shuswap-Revelstoke Zone improved by 26.8% to 104 units compared to 84 in 2013. Total residential unit sales for the month were up 36.9% over last year at 89 units compared to 65, while the sale of single family homes rose 50.00% over October 2013 (to 45 from 30).
The 136 new listings taken in the Zone were down 8.7% compared to 149 last October. Overall inventory dipped 9.0% to 1,430 from 1,571 during the same month in 2013.
“Whether you are selling or buying a home, a professional REALTOR® who is familiar with the area and your particular neighbourhood will assist with searching, listing, negotiating and closing,” Griffiths notes.
How REALTORS® can help when buying or selling a home in the Okanagan-Shuswap:
• BUYING OR SELLING – Home values vary based on type and location: Talk to a REALTOR® about how your property type is currently faring locally, and how it compares to similar listings in your particular neighbourhood.
• SELLING – Pricing is crucial when listing your home: Serious sellers recognize that their properties must be priced within the current market conditions. Homes that are priced well are the ones that are selling, as has been evident this year.
• NEGOTIATING – For a successful purchase and sale: The professional negotiation skills of a REALTOR® bring buyers and sellers together for a successful sale.
The Okanagan Mainline Real Estate Board is comprised of 1,027 member REALTORS® and 96 real estate offices in the Southern Interior of BC. The Board area covers the Central Okanagan, North Okanagan and Shuswap – from Peachland to Revelstoke.
For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at: www.realtor.ca and www.icx.ca. To find out about the advantages of using a REALTOR®, check out www.howrealtorshelp.ca.
All OMREB listings are published in the MLS® Real Estate Review and MLS® Commercial Review magazines available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com
To download a PDF of this media release, click here.
NOTE: Current and archived statistics for each Zone are available on this site. For this month's statistics package, click on the "Market Statistics" tab in the menu at the top of this webpage and choose "Current Year - 2014".
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