HOW’S THE MARKET?
The Okanagan Mainline Real Estate Board reported March sales activity of MLS® property types was down slightly over the same month last year as consumers cautiously enter the market.
Overall sales in the Central Zone for the month of March were down slightly (1.68%) with 351 unit sales versus 357 sold in 2011. When we look at the year to date unit sales the Central Okanagan is up 4.03% with 851 units sold in comparison to 818 in 2011.
Sales volumes of $133 million were down 4.5% from $139 million sold for the month of March last year. Year to date sales volume for 2012 of $318.3 million is only slightly off last year’s pace (2.37%) at $315.8 million.
Noteworthy statistics include Duplex year to date sales up 53.85% and apartment sales up 16.22%. This could indicate that cautious consumers are looking for extra income to help pay the mortgage and similarly choosing smaller more economical housing alternatives such as condominiums. The BC governments introduction of transitional tax rules designed to get new home buyers off the fence may already be working.
OMREB reported the sale of lots up 42.31% (42 sale in 2012 vs. 34 sales in 2011) in comparison to last year to date.
Similarly, the sale of commercial land and commercial real estate is up 200% and 59.09% respectively as investors begin to return to the market.
While it is anticipated that our steady market will reach OMREB’S forecast of 5,000 sales units in 2012 consumers continue to remain cautious and frugal.
This is evidenced by the Average Residential sale price of $439,745 which is down 5.21% over last years $463,915 and the Average Sale Price of all types of real estate sold year to date is also down 3.43% at $338,000 for 2012 in comparison to $350,000 in 2011.
RE/MAX Kelowna Sales Associates continue to work closely with our Seller and Buyer clients to maximize their opportunities and assist them in interpreting the realities of this “new” normal market.
Trading Up: Small Details Create Spring Havens
It's that time of year again when you might feel the urge to purge - otherwise known as spring cleaning. But think twice before trading in some of your home décor items instead, trade them up. By adding small details to what you already have, you can achieve a chic and rejuvenated look for spring.
Before relinquishing boxes of trinkets, "clutter-creators" and damaged accessories, consider repurposing items such as plain lamps and window treatments, tattered pillows and throws, or unused vases and china. Small details help create a spring haven with a fresh perspective and affordable materials such as decorative trim, mirrors and faux-flowers.
Spring Into Home Maintenance: From The Out Side In
Now that the snow has melted take the time to walk around the outside of your home and conduct a thorough exterior inspection. What to look for - damaged sidewalks, clogged storm drains, cracks in the foundation, screen or window damage, damaged or clogged downspouts, deteriorated weather-stripping, loose or missing roof shingles, siding or shutters, and tree limbs that may be hanging vicariously over the home.
Some items, such as foundation cracks or roof and siding problems, may require the hire of a professional contractor to make repairs. The money invested now could save thousands in additional repair work in later years. However, if you are up to the challenge many spring maintenance issues can be easily taken care of by the homeowner.
*Based on MLS® Active Listings & Sold Units as Reported by OMREB in 2011 for Central Okanagan.