HIGGINS REPORT ON THE MARKET 2

Okanagan‐Shuswap Market Ends Year on a Strong Note.

Kelowna BC-The Okanagan Mainline Real Estate Board (OMREB) reported December 2011 sales activity of all MLS® property types improved over the same month last year as the housing market continued to
normalize with prices stabilizing and inventory on the decline at year end.
“As 2011 came to a close, overall sales activity in the recovering Okanagan‐Shuswap market continued to
strengthen with moderate but steady improvement during the last two quarters of the year, and showed
remarkable resiliency despite ongoing global economic and financial uncertainty,” says Rob Shaw, an active
REALTOR® in the North Zone and OMREB Vice President. “Sales in most segments are stable and holding their own compared to 2010, as historically low interest rates continue to positively impact purchasing power and improve affordability for buyers. However, modest economic recovery and job growth have affected
disposable income for potential recreation and investment purchasers so these sectors remain sluggish.
“Although listings are trending downward and keeping inventory in check, there is still an ample supply and
good selection of properties available in this market,” Shaw notes. “The 686 new residential listings taken
Board‐wide for the month of December in both 2011 and 2010 are at 2002 levels (637) and on par with the 10‐year average (679) for this month. However, year‐to‐date listings reported for the 12 months of 2011 (17,619) are 9.8% higher than the 10‐year average (16,491) but similar to pre‐recession levels (17,855 in 2007).”
Board‐wide (Peachland to Revelstoke): During December, the 293 overall sales in OMREB’s Board area improved by 7.7% compared to last year’s 272, but dropped 28.9% from the 412 sold this November.
December sales are typically lower given that home buyers turn their attention to Christmas rather than house
shopping. Sales volumes of $113.9 million were up 3.4% for the month compared to $110.1 million in 2010.
Inventory (active listings) for December was down slightly (0.3%) to 6,870 units compared to 6,892 in 2010, while new listings for the month were the same as last year at this time (686).
Central Zone (Peachland to Lake Country): Overall unit sales in the Central Zone jumped by 4.6% to 183 units ($77.0 million) compared to 175 ($77.9 million) last December, and were down 29.1% compared to the 258 units sold in November. Total residential sales improved by 9.3% to 165 units compared to 151 sold last December, but were down 30.1% from 236 in November. Single family home sales of 96 units rose 12.9% compared to 85 last year, but dipped 22.6% compared to this November (124). December’s inventory of 3,853 units was up 3.4% compared to 3,725 in 2010, and the 461 new listings for the month rose 3.3% over the 446 last year.
North Zone (Predator Ridge to Enderby): Overall unit sales in the North Zone for December rose 10.0% to 77 units ($26.4 million) compared to 70 ($23.4 million) in 2010, and slipped 18.9% from the 95 units sold this November. Total residential sales for December improved by 23.6% to 68 units compared to 55 last year, but dipped 17.1% from the 82 sold in November. Single family home sales (35) were up 20.7% compared to the units sold in December 2010 (29), but were down 25.5% compared to unit sales in the previous month this year (47). While last month’s inventory dropped by 5.0% to 1,850 compared to 1,947 last year, the 129 new listings taken were up down 16.8% from 155 in 2010.
Shuswap Zone (Salmon Arm to Revelstoke): Overall unit sales in the Shuswap Zone improved by 22.2% to 33 units ($10.4 million) compared to 27 units ($8.8 million) in December 2010, but were down 44.0% from the 59 sold this November. Total residential sales of 25 units rose by 8.7% over the 23 in 2010, but dropped 52.8% from the 53 sales in November. The 14 single family unit sales remained the same as the units sold last December but were down 48.1% from the 27 sales during the previous month this year. While inventory dipped 3.4% from last December (1,161 compared to 1,202 in 2010), new listings (95) were up 14.5% compared to last year (83).
OMREB MEDIA RELEASE
January 5, 2012