Friday, 8 February 2013

Market Report for January

Buyers felt slightly more optimistic to the start of 2013 than in the last few years.
Overall sales were up 3.8% in the Central Zone in comparison to the same month last year as reported by the Okanagan Mainline Real Estate Board.

In January, 219 properties traded hands in comparison to 211 in 2012. These sales represented a sales volume improvement of over 17% and equated to a dollar volume of $87.7 million in comparison to 2012’s dollar volume of $74.8 million. The continued low cost of borrowing buoyed demand as reflected in the total residential sales for last month rose 4.2% with 197 units sold versus 189 units sold in January of last year.

The sales volume for total residential sales also increased a significant 17.51% representing over $49 million in comparison to $42 million last year. The single family homes and townhouse sector showed an improvement of 4.9% and 16% respectively. The average for all types of Residences was also up 8.93% and came in at $394,815 in comparison to 2012’s $362,440 average.

This total takes into account all styles of residential living including mobile homes, duplex’s, recreational real estate, timeshares, apartments and townhomes. Values and marketing times vary depending on location, property type and price range.

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